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Treasury Auction
5-Year Note
December 23, 2025
D-
Key Metrics
Offered
$70B
Bid-to-Cover
2.35
20th percentile
High Yield
3.747%
Tail
+3.7bp
79th pct (higher=worse)
Indirect
59.5%
8th percentile
Dealer
8.8%
Recent 5-Year Auctions
| Date | B/C | Tail | Indirect | Grade |
|---|---|---|---|---|
| November 25, 2025 | 2.41 | -4.8bp | 61.4% | C+ |
| October 27, 2025 | 2.38 | +1.5bp | 66.8% | C |
| September 24, 2025 | 2.34 | +3.0bp | 59.4% | D- |
| August 27, 2025 | 2.36 | -2.6bp | 60.5% | D+ |
| July 28, 2025 | 2.31 | +3.3bp | 58.3% | F |