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5-year note auction of 29 January 2013 (new issue)

The 5-year note sold $35 billion at a high yield of 0.889% on , with a bid-to-cover ratio of 2.88.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.889%

Median yield 0.857%

Bid-to-cover

2.88

▲ +0.16 since 18 Dec

Sold

$35.00 billion

$35 billion offered

Indirect bidders

39.7%

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 February 2010 to 29 January 2013; the latest at 0.889%.0.0%1.0%2.0%3.0%2010201120122013This auction, 0.889%High yield at the last 36 5-year note auctions36 auctions from 24 February 2010 to 29 January 2013; the latest at 0.889%.0.5%1.0%1.5%2.0%2.5%2011201220130.889%

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
0.8892.88
0.7692.72
0.6412.89
0.7742.73
0.6473.06
0.7082.92
0.5842.71
0.7522.61
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.882.897 of 125 of 12
High yield0.8890.7603 of 129 of 12
Indirect bidders' share39.742.29 of 123 of 12
Direct bidders' share16.811.21 of 1211 of 12
Primary dealers' share43.546.07 of 125 of 12
High minus median, basis points3.24.29 of 123 of 12

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

Who bought the 5-year note?

Primary dealers took 43.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 18 December 2012

Primary dealers took 43.5% of the competitive bids acceptedIndirect bidders 39.7%, Direct bidders 16.8%, Primary dealers 43.5%Indirect bidders39.7%32.4%Direct bidders16.8%30.4%Primary dealers43.5%37.2%Primary dealers took 43.5% of the competitive bids acceptedIndirect bidders 39.7%, Direct bidders 16.8%, Primary dealers 43.5%Indirect bidders39.7%32.4%Direct bidders16.8%30.4%Primary dealers43.5%37.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders39.732.4
Direct bidders16.830.4
Primary dealers43.537.2

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$100,863,373,400
Sold$35,000,013,900
Competitive bids accepted$34,970,740,500
Non-competitive bids accepted$29,273,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %0.889
Median rate, %0.857
Low rate, %0.800
Interest rate (coupon), %0.875
Bids at the high rate filled, %32.39
Bid-to-cover ratio2.88
Indirect bidders accepted$13,880,395,000
Direct bidders accepted$5,888,810,500
Primary dealers accepted$15,201,535,000
Indirect bidders' share, % (ours)39.7
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)43.5
High minus median, basis points (ours)3.2
Treasury par yield curve, 5-year point, same day, %0.90
High yield minus that point, basis points (ours)-1.1

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 ratio2.88Last 24 auctions12 of 2412 of 242.88
Bid-to-cover ratio2.88Since 24 April 200814 of 5743 of 572.71
Bid-to-cover ratio2.88All 134 since 28 September 199420 of 134114 of 1342.49
High yield0.889Last 24 auctions14 of 2410 of 240.918
High yield0.889Since 24 April 200847 of 5710 of 571.940
High yield0.889All 230 since 24 January 1991220 of 23010 of 2304.712
Indirect bidders' share39.7Last 24 auctions18 of 246 of 2442.4
Indirect bidders' share39.7All 57 since 24 April 200833 of 5724 of 5741.9
Direct bidders' share16.8Last 24 auctions1 of 2423 of 2410.9
Direct bidders' share16.8All 57 since 24 April 20081 of 5756 of 579.6
Primary dealers' share43.5Last 24 auctions16 of 248 of 2445.4
Primary dealers' share43.5All 57 since 24 April 200839 of 5718 of 5747.2
High minus median, basis points3.2Last 24 auctions20 of 244 of 244.2
High minus median, basis points3.2Since 24 April 200851 of 576 of 575.3
High minus median, basis points3.2All 230 since 24 January 199187 of 230142 of 2302.9

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 29 January 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130129_2.pdf. Compiled by 500metrics, "5-year note auction of 29 January 2013 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2013-01-29.

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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