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Treasury Auction

5-Year Note

February 25, 2025

B+

Key Metrics

Offered

$70B

Bid-to-Cover

2.42

58th percentile

High Yield

4.123%

Tail

-10.7bp

12th pct (higher=worse)

Indirect

74.9%

92th percentile

Dealer

10.6%

Recent 5-Year Auctions

DateB/CTailIndirectGrade
January 27, 20252.40-10.0bp62.8%C
December 24, 20242.40+3.8bp67.3%D+
November 26, 20242.43+2.7bp64.1%D+
October 28, 20242.39+6.8bp76.3%D+
September 25, 20242.38+4.9bp70.3%D+

5-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History