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Treasury Auction

5-Year Note

July 25, 2023

C+

Key Metrics

Offered

$43B

Bid-to-Cover

2.60

92th percentile

High Yield

4.170%

Tail

+4.0bp

70th pct (higher=worse)

Indirect

64.4%

38th percentile

Dealer

13.5%

Recent 5-Year Auctions

DateB/CTailIndirectGrade
June 27, 20232.52+5.9bp68.1%C+
May 24, 20232.58-1.1bp72.7%A-
April 26, 20232.54+7.0bp69.1%B-
March 28, 20232.48+7.5bp68.5%C
February 22, 20232.48-5.1bp70.0%B+

5-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History