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5-year note auction of 25 September 2008 (new issue)

The 5-year note sold $26.224 billion at a high yield of 3.129% on , with a bid-to-cover ratio of 1.91.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.129%

Median yield 3.000%

Bid-to-cover

1.91

▼ −0.23 since 28 Aug

Sold

$26.22 billion

$24 billion offered

Indirect bidders

26.8%

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 12 October 2005 to 25 September 2008; the latest at 3.129%.2.0%3.0%4.0%5.0%6.0%2005200620072008This auction, 3.129%High yield at the last 36 5-year note auctions36 auctions from 12 October 2005 to 25 September 2008; the latest at 3.129%.2.0%3.0%4.0%5.0%200720083.129%

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
3.1291.91
3.1292.14
3.4402.46
3.4402.48
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio1.912.2810 of 122 of 12
High yield3.1293.4288 of 123 of 12
Indirect bidders' share26.828.93 of 52 of 5
Direct bidders' share0.50.73 of 52 of 5
Primary dealers' share72.771.02 of 53 of 5
High minus median, basis points12.93.10 of 1212 of 12

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

  • High minus median, basis points: Highest of all 178 earlier 5-year note auctions we hold.

Who bought the 5-year note?

Primary dealers took 72.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 28 August 2008

Primary dealers took 72.7% of the competitive bids acceptedIndirect bidders 26.8%, Direct bidders 0.5%, Primary dealers 72.7%Indirect bidders26.8%29.8%Direct bidders0.5%0.7%Primary dealers72.7%69.5%Primary dealers took 72.7% of the competitive bids acceptedIndirect bidders 26.8%, Direct bidders 0.5%, Primary dealers 72.7%Indirect bidders26.8%29.8%Direct bidders0.5%0.7%Primary dealers72.7%69.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders26.829.8
Direct bidders0.50.7
Primary dealers72.769.5

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$24,000,000,000
Bids received$48,026,169,100
Sold$26,223,849,100
Competitive bids accepted$23,869,830,000
Non-competitive bids accepted$105,170,900
Federal Reserve (SOMA) add-on$2,223,848,200
Foreign and international (FIMA) non-competitive$25,000,000
High yield, %3.129
Median rate, %3.000
Low rate, %2.850
Interest rate (coupon), %3.125
Bids at the high rate filled, %41.34
Bid-to-cover ratio1.91
Indirect bidders accepted$6,392,050,000
Direct bidders accepted$113,100,000
Primary dealers accepted$17,364,680,000
Indirect bidders' share, % (ours)26.8
Direct bidders' share, % (ours)0.5
Primary dealers' share, % (ours)72.7
High minus median, basis points (ours)12.9
Treasury par yield curve, 5-year point, same day, %3.09
High yield minus that point, basis points (ours)3.9

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 ratio1.91Last 24 auctions22 of 242 of 242.29
Bid-to-cover ratio1.91Since 24 April 20083 of 52 of 52.14
Bid-to-cover ratio1.91All 82 since 28 September 199470 of 8212 of 822.29
High yield3.129Last 24 auctions20 of 243 of 244.249
High yield3.129Since 24 April 20084 of 50 of 53.440
High yield3.129All 178 since 24 January 1991167 of 17810 of 1785.364
Indirect bidders' share26.8All 5 since 24 April 20083 of 52 of 528.9
Direct bidders' share0.5All 5 since 24 April 20083 of 52 of 50.7
Primary dealers' share72.7All 5 since 24 April 20082 of 53 of 571.0
High minus median, basis points12.9Last 24 auctions0 of 2424 of 242.4
High minus median, basis points12.9Since 24 April 20080 of 55 of 55.5
High minus median, basis points12.9All 178 since 24 January 19910 of 178178 of 1782.4

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 25 September 2008. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2008/R_20080925_2.pdf. Compiled by 500metrics, "5-year note auction of 25 September 2008 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2008-09-25.

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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