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5-year note auction of 22 February 2012 (new issue)

The 5-year note sold $35.497 billion at a high yield of 0.900% on , with a bid-to-cover ratio of 2.89.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.900%

Median yield 0.850%

Bid-to-cover

2.89

▼ −0.28 since 25 Jan

Sold

$35.50 billion

$35 billion offered

Indirect bidders

41.8%

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 25 March 2009 to 22 February 2012; the latest at 0.900%.0.5%1.0%1.5%2.0%2.5%3.0%2009201020112012This auction, 0.900%High yield at the last 36 5-year note auctions36 auctions from 25 March 2009 to 22 February 2012; the latest at 0.900%.0.5%1.0%1.5%2.0%2.5%3.0%2010201120120.900%

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
0.9002.89
0.8993.17
0.8802.86
0.9373.15
1.0552.90
1.0153.04
1.0292.71
1.5802.62
1.6152.59
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.892.825 of 127 of 12
High yield0.9001.31810 of 122 of 12
Indirect bidders' share41.842.98 of 124 of 12
Direct bidders' share12.910.84 of 128 of 12
Primary dealers' share45.344.65 of 127 of 12
High minus median, basis points5.05.26 of 125 of 12

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

Who bought the 5-year note?

Primary dealers took 45.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 25 January 2012

Primary dealers took 45.3% of the competitive bids acceptedIndirect bidders 41.8%, Direct bidders 12.9%, Primary dealers 45.3%Indirect bidders41.8%43.4%Direct bidders12.9%15.1%Primary dealers45.3%41.5%Primary dealers took 45.3% of the competitive bids acceptedIndirect bidders 41.8%, Direct bidders 12.9%, Primary dealers 45.3%Indirect bidders41.8%43.4%Direct bidders12.9%15.1%Primary dealers45.3%41.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders41.843.4
Direct bidders12.915.1
Primary dealers45.341.5

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$101,594,948,400
Sold$35,497,018,200
Competitive bids accepted$34,965,569,800
Non-competitive bids accepted$34,635,400
Federal Reserve (SOMA) add-on$496,813,000
Foreign and international (FIMA) non-competitive$0
High yield, %0.900
Median rate, %0.850
Low rate, %0.800
Interest rate (coupon), %0.875
Bids at the high rate filled, %97.83
Bid-to-cover ratio2.89
Indirect bidders accepted$14,613,919,300
Direct bidders accepted$4,506,533,000
Primary dealers accepted$15,845,117,500
Indirect bidders' share, % (ours)41.8
Direct bidders' share, % (ours)12.9
Primary dealers' share, % (ours)45.3
High minus median, basis points (ours)5.0
Treasury par yield curve, 5-year point, same day, %0.88
High yield minus that point, basis points (ours)2.0

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 ratio2.89Last 24 auctions8 of 2416 of 242.78
Bid-to-cover ratio2.89Since 24 April 20088 of 4638 of 462.62
Bid-to-cover ratio2.89All 123 since 28 September 199414 of 123109 of 1232.46
High yield0.900Last 24 auctions22 of 242 of 241.706
High yield0.900Since 24 April 200844 of 462 of 462.127
High yield0.900All 219 since 24 January 1991217 of 2192 of 2194.818
Indirect bidders' share41.8Last 24 auctions13 of 2411 of 2442.3
Indirect bidders' share41.8All 46 since 24 April 200822 of 4624 of 4640.5
Direct bidders' share12.9Last 24 auctions7 of 2417 of 2411.0
Direct bidders' share12.9All 46 since 24 April 20089 of 4637 of 468.8
Primary dealers' share45.3Last 24 auctions12 of 2412 of 2445.3
Primary dealers' share45.3All 46 since 24 April 200827 of 4619 of 4648.8
High minus median, basis points5.0Last 24 auctions12 of 2411 of 245.1
High minus median, basis points5.0Since 24 April 200829 of 4614 of 466.0
High minus median, basis points5.0All 219 since 24 January 199135 of 219176 of 2192.8

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 22 February 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120222_2.pdf. Compiled by 500metrics, "5-year note auction of 22 February 2012 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2012-02-22.

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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