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

The 5-year note sold $39.977 billion at a high yield of 2.689% on , with a bid-to-cover ratio of 1.92.

Coupon
2.625%
Announced
Issued
Matures

High yield

2.689%

Median yield 2.590%

Bid-to-cover

1.92

▼ −0.66 since 24 Jun

Sold

$39.98 billion

$39 billion offered

Indirect bidders

36.7%

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 30 August 2006 to 29 July 2009; the latest at 2.689%.1.0%2.0%3.0%4.0%5.0%2006200720082009This auction, 2.689%High yield at the last 36 5-year note auctions36 auctions from 30 August 2006 to 29 July 2009; the latest at 2.689%.1.0%2.0%3.0%4.0%5.0%2007200820092.689%

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
2.6891.92
2.7002.58
2.3102.32
1.9402.22
1.8492.02
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio1.922.2211 of 121 of 12
High yield2.6892.2105 of 127 of 12
Indirect bidders' share36.731.94 of 128 of 12
Direct bidders' share1.71.76 of 126 of 12
Primary dealers' share61.665.07 of 125 of 12
High minus median, basis points9.96.81 of 1210 of 12

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

Who bought the 5-year note?

Primary dealers took 61.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 June 2009

Primary dealers took 61.6% of the competitive bids acceptedIndirect bidders 36.7%, Direct bidders 1.7%, Primary dealers 61.6%Indirect bidders36.7%62.8%Direct bidders1.7%2.9%Primary dealers61.6%34.3%Primary dealers took 61.6% of the competitive bids acceptedIndirect bidders 36.7%, Direct bidders 1.7%, Primary dealers 61.6%Indirect bidders36.7%62.8%Direct bidders1.7%2.9%Primary dealers61.6%34.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.762.8
Direct bidders1.72.9
Primary dealers61.634.3

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$39,000,000,000
Bids received$75,992,254,800
Sold$39,977,004,800
Competitive bids accepted$38,844,750,000
Non-competitive bids accepted$130,296,700
Federal Reserve (SOMA) add-on$976,958,100
Foreign and international (FIMA) non-competitive$25,000,000
High yield, %2.689
Median rate, %2.590
Low rate, %2.000
Interest rate (coupon), %2.625
Bids at the high rate filled, %31.16
Bid-to-cover ratio1.92
Indirect bidders accepted$14,263,000,000
Direct bidders accepted$658,000,000
Primary dealers accepted$23,923,750,000
Indirect bidders' share, % (ours)36.7
Direct bidders' share, % (ours)1.7
Primary dealers' share, % (ours)61.6
High minus median, basis points (ours)9.9
Treasury par yield curve, 5-year point, same day, %2.69
High yield minus that point, basis points (ours)-0.1

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 ratio1.92Last 24 auctions21 of 243 of 242.24
Bid-to-cover ratio1.92Since 24 April 200812 of 153 of 152.21
Bid-to-cover ratio1.92All 92 since 28 September 199478 of 9213 of 922.28
High yield2.689Last 24 auctions16 of 248 of 243.019
High yield2.689Since 24 April 20088 of 157 of 152.700
High yield2.689All 188 since 24 January 1991178 of 18810 of 1885.230
Indirect bidders' share36.7All 15 since 24 April 20084 of 1511 of 1530.0
Direct bidders' share1.7All 15 since 24 April 20086 of 159 of 151.5
Primary dealers' share61.6All 15 since 24 April 200810 of 155 of 1566.9
High minus median, basis points9.9Last 24 auctions1 of 2422 of 245.2
High minus median, basis points9.9Since 24 April 20081 of 1513 of 156.6
High minus median, basis points9.9All 188 since 24 January 19911 of 188186 of 1882.5

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 July 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090729_1.pdf. Compiled by 500metrics, "5-year note auction of 29 July 2009 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2009-07-29.

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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