--- title: "5Y Auction Tails Despite Jump In Foreign Demand, Yields Hit Session High" type: "News" locale: "en" url: "https://longbridge.com/en/news/284253132.md" description: "The Treasury's recent 5Y auction saw a high yield of 3.955%, slightly down from last month, marking the 11th consecutive tail. Despite this, foreign demand surged, with Indirects awarded 72.3%, the highest since May 2025. The bid-to-cover ratio improved to 2.330 but remained below the six-auction average. Meanwhile, 10Y yields rose above 4.34%, influenced by rising oil prices." datetime: "2026-04-27T17:22:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284253132.md) - [en](https://longbridge.com/en/news/284253132.md) - [zh-HK](https://longbridge.com/zh-HK/news/284253132.md) --- # 5Y Auction Tails Despite Jump In Foreign Demand, Yields Hit Session High After a mediocre 2Y auction to start the week's coupon issuance this morning, moments ago the Treasury sold 5Y notes in another average auction. The sale of $70BN in 5 Year paper stopped at a high yield of 3.955%, down fractionally from 3.980% last month, and tailing the When Issued 3.950% by 0.5bps. This was an improvement from last month's 1.4bps tail, but more concerningly this was the 11th tail in a row for 5Y issues. The bid to cover was also on the muted side, at 2.330, up from 2.287, it was below the six-auction average of 2.348. The internals improved notably, however, with Indirects awarded 72.3%, above last month's 61.9% and also well above the recent average of 62.1%. In fact this was the highest award for foreign buyers since May 2025. And with Directs dropping to 15.03%, Dealers were left with just 12.7%, the lowest since January. Overall, this was a stronger auction than this morning's 2Y sale thanks to the surge in foreign buyers, which probably offset concerns about the 11th tail in a row. Even so, 10Y yields have pushed to session highs, rising above 4.34% although that's due to the continued rise in oil which remains the only thing that the bond market is focused on for now. ### Related Stocks - [OXY.US](https://longbridge.com/en/quote/OXY.US.md) - [603353.CN](https://longbridge.com/en/quote/603353.CN.md) - [BP.UK](https://longbridge.com/en/quote/BP.UK.md) - [IEZ.US](https://longbridge.com/en/quote/IEZ.US.md) - [SHV.US](https://longbridge.com/en/quote/SHV.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [BIL.US](https://longbridge.com/en/quote/BIL.US.md) - [CRAK.US](https://longbridge.com/en/quote/CRAK.US.md) - [AGG.US](https://longbridge.com/en/quote/AGG.US.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [TLT.US](https://longbridge.com/en/quote/TLT.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [GOVT.US](https://longbridge.com/en/quote/GOVT.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [IEF.US](https://longbridge.com/en/quote/IEF.US.md) - [511010.CN](https://longbridge.com/en/quote/511010.CN.md) - [511520.CN](https://longbridge.com/en/quote/511520.CN.md) - [XES.US](https://longbridge.com/en/quote/XES.US.md) - [511090.CN](https://longbridge.com/en/quote/511090.CN.md) - [XFIV.US](https://longbridge.com/en/quote/XFIV.US.md) - [IXC.US](https://longbridge.com/en/quote/IXC.US.md) - [BND.US](https://longbridge.com/en/quote/BND.US.md) - [SHY.US](https://longbridge.com/en/quote/SHY.US.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) ## Related News & Research - [This chart shows why AI will eventually mean lower bond yields](https://longbridge.com/en/news/286774916.md) - [ANALYSIS-Bond yield spike is risk to unprepared equities market, investors warn](https://longbridge.com/en/news/286668628.md) - [TREASURIES-Yields rally after slight dip in early trading](https://longbridge.com/en/news/286919787.md) - [TREASURIES-Yields on longer-dated bonds hit year-plus highs overnight](https://longbridge.com/en/news/286778191.md) - [IEA chief Birol: commercial oil inventories depleting rapidly, only weeks left](https://longbridge.com/en/news/286746172.md)