500metrics

All sources checked Checked

5-year note auction of 23 September 2009 (new issue)

The 5-year note sold $40.709 billion at a high yield of 2.470% on , with a bid-to-cover ratio of 2.40.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.470%

Median yield 2.390%

Bid-to-cover

2.40

▼ −0.11 since 26 Aug

Sold

$40.71 billion

$40 billion offered

Indirect bidders

44.8%

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 26 October 2006 to 23 September 2009; the latest at 2.470%.1.0%2.0%3.0%4.0%5.0%2006200720082009This auction, 2.470%High yield at the last 36 5-year note auctions36 auctions from 26 October 2006 to 23 September 2009; the latest at 2.470%.1.0%2.0%3.0%4.0%200820092.470%

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
2.4702.40
2.4942.51
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.223 of 129 of 12
High yield2.4702.2105 of 127 of 12
Indirect bidders' share44.835.83 of 129 of 12
Direct bidders' share10.92.11 of 1211 of 12
Primary dealers' share44.361.310 of 122 of 12
High minus median, basis points8.07.84 of 126 of 12

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

Who bought the 5-year note?

Indirect bidders took 44.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 August 2009

Indirect bidders took 44.8% of the competitive bids acceptedIndirect bidders 44.8%, Direct bidders 10.9%, Primary dealers 44.3%Indirect bidders44.8%56.4%Direct bidders10.9%2.9%Primary dealers44.3%40.6%Indirect bidders took 44.8% of the competitive bids acceptedIndirect bidders 44.8%, Direct bidders 10.9%, Primary dealers 44.3%Indirect bidders44.8%56.4%Direct bidders10.9%2.9%Primary dealers44.3%40.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders44.856.4
Direct bidders10.92.9
Primary dealers44.340.6

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$40,000,000,000
Bids received$96,690,239,000
Sold$40,708,545,800
Competitive bids accepted$39,832,906,800
Non-competitive bids accepted$117,122,600
Federal Reserve (SOMA) add-on$708,516,400
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %2.470
Median rate, %2.390
Low rate, %2.295
Interest rate (coupon), %2.375
Bids at the high rate filled, %39.82
Bid-to-cover ratio2.40
Indirect bidders accepted$17,849,700,000
Direct bidders accepted$4,333,000,000
Primary dealers accepted$17,650,206,800
Indirect bidders' share, % (ours)44.8
Direct bidders' share, % (ours)10.9
Primary dealers' share, % (ours)44.3
High minus median, basis points (ours)8.0
Treasury par yield curve, 5-year point, same day, %2.40
High yield minus that point, basis points (ours)7.0

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 ratio2.40Last 24 auctions7 of 2417 of 242.24
Bid-to-cover ratio2.40Since 24 April 20085 of 1712 of 172.21
Bid-to-cover ratio2.40All 94 since 28 September 199437 of 9457 of 942.28
High yield2.470Last 24 auctions17 of 247 of 242.790
High yield2.470Since 24 April 200810 of 177 of 172.689
High yield2.470All 190 since 24 January 1991182 of 1908 of 1905.216
Indirect bidders' share44.8All 17 since 24 April 20083 of 1714 of 1730.8
Direct bidders' share10.9All 17 since 24 April 20081 of 1716 of 171.6
Primary dealers' share44.3All 17 since 24 April 200815 of 172 of 1766.0
High minus median, basis points8.0Last 24 auctions4 of 2418 of 245.7
High minus median, basis points8.0Since 24 April 20084 of 1711 of 176.9
High minus median, basis points8.0All 190 since 24 January 19914 of 190184 of 1902.5

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 23 September 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090923_1.pdf. Compiled by 500metrics, "5-year note auction of 23 September 2009 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2009-09-23.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.