500metrics

All sources checked Checked

5-year note auction of 26 May 2010 (new issue)

The 5-year note sold $40.869 billion at a high yield of 2.130% on , with a bid-to-cover ratio of 2.71.

Coupon
2.125%
Announced
Issued
Matures

High yield

2.130%

Median yield 2.070%

Bid-to-cover

2.71

▼ −0.04 since 28 Apr

Sold

$40.87 billion

$40 billion offered

Indirect bidders

40.6%

Of competitive bids accepted

The high yield was the lowest for a 5-year note since 28 April 2009

High yield at each 5-year note auction, %

The high yield was the lowest for a 5-year note since 28 April 200936 auctions from 27 June 2007 to 26 May 2010; the latest at 2.130%.1.0%2.0%3.0%4.0%5.0%2007200820092010This auction, 2.130%The high yield was the lowest for a 5-year note since 28 April 200936 auctions from 27 June 2007 to 26 May 2010; the latest at 2.130%.1.5%2.0%2.5%3.0%3.5%2008200920102.130%

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
2.1302.71
2.5402.75
2.6052.55
2.3952.75
2.3702.80
2.6652.59
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.712.584 of 128 of 12
High yield2.1302.48212 of 120 of 12
Indirect bidders' share40.646.99 of 123 of 12
Direct bidders' share15.05.20 of 1212 of 12
Primary dealers' share44.442.64 of 128 of 12
High minus median, basis points6.07.09 of 123 of 12

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

  • Direct bidders' share: Highest of all 25 earlier 5-year note auctions we hold.

Who bought the 5-year note?

Primary dealers took 44.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 28 April 2010

Primary dealers took 44.4% of the competitive bids acceptedIndirect bidders 40.6%, Direct bidders 15.0%, Primary dealers 44.4%Indirect bidders40.6%48.9%Direct bidders15.0%14.3%Primary dealers44.4%36.7%Primary dealers took 44.4% of the competitive bids acceptedIndirect bidders 40.6%, Direct bidders 15.0%, Primary dealers 44.4%Indirect bidders40.6%48.9%Direct bidders15.0%14.3%Primary dealers44.4%36.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.648.9
Direct bidders15.014.3
Primary dealers44.436.7

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$109,237,253,400
Sold$40,869,212,400
Competitive bids accepted$39,854,633,000
Non-competitive bids accepted$145,377,000
Federal Reserve (SOMA) add-on$869,202,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.130
Median rate, %2.070
Low rate, %1.980
Interest rate (coupon), %2.125
Bids at the high rate filled, %15.05
Bid-to-cover ratio2.71
Indirect bidders accepted$16,167,130,500
Direct bidders accepted$5,985,060,000
Primary dealers accepted$17,702,442,500
Indirect bidders' share, % (ours)40.6
Direct bidders' share, % (ours)15.0
Primary dealers' share, % (ours)44.4
High minus median, basis points (ours)6.0
Treasury par yield curve, 5-year point, same day, %2.06
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 ratio2.71Last 24 auctions4 of 2420 of 242.42
Bid-to-cover ratio2.71Since 24 April 20084 of 2521 of 252.40
Bid-to-cover ratio2.71All 102 since 28 September 199417 of 10285 of 1022.32
High yield2.130Last 24 auctions18 of 246 of 242.482
High yield2.130Since 24 April 200819 of 256 of 252.494
High yield2.130All 198 since 24 January 1991191 of 1987 of 1985.185
Indirect bidders' share40.6Last 24 auctions10 of 2414 of 2438.5
Indirect bidders' share40.6All 25 since 24 April 200810 of 2515 of 2537.2
Direct bidders' share15.0Last 24 auctions0 of 2424 of 242.8
Direct bidders' share15.0All 25 since 24 April 20080 of 2525 of 252.8
Primary dealers' share44.4Last 24 auctions16 of 248 of 2455.2
Primary dealers' share44.4All 25 since 24 April 200817 of 258 of 2557.4
High minus median, basis points6.0Last 24 auctions15 of 249 of 246.6
High minus median, basis points6.0Since 24 April 200816 of 259 of 256.6
High minus median, basis points6.0All 198 since 24 January 199117 of 198179 of 1982.6

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 26 May 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100526_2.pdf. Compiled by 500metrics, "5-year note auction of 26 May 2010 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2010-05-26.

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.