5-Year Treasury Note Auction: Results, Schedule & History
{
"tenor": "5-year-note",
"date": "2026-08-26",
"offering_usd": 70000000000,
"high_yield": 4.393,
"tail_bps": 0.2,
"bid_to_cover": 2.37,
"indirect_pct": 61.5,
"verdict": "IN LINE"
}The 5-Year Treasury Note auction on Aug 26, 2026 put $70B on offer and stopped at a high yield of 4.393%, tailing 0.2bp against the when-issued yield, with a bid-to-cover of 2.37 against a 2.37 twelve-month average. Indirects took 61.5%, directs 28.4% and primary dealers 10%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 5-year is the heart of the belly and the most flow-sensitive coupon: banks, foreign officials, and mortgage hedgers all live here. It anchors butterfly trades (2s5s10s) that express views on how the curve reshapes as the Fed pivots, so a strong or weak 5s auction ripples through relative-value books instantly.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRK9 | New | $70B | 4.393% | +0.2bp | 2.37 | 61.5% | 28.4% | 10.0% | IN LINE → | |
| 91282CRA1 | New | $70B | 4.408% | +0.9bp | 2.28 | 59.2% | 27.2% | 13.5% | IN LINE → | |
| 91282CQX2 | New | $70B | 4.200% | — | 2.35 | 61.6% | 25.5% | 12.9% | — | |
| 91282CQU8 | New | $70B | 4.182% | — | 2.34 | 74.9% | 12.3% | 12.8% | — | |
| 91282CQK0 | New | $70B | 3.955% | — | 2.33 | 72.3% | 15.0% | 12.7% | — | |
| 91282CQG9 | New | $70B | 3.980% | — | 2.29 | 61.9% | 22.5% | 15.6% | — | |
| 91282CQD6 | New | $70B | 3.615% | — | 2.32 | 62.5% | 24.7% | 12.8% | — | |
| 91282CPW5 | New | $70B | 3.823% | — | 2.34 | 60.7% | 28.5% | 10.8% | — | |
| 91282CGH8 | Reopen | $69B | 3.580% | — | 2.75 | 64.4% | 28.3% | 7.3% | — | |
| 91282CPR6 | New | $70B | 3.747% | — | 2.35 | 59.5% | 31.7% | 8.8% | — | |
| 91282CPN5 | New | $70B | 3.562% | — | 2.41 | 61.4% | 27.6% | 11.0% | — | |
| 91282CPD7 | New | $70B | 3.625% | — | 2.38 | 66.8% | 23.9% | 9.3% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.