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5-year note auction of 25 February 2009 (new issue)

The 5-year note sold $33.714 billion at a high yield of 1.985% on , with a bid-to-cover ratio of 2.21.

Coupon
1.875%
Announced
Issued
Matures

High yield

1.985%

Median yield 1.937%

Bid-to-cover

2.21

▲ +0.23 since 29 Jan

Sold

$33.71 billion

$32 billion offered

Indirect bidders

48.9%

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 29 March 2006 to 25 February 2009; the latest at 1.985%.1.0%2.0%3.0%4.0%5.0%6.0%2006200720082009This auction, 1.985%High yield at the last 36 5-year note auctions36 auctions from 29 March 2006 to 25 February 2009; the latest at 1.985%.1.0%2.0%3.0%4.0%5.0%2007200820091.985%

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
1.9852.21
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.212.105 of 127 of 12
High yield1.9852.97710 of 122 of 12
Indirect bidders' share48.928.60 of 1010 of 10
Direct bidders' share1.60.83 of 107 of 10
Primary dealers' share49.568.710 of 100 of 10
High minus median, basis points4.85.79 of 123 of 12

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

Who bought the 5-year note?

Primary dealers took 49.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 29 January 2009

Primary dealers took 49.5% of the competitive bids acceptedIndirect bidders 48.9%, Direct bidders 1.6%, Primary dealers 49.5%Indirect bidders48.9%34.9%Direct bidders1.6%1.2%Primary dealers49.5%63.9%Primary dealers took 49.5% of the competitive bids acceptedIndirect bidders 48.9%, Direct bidders 1.6%, Primary dealers 49.5%Indirect bidders48.9%34.9%Direct bidders1.6%1.2%Primary dealers49.5%63.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders48.934.9
Direct bidders1.61.2
Primary dealers49.563.9

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$32,000,000,000
Bids received$72,426,458,100
Sold$33,714,211,100
Competitive bids accepted$31,948,853,000
Non-competitive bids accepted$51,194,700
Federal Reserve (SOMA) add-on$1,714,163,400
Foreign and international (FIMA) non-competitive$0
High yield, %1.985
Median rate, %1.937
Low rate, %1.800
Interest rate (coupon), %1.875
Bids at the high rate filled, %79.01
Bid-to-cover ratio2.21
Indirect bidders accepted$15,623,110,000
Direct bidders accepted$505,000,000
Primary dealers accepted$15,820,743,000
Indirect bidders' share, % (ours)48.9
Direct bidders' share, % (ours)1.6
Primary dealers' share, % (ours)49.5
High minus median, basis points (ours)4.8
Treasury par yield curve, 5-year point, same day, %2.06
High yield minus that point, basis points (ours)-7.5

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 ratio2.21Last 24 auctions14 of 2410 of 242.28
Bid-to-cover ratio2.21Since 24 April 20084 of 106 of 102.10
Bid-to-cover ratio2.21All 87 since 28 September 199452 of 8734 of 872.28
High yield1.985Last 24 auctions22 of 242 of 243.440
High yield1.985Since 24 April 20088 of 102 of 103.129
High yield1.985All 183 since 24 January 1991181 of 1832 of 1835.250
Indirect bidders' share48.9All 10 since 24 April 20080 of 1010 of 1028.6
Direct bidders' share1.6All 10 since 24 April 20083 of 107 of 100.8
Primary dealers' share49.5All 10 since 24 April 200810 of 100 of 1068.7
High minus median, basis points4.8Last 24 auctions9 of 2415 of 243.0
High minus median, basis points4.8Since 24 April 20088 of 102 of 106.2
High minus median, basis points4.8All 183 since 24 January 199120 of 183163 of 1832.4

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 February 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090225_2.pdf. Compiled by 500metrics, "5-year note auction of 25 February 2009 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2009-02-25.

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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