{
"tenor": "5-year-note",
"date": "2026-07-27",
"high_yield": 4.408,
"tail_bps": 0.9,
"bid_to_cover": 2.28,
"indirect_pct": 59.2,
"verdict": "IN LINE"
}The 5-Year Treasury Note auction on Jul 27, 2026 stopped at a high yield of 4.408%, tailing 0.9bp against the when-issued yield, with a bid-to-cover of 2.28 against a 2.38 twelve-month average. Indirects took 59.2%, directs 27.2% and primary dealers 13.5%. 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.
| DATE | CUSIP | ISSUE | HIGH YIELD | TAIL | BID-TO-COVER | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|
| Jul 27, 2026 | 91282CRA1 | New | 4.408% | +0.9bp | 2.28 | 59.2% | 27.2% | 13.5% | IN LINE → |
| Jun 24, 2026 | 91282CQX2 | New | 4.200% | — | 2.35 | 61.6% | 25.5% | 12.9% | — |
| May 27, 2026 | 91282CQU8 | New | 4.182% | — | 2.34 | 74.9% | 12.3% | 12.8% | — |
| Apr 27, 2026 | 91282CQK0 | New | 3.955% | — | 2.33 | 72.3% | 15.0% | 12.7% | — |
| Mar 25, 2026 | 91282CQG9 | New | 3.980% | — | 2.29 | 61.9% | 22.5% | 15.6% | — |
| Feb 25, 2026 | 91282CQD6 | New | 3.615% | — | 2.32 | 62.5% | 24.7% | 12.8% | — |
| Jan 27, 2026 | 91282CPW5 | New | 3.823% | — | 2.34 | 60.7% | 28.5% | 10.8% | — |
| Jan 26, 2026 | 91282CGH8 | Reopen | 3.580% | — | 2.75 | 64.4% | 28.3% | 7.3% | — |
| Dec 23, 2025 | 91282CPR6 | New | 3.747% | — | 2.35 | 59.5% | 31.7% | 8.8% | — |
| Nov 25, 2025 | 91282CPN5 | New | 3.562% | — | 2.41 | 61.4% | 27.6% | 11.0% | — |
| Oct 27, 2025 | 91282CPD7 | New | 3.625% | — | 2.38 | 66.8% | 23.9% | 9.3% | — |
| Sep 24, 2025 | 91282CPA3 | New | 3.710% | — | 2.34 | 59.4% | 28.6% | 11.9% | — |
| Aug 27, 2025 | 91282CNX5 | New | 3.724% | — | 2.36 | 60.5% | 30.7% | 8.8% | — |
| Jul 28, 2025 | 91282CNN7 | New | 3.983% | — | 2.31 | 58.3% | 29.5% | 12.2% | — |
| Jun 25, 2025 | 91282CNK3 | New | 3.879% | — | 2.36 | 64.7% | 24.4% | 10.9% | — |
| May 28, 2025 | 91282CNG2 | New | 4.071% | — | 2.39 | 78.4% | 12.4% | 9.2% | — |
| Apr 23, 2025 | 91282CMZ1 | New | 3.995% | — | 2.41 | 64.0% | 24.8% | 11.1% | — |
| Mar 26, 2025 | 91282CMU2 | New | 4.100% | — | 2.33 | 75.8% | 11.0% | 13.2% | — |
| Jan 27, 2025 | 91282CMG3 | New | 4.330% | — | 2.40 | 62.8% | 26.1% | 11.1% | — |
| Dec 24, 2024 | 91282CMD0 | New | 4.478% | — | 2.40 | 67.3% | 20.3% | 12.5% | — |
| Nov 26, 2024 | 91282CMA6 | New | 4.197% | — | 2.43 | 64.1% | 24.6% | 11.3% | — |
| Oct 28, 2024 | 91282CLR0 | New | 4.138% | — | 2.39 | 76.4% | 9.5% | 14.2% | — |
| Sep 25, 2024 | 91282CLN9 | New | 3.519% | — | 2.38 | 70.3% | 18.2% | 11.5% | — |
| Aug 28, 2024 | 91282CLK5 | New | 3.645% | — | 2.41 | 70.5% | 16.3% | 13.2% | — |
| Jul 24, 2024 | 91282CLC3 | New | 4.121% | — | 2.40 | 67.2% | 18.8% | 14.0% | — |
| Jun 26, 2024 | 91282CKX8 | New | 4.331% | — | 2.35 | 68.9% | 17.7% | 13.4% | — |
| May 28, 2024 | 91282CKT7 | New | 4.553% | — | 2.30 | 65.0% | 15.4% | 19.5% | — |
| Apr 24, 2024 | 91282CKP5 | New | 4.659% | — | 2.39 | 65.7% | 19.2% | 15.0% | — |
| Mar 26, 2024 | 91282CKG5 | New | 4.235% | — | 2.41 | 70.5% | 16.8% | 12.7% | — |
| Feb 26, 2024 | 91282CKD2 | New | 4.320% | — | 2.41 | 63.5% | 19.7% | 16.8% | — |
| Jan 24, 2024 | 91282CJW2 | New | 4.055% | — | 2.31 | 60.9% | 18.7% | 20.4% | — |
| Dec 27, 2023 | 91282CJR3 | New | 3.801% | — | 2.50 | 70.6% | 15.4% | 14.0% | — |
| Nov 27, 2023 | 91282CJN2 | New | 4.420% | — | 2.46 | 65.5% | 17.6% | 16.8% | — |
| Oct 25, 2023 | 91282CJF9 | New | 4.899% | — | 2.36 | 61.5% | 19.1% | 19.4% | — |
| Sep 27, 2023 | 91282CJA0 | New | 4.659% | — | 2.52 | 71.1% | 17.6% | 11.2% | — |
| Aug 28, 2023 | 91282CHX2 | New | 4.400% | — | 2.54 | 67.9% | 18.3% | 13.8% | — |
| Jul 25, 2023 | 91282CHQ7 | New | 4.170% | — | 2.60 | 64.4% | 22.1% | 13.5% | — |
| Jun 27, 2023 | 91282CHK0 | New | 4.019% | — | 2.52 | 68.1% | 19.7% | 12.2% | — |
| May 24, 2023 | 91282CHE4 | New | 3.749% | — | 2.58 | 72.7% | 18.0% | 9.3% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. 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 are TreasuryDirect's own records, which do not publish a when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Source: desk-captured results enriched with TreasuryDirect auction records · download the history (CSV). Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.
| AUCTION DATE | CUSIP |
|---|---|
| Aug 26, 2026 | 91282CRK9 |
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