500metrics

All sources checked Checked

5-year note auction of 25 May 2011 (new issue)

The 5-year note sold $37.946 billion at a high yield of 1.813% on , with a bid-to-cover ratio of 3.20.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.813%

Median yield 1.780%

Bid-to-cover

3.20

▲ +0.43 since 27 Apr

Sold

$37.95 billion

$35 billion offered

Indirect bidders

47.1%

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 26 June 2008 to 25 May 2011; the latest at 1.813%.1.0%2.0%3.0%4.0%2008200920102011This auction, 1.813%High yield at the last 36 5-year note auctions36 auctions from 26 June 2008 to 25 May 2011; the latest at 1.813%.1.0%1.5%2.0%2.5%3.0%2009201020111.813%

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
1.8133.20
2.1242.77
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.202.780 of 1212 of 12
High yield1.8132.0187 of 125 of 12
Indirect bidders' share47.140.33 of 129 of 12
Direct bidders' share8.910.98 of 124 of 12
Primary dealers' share44.047.69 of 123 of 12
High minus median, basis points3.35.612 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 5-year note since 28 September 1994 (113 auctions in between).
  • High minus median, basis points: Lowest for a 5-year note since 25 November 2008 (29 auctions in between).

Who bought the 5-year note?

Indirect bidders took 47.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 April 2011

Indirect bidders took 47.1% of the competitive bids acceptedIndirect bidders 47.1%, Direct bidders 8.9%, Primary dealers 44.0%Indirect bidders47.1%40.0%Direct bidders8.9%11.2%Primary dealers44.0%48.8%Indirect bidders took 47.1% of the competitive bids acceptedIndirect bidders 47.1%, Direct bidders 8.9%, Primary dealers 44.0%Indirect bidders47.1%40.0%Direct bidders8.9%11.2%Primary dealers44.0%48.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.140.0
Direct bidders8.911.2
Primary dealers44.048.8

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$115,093,611,100
Sold$37,945,943,100
Competitive bids accepted$34,945,232,000
Non-competitive bids accepted$54,807,000
Federal Reserve (SOMA) add-on$2,945,904,100
Foreign and international (FIMA) non-competitive$0
High yield, %1.813
Median rate, %1.780
Low rate, %1.720
Interest rate (coupon), %1.750
Bids at the high rate filled, %1.56
Bid-to-cover ratio3.20
Indirect bidders accepted$16,449,772,000
Direct bidders accepted$3,126,460,000
Primary dealers accepted$15,369,000,000
Indirect bidders' share, % (ours)47.1
Direct bidders' share, % (ours)8.9
Primary dealers' share, % (ours)44.0
High minus median, basis points (ours)3.3
Treasury par yield curve, 5-year point, same day, %1.81
High yield minus that point, basis points (ours)0.3

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 ratio3.20Last 24 auctions0 of 2424 of 242.70
Bid-to-cover ratio3.20Since 24 April 20080 of 3737 of 372.58
Bid-to-cover ratio3.20All 114 since 28 September 19941 of 114113 of 1142.39
High yield1.813Last 24 auctions19 of 245 of 242.225
High yield1.813Since 24 April 200831 of 376 of 372.260
High yield1.813All 210 since 24 January 1991204 of 2106 of 2104.922
Indirect bidders' share47.1Last 24 auctions9 of 2415 of 2444.1
Indirect bidders' share47.1All 37 since 24 April 200810 of 3727 of 3739.7
Direct bidders' share8.9Last 24 auctions13 of 2411 of 2410.1
Direct bidders' share8.9All 37 since 24 April 200814 of 3723 of 377.4
Primary dealers' share44.0Last 24 auctions14 of 2410 of 2444.9
Primary dealers' share44.0All 37 since 24 April 200827 of 3710 of 3749.6
High minus median, basis points3.3Last 24 auctions24 of 240 of 246.2
High minus median, basis points3.3Since 24 April 200835 of 372 of 376.4
High minus median, basis points3.3All 210 since 24 January 199170 of 210139 of 2102.8

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 25 May 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110525_1.pdf. Compiled by 500metrics, "5-year note auction of 25 May 2011 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2011-05-25.

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.