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5-year note auction of 29 May 2008 (new issue)

The 5-year note sold $20.524 billion at a high yield of 3.520% on , with a bid-to-cover ratio of 1.84.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.520%

Median yield 3.465%

Bid-to-cover

1.84

▲ +0.19 since 24 Apr

Sold

$20.52 billion

$19 billion offered

Indirect bidders

16.5%

Of competitive bids accepted

High yield at the last 36 5-year note auctions

High yield at each 5-year note auction, %

High yield at the last 36 5-year note auctions36 auctions from 8 June 2005 to 29 May 2008; the latest at 3.520%.2.0%3.0%4.0%5.0%6.0%2005200620072008This auction, 3.520%High yield at the last 36 5-year note auctions36 auctions from 8 June 2005 to 29 May 2008; the latest at 3.520%.2.0%3.0%4.0%5.0%6.0%2006200720083.520%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 5-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.5201.84
3.1591.65
2.5951.98
2.7552.29
2.9092.16
3.6512.31
3.4152.26
3.9932.69
4.2502.86
4.2482.74
4.6402.15
4.9402.73
4.8182.60
4.5792.29
4.5352.14
4.7192.43
4.8552.21
4.7042.50
4.5072.28
4.6942.12
4.5692.75
4.7383.11
4.9952.28
5.2032.05
4.9452.02
4.9641.87
4.7852.25
4.6222.18
4.3702.10
4.4352.38
4.5252.61
4.2702.75
3.9022.61
4.2232.92
3.9702.37
3.7052.60

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio1.842.3011 of 121 of 12
High yield3.5203.8227 of 125 of 12
Indirect bidders' share16.528.91 of 10 of 1
Direct bidders' share0.80.20 of 11 of 1
Primary dealers' share82.871.00 of 11 of 1
High minus median, basis points5.52.41 of 1210 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 5-year note?

Primary dealers took 82.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 April 2008

Primary dealers took 82.8% of the competitive bids acceptedIndirect bidders 16.5%, Direct bidders 0.8%, Primary dealers 82.8%Indirect bidders16.5%28.9%Direct bidders0.8%0.2%Primary dealers82.8%71.0%Primary dealers took 82.8% of the competitive bids acceptedIndirect bidders 16.5%, Direct bidders 0.8%, Primary dealers 82.8%Indirect bidders16.5%28.9%Direct bidders0.8%0.2%Primary dealers82.8%71.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders16.528.9
Direct bidders0.80.2
Primary dealers82.871.0

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as5-Year, new issue
Offering amount$19,000,000,000
Bids received$36,438,569,800
Sold$20,523,541,800
Competitive bids accepted$18,856,982,000
Non-competitive bids accepted$118,078,600
Federal Reserve (SOMA) add-on$1,523,481,200
Foreign and international (FIMA) non-competitive$25,000,000
High yield, %3.520
Median rate, %3.465
Low rate, %3.390
Interest rate (coupon), %3.500
Bids at the high rate filled, %86.36
Bid-to-cover ratio1.84
Indirect bidders accepted$3,104,000,000
Direct bidders accepted$148,010,000
Primary dealers accepted$15,604,972,000
Indirect bidders' share, % (ours)16.5
Direct bidders' share, % (ours)0.8
Primary dealers' share, % (ours)82.8
High minus median, basis points (ours)5.5
Treasury par yield curve, 5-year point, same day, %3.41
High yield minus that point, basis points (ours)11.0

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (5-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 5-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio1.84Last 24 auctions23 of 241 of 242.28
Bid-to-cover ratio1.84Since 24 April 20080 of 11 of 11.65
Bid-to-cover ratio1.84All 78 since 28 September 199471 of 787 of 782.29
High yield3.520Last 24 auctions19 of 245 of 244.574
High yield3.520Since 24 April 20080 of 11 of 13.159
High yield3.520All 174 since 24 January 1991150 of 17423 of 1745.422
Indirect bidders' share16.5All 1 since 24 April 20081 of 10 of 128.9
Direct bidders' share0.8All 1 since 24 April 20080 of 11 of 10.2
Primary dealers' share82.8All 1 since 24 April 20080 of 11 of 171.0
High minus median, basis points5.5Last 24 auctions1 of 2422 of 242.2
High minus median, basis points5.5Since 24 April 20081 of 10 of 16.9
High minus median, basis points5.5All 174 since 24 January 19915 of 174168 of 1742.4

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 29 May 2008. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2008/R_20080529_2.pdf. Compiled by 500metrics, "5-year note auction of 29 May 2008 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2008-05-29.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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