• 3.747% prior
• Bid to cover vs 2.35 prior

Here was a preview from BMO:

Today’s $70 bn 5-year auction comes after the strong reception to yesterday’s 2-year offering, which stopped-through by 1.5 bp with aggressive end-user bidding. With every nominal coupon auction stopping through so far in 2026, it’s become increasingly difficult to imagine that investors will require much of a concession for the new 5-year issue. In terms of valuations, there is a solid local concession with 5-year rates in the top quartile of the multi-month range. In fact, with WI 5-year yields trading at 3.81%, it is expected to be the highest yielding 5-year auction since July 2025. On top of the outright discount, valuations also look compelling on the curve. 5s/30s has flattened 15 bp over the last three weeks, and the 2s/5s/10s cash butterfly is at its cheapest levels since April 2025. To be sure, investors will need to contend with a variety of key near-term event risks – including the FOMC meeting and Trump’s announcement of the new Fed Chair. Despite this, we suspect that valuations are sufficient to result in a modest stop-through at 1pm ET.