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Treasury Auction

5-Year Note

September 24, 2025

F

Key Metrics

Offered

$70B

Bid-to-Cover

2.34

th percentile

High Yield

3.710%

Tail

bp

Indirect

59.4%

Dealer

11.9%

Recent 5-Year Auctions

DateB/CTailIndirectGrade
August 27, 20252.36bp60.5%F
July 28, 20252.31bp58.3%F
June 25, 20252.36bp64.7%F
May 28, 20252.39bp78.4%F
April 23, 20252.41bp64.0%F

5-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History