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5-year note auction of 28 September 2010 (new issue)

The 5-year note sold $36.103 billion at a high yield of 1.260% on , with a bid-to-cover ratio of 2.96.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.260%

Median yield 1.219%

Bid-to-cover

2.96

▲ +0.13 since 25 Aug

Sold

$36.10 billion

$35 billion offered

Indirect bidders

50.1%

Of competitive bids accepted

The high yield was the lowest for a 5-year note of all 202 earlier auctions we hold

High yield at each 5-year note auction, %

The high yield was the lowest for a 5-year note of all 202 earlier auctions we hold36 auctions from 25 October 2007 to 28 September 2010; the latest at 1.260%.1.0%2.0%3.0%4.0%2007200820092010This auction, 1.260%The high yield was the lowest for a 5-year note of all 202 earlier auctions we hold36 auctions from 25 October 2007 to 28 September 2010; the latest at 1.260%.1.0%1.5%2.0%2.5%3.0%200920101.260%

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
1.2602.96
1.3742.83
1.7963.06
1.9952.58
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.962.731 of 1211 of 12
High yield1.2602.37912 of 120 of 12
Indirect bidders' share50.146.04 of 128 of 12
Direct bidders' share8.710.89 of 123 of 12
Primary dealers' share41.242.68 of 124 of 12
High minus median, basis points4.16.412 of 120 of 12

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

  • High minus median, basis points: Lowest for a 5-year note since 25 November 2008 (21 auctions in between).

Who bought the 5-year note?

Indirect bidders took 50.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 25 August 2010

Indirect bidders took 50.1% of the competitive bids acceptedIndirect bidders 50.1%, Direct bidders 8.7%, Primary dealers 41.2%Indirect bidders50.1%50.8%Direct bidders8.7%8.7%Primary dealers41.2%40.5%Indirect bidders took 50.1% of the competitive bids acceptedIndirect bidders 50.1%, Direct bidders 8.7%, Primary dealers 41.2%Indirect bidders50.1%50.8%Direct bidders8.7%8.7%Primary dealers41.2%40.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders50.150.8
Direct bidders8.78.7
Primary dealers41.240.5

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$35,000,000,000
Bids received$104,540,636,100
Sold$36,102,696,100
Competitive bids accepted$34,863,410,000
Non-competitive bids accepted$86,628,000
Federal Reserve (SOMA) add-on$1,102,658,100
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.260
Median rate, %1.219
Low rate, %1.171
Interest rate (coupon), %1.250
Bids at the high rate filled, %64.15
Bid-to-cover ratio2.96
Indirect bidders accepted$17,470,350,000
Direct bidders accepted$3,022,110,000
Primary dealers accepted$14,370,950,000
Indirect bidders' share, % (ours)50.1
Direct bidders' share, % (ours)8.7
Primary dealers' share, % (ours)41.2
High minus median, basis points (ours)4.1
Treasury par yield curve, 5-year point, same day, %1.25
High yield minus that point, basis points (ours)1.0

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 ratio2.96Last 24 auctions1 of 2423 of 242.53
Bid-to-cover ratio2.96Since 24 April 20081 of 2928 of 292.46
Bid-to-cover ratio2.96All 106 since 28 September 19944 of 106102 of 1062.32
High yield1.260Last 24 auctions24 of 240 of 242.340
High yield1.260Since 24 April 200829 of 290 of 292.395
High yield1.260All 202 since 24 January 1991202 of 2020 of 2025.048
Indirect bidders' share50.1Last 24 auctions6 of 2418 of 2442.3
Indirect bidders' share50.1All 29 since 24 April 20086 of 2923 of 2939.7
Direct bidders' share8.7Last 24 auctions10 of 2414 of 245.2
Direct bidders' share8.7All 29 since 24 April 200810 of 2919 of 292.9
Primary dealers' share41.2Last 24 auctions18 of 246 of 2448.2
Primary dealers' share41.2All 29 since 24 April 200823 of 296 of 2953.0
High minus median, basis points4.1Last 24 auctions23 of 241 of 246.8
High minus median, basis points4.1Since 24 April 200827 of 292 of 296.6
High minus median, basis points4.1All 202 since 24 January 199145 of 202155 of 2022.6

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 28 September 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100928_2.pdf. Compiled by 500metrics, "5-year note auction of 28 September 2010 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2010-09-28.

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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