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5-year note auction of 23 May 2012 (new issue)

The 5-year note sold $35 billion at a high yield of 0.748% on , with a bid-to-cover ratio of 2.99.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.748%

Median yield 0.700%

Bid-to-cover

2.99

▼ −0.10 since 25 Apr

Sold

$35.00 billion

$35 billion offered

Indirect bidders

42.6%

Of competitive bids accepted

The high yield was the lowest for a 5-year note of all 222 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 222 earlier auctions we hold36 auctions from 24 June 2009 to 23 May 2012; the latest at 0.748%.0.5%1.0%1.5%2.0%2.5%3.0%2009201020112012This auction, 0.748%The high yield was the lowest for a 5-year note of all 222 earlier auctions we hold36 auctions from 24 June 2009 to 23 May 2012; the latest at 0.748%.0.5%1.0%1.5%2.0%2.5%2010201120120.748%

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
0.7482.99
0.8873.09
1.0402.85
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.992.905 of 127 of 12
High yield0.7481.02212 of 120 of 12
Indirect bidders' share42.644.47 of 125 of 12
Direct bidders' share6.510.912 of 120 of 12
Primary dealers' share50.944.01 of 1211 of 12
High minus median, basis points4.84.66 of 126 of 12

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

  • Direct bidders' share: Lowest for a 5-year note since 28 December 2010 (16 auctions in between).

Who bought the 5-year note?

Primary dealers took 50.9% of the competitive bids accepted

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

Primary dealers took 50.9% of the competitive bids acceptedIndirect bidders 42.6%, Direct bidders 6.5%, Primary dealers 50.9%Indirect bidders42.6%47.5%Direct bidders6.5%9.4%Primary dealers50.9%43.1%Primary dealers took 50.9% of the competitive bids acceptedIndirect bidders 42.6%, Direct bidders 6.5%, Primary dealers 50.9%Indirect bidders42.6%47.5%Direct bidders6.5%9.4%Primary dealers50.9%43.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders42.647.5
Direct bidders6.59.4
Primary dealers50.943.1

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$104,684,494,600
Sold$35,000,482,100
Competitive bids accepted$34,925,512,500
Non-competitive bids accepted$49,500,400
Federal Reserve (SOMA) add-on$469,200
Foreign and international (FIMA) non-competitive$25,000,000
High yield, %0.748
Median rate, %0.700
Low rate, %0.650
Interest rate (coupon), %0.625
Bids at the high rate filled, %95.77
Bid-to-cover ratio2.99
Indirect bidders accepted$14,871,065,000
Direct bidders accepted$2,281,425,000
Primary dealers accepted$17,773,022,500
Indirect bidders' share, % (ours)42.6
Direct bidders' share, % (ours)6.5
Primary dealers' share, % (ours)50.9
High minus median, basis points (ours)4.8
Treasury par yield curve, 5-year point, same day, %0.74
High yield minus that point, basis points (ours)0.8

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 ratio2.99Last 24 auctions6 of 2418 of 242.84
Bid-to-cover ratio2.99Since 24 April 20086 of 4943 of 492.63
Bid-to-cover ratio2.99All 126 since 28 September 19949 of 126117 of 1262.47
High yield0.748Last 24 auctions24 of 240 of 241.392
High yield0.748Since 24 April 200849 of 490 of 492.110
High yield0.748All 222 since 24 January 1991222 of 2220 of 2224.798
Indirect bidders' share42.6Last 24 auctions11 of 2413 of 2442.3
Indirect bidders' share42.6All 49 since 24 April 200821 of 4928 of 4941.8
Direct bidders' share6.5Last 24 auctions23 of 241 of 2410.9
Direct bidders' share6.5All 49 since 24 April 200831 of 4918 of 499.1
Primary dealers' share50.9Last 24 auctions5 of 2419 of 2445.2
Primary dealers' share50.9All 49 since 24 April 200819 of 4930 of 4946.8
High minus median, basis points4.8Last 24 auctions13 of 2411 of 245.0
High minus median, basis points4.8Since 24 April 200834 of 4914 of 495.9
High minus median, basis points4.8All 222 since 24 January 199146 of 222175 of 2222.9

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 23 May 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120523_1.pdf. Compiled by 500metrics, "5-year note auction of 23 May 2012 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2012-05-23.

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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