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Treasury Auction

5-Year Note

April 26, 2023

B-

Key Metrics

Offered

$43B

Bid-to-Cover

2.54

88th percentile

High Yield

3.500%

Tail

+7.0bp

80th pct (higher=worse)

Indirect

69.1%

85th percentile

Dealer

13.6%

Recent 5-Year Auctions

DateB/CTailIndirectGrade
March 28, 20232.48+7.5bp68.5%C
February 22, 20232.48-5.1bp70.0%B+
January 25, 20232.64-5.0bp75.7%A+
December 28, 20222.46+3.3bp64.5%C-
November 21, 20222.39-1.6bp66.2%C+

5-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History