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Treasury Auction

5-Year Note

May 28, 2025

C+

Key Metrics

Offered

$70B

Bid-to-Cover

2.39

28th percentile

High Yield

4.071%

Tail

+3.1bp

63th pct (higher=worse)

Indirect

78.4%

100th percentile

Dealer

9.2%

Recent 5-Year Auctions

DateB/CTailIndirectGrade
April 23, 20252.41+1.5bp64.0%C-
March 26, 20252.33+3.0bp75.8%C-
February 25, 20252.42-10.7bp74.9%B+
January 27, 20252.40-10.0bp62.8%C
December 24, 20242.40+3.8bp67.3%D+

5-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History