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5-year note auction of 29 March 2011 (new issue)

The 5-year note sold $36.57 billion at a high yield of 2.260% on , with a bid-to-cover ratio of 2.79.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.260%

Median yield 2.201%

Bid-to-cover

2.79

▲ +0.10 since 23 Feb

Sold

$36.57 billion

$35 billion offered

Indirect bidders

42.4%

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 24 April 2008 to 29 March 2011; the latest at 2.260%.1.0%2.0%3.0%4.0%2008200920102011This auction, 2.260%High yield at the last 36 5-year note auctions36 auctions from 24 April 2008 to 29 March 2011; the latest at 2.260%.1.0%1.5%2.0%2.5%3.0%2009201020112.260%

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
2.2602.79
2.1902.69
2.0412.97
2.1492.61
1.4112.65
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.792.735 of 127 of 12
High yield2.2602.0182 of 1210 of 12
Indirect bidders' share42.440.15 of 127 of 12
Direct bidders' share11.210.75 of 127 of 12
Primary dealers' share46.447.16 of 126 of 12
High minus median, basis points5.95.66 of 126 of 12

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

Who bought the 5-year note?

Primary dealers took 46.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 23 February 2011

Primary dealers took 46.4% of the competitive bids acceptedIndirect bidders 42.4%, Direct bidders 11.2%, Primary dealers 46.4%Indirect bidders42.4%34.2%Direct bidders11.2%7.7%Primary dealers46.4%58.2%Primary dealers took 46.4% of the competitive bids acceptedIndirect bidders 42.4%, Direct bidders 11.2%, Primary dealers 46.4%Indirect bidders42.4%34.2%Direct bidders11.2%7.7%Primary dealers46.4%58.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders42.434.2
Direct bidders11.27.7
Primary dealers46.458.2

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$99,147,391,300
Sold$36,569,589,300
Competitive bids accepted$34,878,698,000
Non-competitive bids accepted$121,305,300
Federal Reserve (SOMA) add-on$1,569,586,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.260
Median rate, %2.201
Low rate, %2.123
Interest rate (coupon), %2.250
Bids at the high rate filled, %11.14
Bid-to-cover ratio2.79
Indirect bidders accepted$14,790,500,000
Direct bidders accepted$3,901,000,000
Primary dealers accepted$16,187,198,000
Indirect bidders' share, % (ours)42.4
Direct bidders' share, % (ours)11.2
Primary dealers' share, % (ours)46.4
High minus median, basis points (ours)5.9
Treasury par yield curve, 5-year point, same day, %2.25
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 ratio2.79Last 24 auctions7 of 2417 of 242.64
Bid-to-cover ratio2.79Since 24 April 20087 of 3528 of 352.55
Bid-to-cover ratio2.79All 112 since 28 September 199415 of 11297 of 1122.38
High yield2.260Last 24 auctions11 of 2413 of 242.182
High yield2.260Since 24 April 200818 of 3517 of 352.310
High yield2.260All 208 since 24 January 1991190 of 20818 of 2084.942
Indirect bidders' share42.4Last 24 auctions13 of 2411 of 2444.1
Indirect bidders' share42.4All 35 since 24 April 200814 of 3521 of 3539.5
Direct bidders' share11.2Last 24 auctions7 of 2417 of 248.7
Direct bidders' share11.2All 35 since 24 April 20088 of 3527 of 356.2
Primary dealers' share46.4Last 24 auctions11 of 2413 of 2444.9
Primary dealers' share46.4All 35 since 24 April 200822 of 3513 of 3552.9
High minus median, basis points5.9Last 24 auctions16 of 248 of 246.6
High minus median, basis points5.9Since 24 April 200821 of 3513 of 356.5
High minus median, basis points5.9All 208 since 24 January 199124 of 208183 of 2082.6

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 29 March 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110329_2.pdf. Compiled by 500metrics, "5-year note auction of 29 March 2011 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2011-03-29.

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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