Auction result
5-Year Treasury Note auction result for February 25, 2026
The 5-Year Treasury Note held on February 25, 2026 recorded an official high rate of 3.615% and a bid-to-cover ratio of 2.32. Bid-to-cover decreased from 2.34 at the preceding comparable auction.
High yield
3.615%
Bid-to-cover
2.32
Direct bidders
22.0%
Primary dealers
11.4%
Comparable historical context
| Auction date | Series | Result | Bid-to-cover | Offering | Direct | Indirect | Dealers |
|---|---|---|---|---|---|---|---|
| 2026-02-25 | 5Y Note | High yield: 3.615% | 2.32 | $70.0B | 22.0% | 55.7% | 11.4% |
| 2026-01-27 | 5Y Note | High yield: 3.823% | 2.34 | $70.0B | 26.5% | 56.6% | 10.1% |
| 2026-01-26 | 2Y Note · reopening | High yield: 3.580% | 2.75 | $69.0B | 26.3% | 59.9% | 6.8% |
| 2025-12-23 | 5Y Note | High yield: 3.747% | 2.35 | $70.0B | 28.6% | 53.7% | 8.0% |
| 2025-11-25 | 5Y Note | High yield: 3.562% | 2.41 | $70.0B | 24.7% | 54.9% | 9.9% |
| 2025-10-27 | 5Y Note | High yield: 3.625% | 2.38 | $70.0B | 22.6% | 63.1% | 8.8% |
| 2025-09-24 | 5Y Note | High yield: 3.710% | 2.34 | $70.0B | 27.1% | 56.2% | 11.3% |
| 2025-08-27 | 5Y Note | High yield: 3.724% | 2.36 | $70.0B | 27.4% | 53.9% | 7.8% |
| 2025-07-28 | 5Y Note | High yield: 3.983% | 2.31 | $70.0B | 27.6% | 54.5% | 11.4% |
| 2025-06-25 | 5Y Note | High yield: 3.879% | 2.36 | $70.0B | 22.2% | 58.7% | 9.9% |
| 2025-05-28 | 5Y Note | High yield: 4.071% | 2.39 | $70.0B | 10.9% | 68.8% | 8.1% |
| 2025-04-23 | 5Y Note | High yield: 3.995% | 2.41 | $70.0B | 23.2% | 59.8% | 10.4% |
| 2025-03-26 | 5Y Note | High yield: 4.100% | 2.33 | $70.0B | 10.6% | 73.4% | 12.8% |
| 2025-01-27 | 5Y Note | High yield: 4.330% | 2.40 | $70.0B | 24.6% | 59.2% | 10.5% |
| 2024-12-24 | 5Y Note | High yield: 4.478% | 2.40 | $70.0B | 20.0% | 66.4% | 12.3% |
| 2024-11-26 | 5Y Note | High yield: 4.197% | 2.43 | $70.0B | 23.0% | 59.9% | 10.5% |
| 2024-10-28 | 5Y Note | High yield: 4.138% | 2.39 | $70.0B | 9.3% | 74.9% | 13.9% |
| 2024-09-25 | 5Y Note | High yield: 3.519% | 2.38 | $70.0B | 17.8% | 68.7% | 11.2% |
| 2024-08-28 | 5Y Note | High yield: 3.645% | 2.41 | $70.0B | 15.0% | 65.1% | 12.2% |
| 2024-07-24 | 5Y Note | High yield: 4.121% | 2.40 | $70.0B | 17.7% | 63.5% | 13.2% |
| 2024-06-26 | 5Y Note | High yield: 4.331% | 2.35 | $70.0B | 17.0% | 66.3% | 12.9% |
| 2024-05-28 | 5Y Note | High yield: 4.553% | 2.30 | $70.0B | 14.5% | 61.2% | 18.4% |
| 2024-04-24 | 5Y Note | High yield: 4.659% | 2.39 | $70.0B | 19.1% | 65.2% | 14.9% |
| 2024-03-26 | 5Y Note | High yield: 4.235% | 2.41 | $67.0B | 16.8% | 70.3% | 12.7% |