Markets · September 23, 2026 · 1 min read

Treasury pays its highest 5-year auction yield since 2006

Published September 23, 2026 • Updated September 23, 2026

Reviewed by Econ Data Tools editorial QC

Treasury sold $70 billion of five-year notes at 5.033%, the highest auction yield since June 2006. Demand was soft.

On Wednesday, Sept 23, the US Treasury auctioned $70 billion in five-year notes at a high yield of 5.033%. That is the highest since a June 2006 auction, which cleared at 5.203%. Demand indicators were soft. The bid-to-cover ratio was 2.21, below the previous six-month average of 2.33. The auction also cleared above the 5.002% when-issued yield at the time of the tender. Bond traders call that a "tail," and it is another sign of weak demand. After the results, the on-the-run five-year yield traded at 5.023%, according to Tradeweb.

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Dow Jones via Morningstar: five-year auction (Sept 23, 2026)

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