Upcoming US Treasury auction - 5 year 'fresh' issued Notes

18 April 2025 - Written by ML

Schedule

The table provides details of upcoming US Treasury security auctions. Details on each auction can be accessed on the Treasury website(U.S. Department of the Treasury, 2025).

Upcoming Treasury Auctions
Summary of Key Auction Details
Auction Date Issue Date Maturity Date Amount ($B) Security Type Term Int. Freq. Notes
April 21, 2025 April 24, 2025 July 24, 2025 76 B Bill 13-Week N/A Reopening
April 21, 2025 April 24, 2025 October 23, 2025 68 B Bill 26-Week N/A None
April 22, 2025 April 30, 2025 April 30, 2027 69 B Note 2-Year Semi None
April 22, 2025 April 24, 2025 June 5, 2025 70 B Bill 6-Week N/A Reopening
April 23, 2025 April 30, 2025 April 30, 2027 30 B Note 2-Year Qtr Floating
April 23, 2025 April 30, 2025 April 30, 2030 70 B Note 5-Year Semi None
April 24, 2025 April 30, 2025 April 30, 2032 44 B Note 7-Year Semi None
Source: U.S. Treasury, extracted April 17, 2025

Past auction data

5 year ‘fresh’ issued note

Annual summary

Annual Auction Summary
All figures annual medians, allocations in %
Year Total Accepted (B) Median Bid-to-Cover
Allocation (%)
Primary Dealer Direct Bidder Indirect Bidder FIMA Non‑comp Treasury Retail Other Non‑comp SOMA
2018 485 2.5 25% 9% 55% 0% 0% 0% 10%
2019 437 2.4 21% 15% 56% 0% 0% 0% 6%
2020 653 2.4 23% 13% 54% 0% 0% 0% 11%
2021 831 2.4 21% 15% 53% 0% 0% 0% 12%
2022 563 2.4 16% 17% 58% 0% 0% 0% 10%
2023 588 2.5 12% 17% 64% 0% 0% 0% 0%
2024 849 2.4 13% 18% 65% 0% 0% 0% 3%
2025 146 2.4 12% 18% 66% 0% 0% 0% 4%
Allocation columns – Primary Dealer (own house account), Direct Bidder (own house account), Indirect Bidder (including foreign & intl monetary authorities), FIMA Noncompetitive (foreign & intl monetary authorities), Treasury Retail Noncompetitive, Other Noncompetitive, SOMA (managed by Federal Reserve)

Auction result by Year

2018 Auction Results

Treasury Auction Results 2018
Summary of Key Auction Metrics for 2018
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 24, 2018 January 31, 2018 January 31, 2023 2.5 99.724 39 B
February 21, 2018 February 28, 2018 February 28, 2023 2.4 99.846 44 B
March 27, 2018 April 2, 2018 March 31, 2023 2.5 99.479 41 B
April 25, 2018 April 30, 2018 April 30, 2023 2.5 99.597 39 B
May 23, 2018 May 31, 2018 May 31, 2023 2.5 99.472 42 B
June 27, 2018 July 2, 2018 June 30, 2023 2.5 99.564 40 B
July 25, 2018 July 31, 2018 July 31, 2023 2.6 99.699 38 B
August 28, 2018 August 31, 2018 August 31, 2023 2.5 99.930 40 B
September 25, 2018 October 1, 2018 September 30, 2023 2.4 99.438 38 B
October 24, 2018 October 31, 2018 October 31, 2023 2.3 99.529 39 B
November 27, 2018 November 30, 2018 November 30, 2023 2.5 99.977 44 B
December 26, 2018 December 31, 2018 December 31, 2023 2.1 99.874 41 B
Source: U.S. Treasury, extracted April 17 2025

2019 Auction Results

Treasury Auction Results 2019
Summary of Key Auction Metrics for 2019
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 28, 2019 January 31, 2019 January 31, 2024 2.4 99.646 41 B
February 25, 2019 February 28, 2019 February 29, 2024 2.4 99.467 43 B
April 24, 2019 April 30, 2019 April 30, 2024 2.4 99.695 42 B
June 26, 2019 July 1, 2019 June 30, 2024 2.4 99.805 43 B
July 24, 2019 July 31, 2019 July 31, 2024 2.3 99.648 43 B
August 28, 2019 September 3, 2019 August 31, 2024 2.5 99.447 46 B
September 25, 2019 September 30, 2019 September 30, 2024 2.3 99.521 45 B
October 23, 2019 October 31, 2019 October 31, 2024 2.4 99.665 45 B
November 26, 2019 December 2, 2019 November 30, 2024 2.5 99.584 44 B
December 24, 2019 December 31, 2019 December 31, 2024 2.5 99.971 45 B
Source: U.S. Treasury, extracted April 17 2025

2020 Auction Results

Treasury Auction Results 2020
Summary of Key Auction Metrics for 2020
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 27, 2020 January 31, 2020 January 31, 2025 2.3 99.649 45 B
February 26, 2020 March 2, 2020 February 28, 2025 2.5 99.879 47 B
March 25, 2020 March 31, 2020 March 31, 2025 2.5 99.828 47 B
April 27, 2020 April 30, 2020 April 30, 2025 2.7 99.906 47 B
May 27, 2020 June 1, 2020 May 31, 2025 2.3 99.584 50 B
June 24, 2020 June 30, 2020 June 30, 2025 2.6 99.604 53 B
July 27, 2020 July 31, 2020 July 31, 2025 2.3 99.811 55 B
August 26, 2020 August 31, 2020 August 31, 2025 2.7 99.762 55 B
September 23, 2020 September 30, 2020 September 30, 2025 2.5 99.876 60 B
October 28, 2020 November 2, 2020 October 31, 2025 2.4 99.604 61 B
November 23, 2020 November 30, 2020 November 30, 2025 2.4 99.891 65 B
December 28, 2020 December 31, 2020 December 31, 2025 2.4 99.906 68 B
Source: U.S. Treasury, extracted April 17 2025

2021 Auction Results

Treasury Auction Results 2021
Summary of Key Auction Metrics for 2021
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 26, 2021 February 1, 2021 January 31, 2026 2.3 99.758 69 B
February 24, 2021 March 1, 2021 February 28, 2026 2.2 99.406 74 B
March 24, 2021 March 31, 2021 March 31, 2026 2.4 99.511 72 B
April 26, 2021 April 30, 2021 April 30, 2026 2.3 99.516 73 B
May 26, 2021 June 1, 2021 May 31, 2026 2.5 99.814 73 B
June 23, 2021 June 30, 2021 June 30, 2026 2.4 99.859 70 B
July 27, 2021 August 2, 2021 July 31, 2026 2.4 99.584 67 B
August 25, 2021 August 31, 2021 August 31, 2026 2.4 99.604 69 B
September 27, 2021 September 30, 2021 September 30, 2026 2.4 99.440 68 B
October 27, 2021 November 1, 2021 October 31, 2026 2.5 99.845 67 B
November 22, 2021 November 30, 2021 November 30, 2026 2.3 99.667 64 B
December 28, 2021 December 31, 2021 December 31, 2026 2.4 99.937 65 B
Source: U.S. Treasury, extracted April 17 2025

2022 Auction Results

Treasury Auction Results 2022
Summary of Key Auction Metrics for 2022
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
February 23, 2022 February 28, 2022 February 28, 2027 2.5 99.976 62 B
March 28, 2022 March 31, 2022 March 31, 2027 2.5 99.799 60 B
April 27, 2022 May 2, 2022 April 30, 2027 2.4 99.838 56 B
May 25, 2022 May 31, 2022 May 31, 2027 2.4 99.485 55 B
June 27, 2022 June 30, 2022 June 30, 2027 2.3 99.904 51 B
July 26, 2022 August 1, 2022 July 31, 2027 2.5 99.491 50 B
August 24, 2022 August 31, 2022 August 31, 2027 2.3 99.519 51 B
September 27, 2022 September 30, 2022 September 30, 2027 2.3 99.540 44 B
October 26, 2022 October 31, 2022 October 31, 2027 2.5 99.701 43 B
November 21, 2022 November 30, 2022 November 30, 2027 2.4 99.555 48 B
December 28, 2022 January 3, 2023 December 31, 2027 2.5 99.560 43 B
Source: U.S. Treasury, extracted April 17 2025

2023 Auction Results

Treasury Auction Results 2023
Summary of Key Auction Metrics for 2023
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 25, 2023 January 31, 2023 January 31, 2028 2.6 99.864 43 B
February 22, 2023 February 28, 2023 February 29, 2028 2.5 99.512 53 B
March 28, 2023 March 31, 2023 March 31, 2028 2.5 99.819 43 B
April 26, 2023 May 1, 2023 April 30, 2028 2.5 100.000 47 B
May 24, 2023 May 31, 2023 May 31, 2028 2.6 99.439 51 B
June 27, 2023 June 30, 2023 June 30, 2028 2.5 99.915 43 B
July 25, 2023 July 31, 2023 July 31, 2028 2.6 99.799 43 B
August 28, 2023 August 31, 2023 August 31, 2028 2.5 99.889 51 B
September 27, 2023 October 2, 2023 September 30, 2028 2.5 99.849 49 B
October 25, 2023 October 31, 2023 October 31, 2028 2.4 99.895 52 B
November 27, 2023 November 30, 2023 November 30, 2028 2.5 99.800 56 B
December 27, 2023 January 2, 2024 December 31, 2028 2.5 99.770 58 B
Source: U.S. Treasury, extracted April 17 2025

2024 Auction Results

Treasury Auction Results 2024
Summary of Key Auction Metrics for 2024
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 24, 2024 January 31, 2024 January 31, 2029 2.3 99.753 61 B
February 26, 2024 February 29, 2024 February 28, 2029 2.4 99.688 67 B
March 26, 2024 April 1, 2024 March 31, 2029 2.4 99.509 67 B
April 24, 2024 April 30, 2024 April 30, 2029 2.4 99.850 70 B
May 28, 2024 May 31, 2024 May 31, 2029 2.3 99.765 74 B
June 26, 2024 July 1, 2024 June 30, 2029 2.4 99.639 72 B
July 24, 2024 July 31, 2024 July 31, 2029 2.4 99.458 74 B
August 28, 2024 September 3, 2024 August 31, 2029 2.4 99.909 76 B
September 25, 2024 September 30, 2024 September 30, 2029 2.4 99.914 71 B
October 28, 2024 October 31, 2024 October 31, 2029 2.4 99.942 71 B
November 26, 2024 December 2, 2024 November 30, 2029 2.4 99.678 75 B
December 24, 2024 December 31, 2024 December 31, 2029 2.4 99.543 71 B
Source: U.S. Treasury, extracted April 17 2025

2025 Auction Results

Treasury Auction Results 2025
Summary of Key Auction Metrics for 2025
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
April 23, 2025 April 30, 2025 April 30, 2030 NA NA NA
March 26, 2025 March 31, 2025 March 31, 2030 2.3 99.552 72 B
January 27, 2025 January 31, 2025 January 31, 2030 2.4 99.644 74 B
Source: U.S. Treasury, extracted April 17 2025

Statistics by Year

2018 Stats by Year

Auction Statistics
Key Metrics Summary for 2018 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 38B 44B 40B 40B
bidToCoverRatio 2.09 2.61 2.45 2.49
pricePer100 99.44 99.98 99.68 99.65
highYield 2.43 3.00 2.77 2.79
interestRate 2.38 2.88 2.70 2.75
Primary Dealer (own house account) 0.23 0.39 0.27 0.25
Direct Bidder (own house account) 0.02 0.12 0.08 0.09
Indirect Bidder (including foreign & intl monetary authorities) 0.47 0.64 0.55 0.55
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.20 0.09 0.10
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2019 Stats by Year

Auction Statistics
Key Metrics Summary for 2019 • Total Issues: 10
Metric Min Max Average Median
Total Accepted (B) 41B 46B 44B 44B
bidToCoverRatio 2.26 2.50 2.41 2.41
pricePer100 99.45 99.97 99.64 99.65
highYield 1.36 2.58 1.89 1.77
interestRate 1.25 2.50 1.81 1.75
Primary Dealer (own house account) 0.19 0.32 0.22 0.21
Direct Bidder (own house account) 0.10 0.21 0.15 0.15
Indirect Bidder (including foreign & intl monetary authorities) 0.51 0.61 0.56 0.56
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.11 0.06 0.06
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2020 Stats by Year

Auction Statistics
Key Metrics Summary for 2020 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 45B 68B 54B 54B
bidToCoverRatio 2.28 2.74 2.47 2.42
pricePer100 99.58 99.91 99.77 99.82
highYield 0.28 1.45 0.51 0.36
interestRate 0.25 1.38 0.47 0.31
Primary Dealer (own house account) 0.16 0.31 0.23 0.23
Direct Bidder (own house account) 0.09 0.19 0.13 0.13
Indirect Bidder (including foreign & intl monetary authorities) 0.46 0.61 0.53 0.54
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.08 0.13 0.11 0.11
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2021 Stats by Year

Auction Statistics
Key Metrics Summary for 2021 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 64B 74B 69B 69B
bidToCoverRatio 2.24 2.55 2.37 2.36
pricePer100 99.41 99.94 99.66 99.64
highYield 0.42 1.32 0.89 0.85
interestRate 0.38 1.25 0.82 0.75
Primary Dealer (own house account) 0.16 0.25 0.21 0.21
Direct Bidder (own house account) 0.12 0.18 0.15 0.15
Indirect Bidder (including foreign & intl monetary authorities) 0.47 0.59 0.52 0.53
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.08 0.18 0.12 0.12
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2022 Stats by Year

Auction Statistics
Key Metrics Summary for 2022 • Total Issues: 11
Metric Min Max Average Median
Total Accepted (B) 43B 62B 51B 51B
bidToCoverRatio 2.27 2.53 2.41 2.44
pricePer100 99.48 99.98 99.67 99.56
highYield 1.88 4.23 3.24 3.23
interestRate 1.88 4.12 3.17 3.12
Primary Dealer (own house account) 0.12 0.22 0.17 0.16
Direct Bidder (own house account) 0.15 0.19 0.17 0.17
Indirect Bidder (including foreign & intl monetary authorities) 0.51 0.68 0.58 0.58
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.16 0.08 0.10
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2023 Stats by Year

Auction Statistics
Key Metrics Summary for 2023 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 43B 58B 49B 50B
bidToCoverRatio 2.36 2.64 2.52 2.52
pricePer100 99.44 100.00 99.80 99.83
highYield 3.50 4.90 4.08 4.06
interestRate 3.50 4.88 4.03 4.00
Primary Dealer (own house account) 0.08 0.19 0.13 0.12
Direct Bidder (own house account) 0.15 0.22 0.17 0.17
Indirect Bidder (including foreign & intl monetary authorities) 0.57 0.76 0.65 0.64
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.19 0.04 0.00
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2024 Stats by Year

Auction Statistics
Key Metrics Summary for 2024 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 61B 76B 71B 71B
bidToCoverRatio 2.30 2.43 2.38 2.40
pricePer100 99.46 99.94 99.72 99.72
highYield 3.52 4.66 4.19 4.22
interestRate 3.50 4.62 4.12 4.12
Primary Dealer (own house account) 0.11 0.20 0.14 0.13
Direct Bidder (own house account) 0.09 0.23 0.17 0.18
Indirect Bidder (including foreign & intl monetary authorities) 0.60 0.75 0.65 0.65
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.07 0.03 0.03
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2025 Stats by Year

Auction Statistics
Key Metrics Summary for 2025 • Total Issues: 3
Metric Min Max Average Median
Total Accepted (B) 72B 74B 73B 73B
bidToCoverRatio 2.33 2.40 2.37 2.37
pricePer100 99.55 99.64 99.60 99.60
highYield 4.10 4.33 4.21 4.21
interestRate 4.00 4.25 4.12 4.12
Primary Dealer (own house account) 0.10 0.13 0.12 0.12
Direct Bidder (own house account) 0.11 0.25 0.18 0.18
Indirect Bidder (including foreign & intl monetary authorities) 0.59 0.73 0.66 0.66
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.03 0.05 0.04 0.04
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

References

U.S. Department of the Treasury. (2025). Announcements, results, and press releases. TreasuryDirect. https://www.treasurydirect.gov/auctions/announcements-data-results/announcement-results-press-releases/