--- title: "5-Year Treasury Auction Results: Sep 23, 2026" description: "5-Year Treasury Note, Sep 23, 2026: 5.033% high yield, 3.1bp tail, 2.21x cover, indirects 54.3%. Full bidder split, tails and 12-month averages." source: Helious canonical: "https://helious.io/auctions/5-year-note" --- # 5-Year Treasury Note Auction: Results, Schedule & History High yield 5.033% Sep 23, 2026 Tail +3.1bp conceded yield Bid to cover 2.21 12m avg 2.38 Indirects 54.3% 12m avg 63.9% [Ask Helious about the 5-Year Treasury Note auction](https://helious.io/?ask=How%20did%20the%20last%205-Year%20Treasury%20Note%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/5-year-note) High yield, last 12 auctions 5.033%4.298%3.562% 2025-11-252026-09-23 Human Agent Last result · Sep 23, 2026 5.033% tail +3.1bp · b/c 2.21 · indirects 54.3% WEAK { "tenor": "5-year-note", "date": "2026-09-23", "offering_usd": 70000000000, "high_yield": 5.033, "tail_bps": 3.1, "bid_to_cover": 2.21, "indirect_pct": 54.3, "verdict": "WEAK" } The 5-Year Treasury Note auction on Sep 23, 2026 put $70B on offer and stopped at a high yield of 5.033%, tailing 3.1bp against the when-issued yield. The bid-to-cover was 2.21, against a twelve-month average of 2.38. Indirects took 54.3%, directs 29.9% and primary dealers 15.8%. Helious captured the result live as it crossed and graded it WEAK. The 5-year takes more flow than any other coupon. Banks, foreign officials and mortgage hedgers are all trading the same paper, right in the heart of the belly. It also anchors the 2s5s10s butterfly, which is a way of betting on how the curve reshapes when the Fed pivots, so a strong or weak 5s auction lands in relative-value books straight away. NEXT AUCTION Auctioned monthly: fourth week (typically wednesday), month-end settlement; results cross ~13:00 ET. LATEST RESULT: SEP 23, 2026 5.033%high yield $70Bon offer 2.21bid-to-cover-0.17 vs avg 54.3%indirects-9.59 vs avg 29.9%directs+5.27 vs avg 15.8%dealer take+4.34 vs avg WEAKdesk verdict [Full desk recap →](https://helious.io/news/auc-91282CRN3-2026-09-23/5-year-note-auction-weak) 12-MONTH AVERAGES · 12 AUCTIONS 2.38bid-to-cover 63.89%indirects 24.63%directs 11.46%dealer take Read a new result against these numbers. When cover, indirects and directs come in above the average, that is solid investor demand. An above-average [dealer take](https://helious.io/learn/primary-dealers) means the street absorbed the balance. The shares are percentages of *competitive* accepted, so indirects, directs and dealers add up to 100. ## Recent auction results DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP Sep 23, 2026Sep 23 ’26 91282CRN3 New $70B 5.033% +3.1bp 2.21 54.3% 29.9% 15.8% [WEAK →](https://helious.io/news/auc-91282CRN3-2026-09-23/5-year-note-auction-weak) Aug 26, 2026Aug 26 ’26 91282CRK9 New $70B 4.393% +0.2bp 2.37 61.5% 28.4% 10.0% [IN LINE →](https://helious.io/news/auc-91282CRK9-2026-08-26/5-year-note-auction-in-line) Jul 27, 2026Jul 27 ’26 91282CRA1 New $70B 4.408% +0.9bp 2.28 59.2% 27.2% 13.5% [IN LINE →](https://helious.io/news/auc-91282CRA1-2026-07-27/5-year-note-auction-in-line) Jun 24, 2026Jun 24 ’26 91282CQX2 New $70B 4.200% — 2.35 61.6% 25.5% 12.9% — May 27, 2026May 27 ’26 91282CQU8 New $70B 4.182% — 2.34 74.9% 12.3% 12.8% — Apr 27, 2026Apr 27 ’26 91282CQK0 New $70B 3.955% — 2.33 72.3% 15.0% 12.7% — Mar 25, 2026Mar 25 ’26 91282CQG9 New $70B 3.980% — 2.29 61.9% 22.5% 15.6% — Feb 25, 2026Feb 25 ’26 91282CQD6 New $70B 3.615% — 2.32 62.5% 24.7% 12.8% — Jan 27, 2026Jan 27 ’26 91282CPW5 New $70B 3.823% — 2.34 60.7% 28.5% 10.8% — Jan 26, 2026Jan 26 ’26 91282CGH8 Reopen $69B 3.580% — 2.75 64.4% 28.3% 7.3% — Dec 23, 2025Dec 23 ’25 91282CPR6 New $70B 3.747% — 2.35 59.5% 31.7% 8.8% — Nov 25, 2025Nov 25 ’25 91282CPN5 New $70B 3.562% — 2.41 61.4% 27.6% 11.0% — The **issue** column says which kind of auction it was. A [reopening](https://helious.io/learn/when-issued-yield) re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. **Offered** is the amount the Treasury announced for sale at that auction. The **tail** is the high yield minus the [when-issued](https://helious.io/learn/when-issued-yield) yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the **desk recap**, is the desk's live verdict, posted the moment results cross. The desk captures each result and backfills the rest from the full auction record · [download a sample (CSV, recent auctions)](https://helious.io/auctions/5-year-note.csv). The full history comes through the [Helious API](https://helious.io/developers/) and MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan. Read [what a tail means](https://helious.io/learn/auction-tail) · [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) · [who indirect bidders are](https://helious.io/learn/indirect-bidders) · [who direct bidders are](https://helious.io/learn/direct-bidders). [Watch the next auction live →](https://helious.io/)