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5-year note auction of 29 January 2009 (new issue)

The 5-year note sold $31.273 billion at a high yield of 1.820% on , with a bid-to-cover ratio of 1.98.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.820%

Median yield 1.740%

Bid-to-cover

1.98

▼ −0.08 since 23 Dec

Sold

$31.27 billion

$30 billion offered

Indirect bidders

34.9%

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 23 February 2006 to 29 January 2009; the latest at 1.820%.1.0%2.0%3.0%4.0%5.0%6.0%2006200720082009This auction, 1.820%High yield at the last 36 5-year note auctions36 auctions from 23 February 2006 to 29 January 2009; the latest at 1.820%.1.0%2.0%3.0%4.0%5.0%2007200820091.820%

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
1.8201.98
1.5392.06
2.1102.44
2.8252.28
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio1.982.158 of 123 of 12
High yield1.8203.01911 of 121 of 12
Indirect bidders' share34.928.31 of 98 of 9
Direct bidders' share1.20.83 of 96 of 9
Primary dealers' share63.969.57 of 92 of 9
High minus median, basis points8.05.51 of 1210 of 12

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

Who bought the 5-year note?

Primary dealers took 63.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 23 December 2008

Primary dealers took 63.9% of the competitive bids acceptedIndirect bidders 34.9%, Direct bidders 1.2%, Primary dealers 63.9%Indirect bidders34.9%24.5%Direct bidders1.2%7.5%Primary dealers63.9%68.0%Primary dealers took 63.9% of the competitive bids acceptedIndirect bidders 34.9%, Direct bidders 1.2%, Primary dealers 63.9%Indirect bidders34.9%24.5%Direct bidders1.2%7.5%Primary dealers63.9%68.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders34.924.5
Direct bidders1.27.5
Primary dealers63.968.0

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$30,000,000,000
Bids received$60,534,387,000
Sold$31,273,392,000
Competitive bids accepted$29,965,005,000
Non-competitive bids accepted$35,041,800
Federal Reserve (SOMA) add-on$1,273,345,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.820
Median rate, %1.740
Low rate, %1.590
Interest rate (coupon), %1.750
Bids at the high rate filled, %72.98
Bid-to-cover ratio1.98
Indirect bidders accepted$10,449,046,000
Direct bidders accepted$368,000,000
Primary dealers accepted$19,147,959,000
Indirect bidders' share, % (ours)34.9
Direct bidders' share, % (ours)1.2
Primary dealers' share, % (ours)63.9
High minus median, basis points (ours)8.0
Treasury par yield curve, 5-year point, same day, %1.87
High yield minus that point, basis points (ours)-5.0

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 ratio1.98Last 24 auctions20 of 243 of 242.28
Bid-to-cover ratio1.98Since 24 April 20086 of 93 of 92.14
Bid-to-cover ratio1.98All 86 since 28 September 199469 of 8615 of 862.28
High yield1.820Last 24 auctions23 of 241 of 243.480
High yield1.820Since 24 April 20088 of 91 of 93.129
High yield1.820All 182 since 24 January 1991181 of 1821 of 1825.288
Indirect bidders' share34.9All 9 since 24 April 20081 of 98 of 928.3
Direct bidders' share1.2All 9 since 24 April 20083 of 96 of 90.8
Primary dealers' share63.9All 9 since 24 April 20087 of 92 of 969.5
High minus median, basis points8.0Last 24 auctions1 of 2422 of 242.8
High minus median, basis points8.0Since 24 April 20081 of 97 of 95.9
High minus median, basis points8.0All 182 since 24 January 19911 of 182180 of 1822.4

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 January 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090129_1.pdf. Compiled by 500metrics, "5-year note auction of 29 January 2009 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2009-01-29.

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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