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5-year note auction of 27 October 2010 (new issue)

The 5-year note sold $35.718 billion at a high yield of 1.330% on , with a bid-to-cover ratio of 2.82.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.330%

Median yield 1.288%

Bid-to-cover

2.82

▼ −0.14 since 28 Sep

Sold

$35.72 billion

$35 billion offered

Indirect bidders

39.5%

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 29 November 2007 to 27 October 2010; the latest at 1.330%.1.0%2.0%3.0%4.0%200820092010This auction, 1.330%High yield at the last 36 5-year note auctions36 auctions from 29 November 2007 to 27 October 2010; the latest at 1.330%.1.0%1.5%2.0%2.5%3.0%200920101.330%

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
1.3302.82
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.822.753 of 129 of 12
High yield1.3302.27211 of 121 of 12
Indirect bidders' share39.548.111 of 121 of 12
Direct bidders' share11.710.74 of 128 of 12
Primary dealers' share48.841.82 of 1210 of 12
High minus median, basis points4.26.211 of 121 of 12

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

Who bought the 5-year note?

Primary dealers took 48.8% of the competitive bids accepted

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

Primary dealers took 48.8% of the competitive bids acceptedIndirect bidders 39.5%, Direct bidders 11.7%, Primary dealers 48.8%Indirect bidders39.5%50.1%Direct bidders11.7%8.7%Primary dealers48.8%41.2%Primary dealers took 48.8% of the competitive bids acceptedIndirect bidders 39.5%, Direct bidders 11.7%, Primary dealers 48.8%Indirect bidders39.5%50.1%Direct bidders11.7%8.7%Primary dealers48.8%41.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders39.550.1
Direct bidders11.78.7
Primary dealers48.841.2

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$99,407,565,900
Sold$35,717,506,500
Competitive bids accepted$34,845,790,600
Non-competitive bids accepted$54,241,400
Federal Reserve (SOMA) add-on$717,474,500
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.330
Median rate, %1.288
Low rate, %1.197
Interest rate (coupon), %1.250
Bids at the high rate filled, %83.81
Bid-to-cover ratio2.82
Indirect bidders accepted$13,746,850,000
Direct bidders accepted$4,085,362,100
Primary dealers accepted$17,013,578,500
Indirect bidders' share, % (ours)39.5
Direct bidders' share, % (ours)11.7
Primary dealers' share, % (ours)48.8
High minus median, basis points (ours)4.2
Treasury par yield curve, 5-year point, same day, %1.34
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 ratio2.82Last 24 auctions3 of 2421 of 242.56
Bid-to-cover ratio2.82Since 24 April 20083 of 3027 of 302.47
Bid-to-cover ratio2.82All 107 since 28 September 199411 of 10796 of 1072.33
High yield1.330Last 24 auctions23 of 241 of 242.242
High yield1.330Since 24 April 200829 of 301 of 302.392
High yield1.330All 203 since 24 January 1991202 of 2031 of 2034.995
Indirect bidders' share39.5Last 24 auctions16 of 248 of 2444.1
Indirect bidders' share39.5All 30 since 24 April 200816 of 3014 of 3040.0
Direct bidders' share11.7Last 24 auctions5 of 2419 of 247.5
Direct bidders' share11.7All 30 since 24 April 20085 of 3025 of 302.9
Primary dealers' share48.8Last 24 auctions11 of 2413 of 2445.6
Primary dealers' share48.8All 30 since 24 April 200817 of 3013 of 3051.3
High minus median, basis points4.2Last 24 auctions22 of 242 of 246.6
High minus median, basis points4.2Since 24 April 200827 of 303 of 306.6
High minus median, basis points4.2All 203 since 24 January 199145 of 203158 of 2032.6

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 27 October 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20101027_2.pdf. Compiled by 500metrics, "5-year note auction of 27 October 2010 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2010-10-27.

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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