US Treasury sells 5-year indexed notes at high yield of 2.367%
The US Treasury sold $26 billion of 5-year inflation-indexed notes at a high yield of 2.367%, with bids covering the offering 2.41 times over.
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what happened
The US Treasury Department, as reported by Reuters, released the results of its Dutch auction of 5-year indexed notes. The highest accepted yield was 2.367%, the median 2.300% and the lowest 2.245%. The price came in at 99.607747.
The auction accepted $26 billion in total against about $62.6 billion of public bids. The bid-to-cover ratio was 2.41, and bids at the high yield were filled at 68.33%. The notes will be issued on October 30, 2026 and mature on October 15, 2031.
why it matters
Inflation-indexed Treasury notes reflect real yields that markets watch alongside inflation expectations and Federal Reserve rate outlooks. A bid-to-cover ratio above 2 points to solid demand for US government debt, which is generally neutral for the bond and currency markets. The result offers a reference point for real yields on the medium-term part of the curve.
market impact
US Treasuries: solid demand at the auction gives a reference for real yields on the 5-year segment
tags
instruments
sources
- U.S. 5-year indexed notes high yield 2.367% — Reuters, 22 October 2026 at 17:02 UTC
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