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Treasury Auction

5-Year Note

December 23, 2025

F

Key Metrics

Offered

$70B

Bid-to-Cover

2.35

th percentile

High Yield

3.747%

Tail

bp

Indirect

59.5%

Dealer

8.8%

Recent 5-Year Auctions

DateB/CTailIndirectGrade
November 25, 20252.41bp61.4%F
October 27, 20252.38bp66.8%F
October 23, 20252.51bp62.1%F
September 24, 20252.34bp59.4%F
August 27, 20252.36bp60.5%F

5-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History