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5-year note auction of 24 November 2009 (new issue)

The 5-year note sold $43.261 billion at a high yield of 2.175% on , with a bid-to-cover ratio of 2.81.

Coupon
2.125%
Announced
Issued
Matures

High yield

2.175%

Median yield 2.100%

Bid-to-cover

2.81

▲ +0.18 since 28 Oct

Sold

$43.26 billion

$42 billion offered

Indirect bidders

60.9%

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 28 December 2006 to 24 November 2009; the latest at 2.175%.1.0%2.0%3.0%4.0%5.0%200720082009This auction, 2.175%High yield at the last 36 5-year note auctions36 auctions from 28 December 2006 to 24 November 2009; the latest at 2.175%.1.0%2.0%3.0%4.0%200820092.175%

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
2.1752.81
2.3882.63
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.812.270 of 1212 of 12
High yield2.1752.2106 of 126 of 12
Indirect bidders' share60.940.71 of 1211 of 12
Direct bidders' share2.92.55 of 127 of 12
Primary dealers' share36.256.911 of 121 of 12
High minus median, basis points7.58.07 of 124 of 12

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

  • Bid-to-cover ratio: Highest for a 5-year note since 27 September 2007 (25 auctions in between).

Who bought the 5-year note?

Indirect bidders took 60.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 28 October 2009

Indirect bidders took 60.9% of the competitive bids acceptedIndirect bidders 60.9%, Direct bidders 2.9%, Primary dealers 36.2%Indirect bidders60.9%54.8%Direct bidders2.9%3.0%Primary dealers36.2%42.3%Indirect bidders took 60.9% of the competitive bids acceptedIndirect bidders 60.9%, Direct bidders 2.9%, Primary dealers 36.2%Indirect bidders60.9%54.8%Direct bidders2.9%3.0%Primary dealers36.2%42.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.954.8
Direct bidders2.93.0
Primary dealers36.242.3

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$42,000,000,000
Bids received$119,301,511,100
Sold$43,261,295,100
Competitive bids accepted$41,831,884,000
Non-competitive bids accepted$118,188,500
Federal Reserve (SOMA) add-on$1,261,222,600
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %2.175
Median rate, %2.100
Low rate, %1.940
Interest rate (coupon), %2.125
Bids at the high rate filled, %67.34
Bid-to-cover ratio2.81
Indirect bidders accepted$25,487,524,000
Direct bidders accepted$1,198,000,000
Primary dealers accepted$15,146,360,000
Indirect bidders' share, % (ours)60.9
Direct bidders' share, % (ours)2.9
Primary dealers' share, % (ours)36.2
High minus median, basis points (ours)7.5
Treasury par yield curve, 5-year point, same day, %2.15
High yield minus that point, basis points (ours)2.5

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 ratio2.81Last 24 auctions0 of 2424 of 242.24
Bid-to-cover ratio2.81Since 24 April 20080 of 1919 of 192.22
Bid-to-cover ratio2.81All 96 since 28 September 19948 of 9688 of 962.28
High yield2.175Last 24 auctions18 of 246 of 242.694
High yield2.175Since 24 April 200813 of 196 of 192.494
High yield2.175All 192 since 24 January 1991185 of 1927 of 1925.202
Indirect bidders' share60.9All 19 since 24 April 20081 of 1918 of 1933.1
Direct bidders' share2.9All 19 since 24 April 20086 of 1913 of 191.7
Primary dealers' share36.2All 19 since 24 April 200818 of 191 of 1963.9
High minus median, basis points7.5Last 24 auctions8 of 2415 of 246.4
High minus median, basis points7.5Since 24 April 20088 of 1910 of 197.1
High minus median, basis points7.5All 192 since 24 January 19918 of 192183 of 1922.5

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 24 November 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091124_2.pdf. Compiled by 500metrics, "5-year note auction of 24 November 2009 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2009-11-24.

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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