  We have obtained new CCD BV photometry of the little-studied southern
Galactic globular cluster NGC 5986, including light curves of 5 of its RR Lyrae
variables. The cluster's red giant branch bump is detected for the first time
at V = 16.47 +- 0.03. We derive a reddening and true distance modulus of E(B-V)
= 0.29 +- 0.02 and (m-M)_0 = 15.15 +- 0.10, respectively. The cluster's
color-magnitude diagram reveals a mostly blue horizontal branch, like that of
M13 or M2, and quite unlike M3; yet all of these clusters have nearly identical
metallicities ([Fe/H]_CG97 = -1.35). We show that the RR Lyrae variables in NGC
5986 are about 0.2 mag brighter on average than those in M3, an important
exception to the often-employed, universal M_V(RR)--[Fe/H] relation. Finally,
we note that NGC 5986 contains two luminous stars with spectral types A-F,
which are likely to be post-asymptotic-giant-branch (PAGB) objects. The V-band
luminosity function (LF) of such yellow PAGB stars is a promising standard
candle. We suggest that the LF is sharply peaked at M_V(PAGB) = -3.28 +- 0.07.
