Morningstar

U.S. Treasury Pays Highest Five-Year Yield in Auction in Two Decades

Provided by Dow Jones

By Paulo Trevisani 




  The U.S. Treasury auctioned $70 billion in five-year notes and investors demanded a steep return. 



  The notes sold on Wednesday at a yield of 5.033%, the highest since an auction held in June 2006, which had a high yield of 5.203%. 



  Demand indicators were soft. The bid-to-cover ratio was 2.21, lower than the previous six-month average of 2.33. 



  The auction's yield was substantially higher than the 5.002% when-issued yield at the time of the tender. The tail, in bond markets parlance, was another sign of weak demand. 



  Following the auction results, the on-the-run five-year yield traded at 5.023%, according to Tradeweb. 





  Write to Paulo Trevisani at paulo.trevisani@wsj.com. 





  (END) Dow Jones Newswires



  September 23, 2026 13:41 ET (17:41 GMT)


Copyright (c) 2026 Dow Jones & Company, Inc.
  

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