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5-year note auction of 27 March 2013 (new issue)

The 5-year note sold $35 billion at a high yield of 0.760% on , with a bid-to-cover ratio of 2.73.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.760%

Median yield 0.725%

Bid-to-cover

2.73

▼ −0.12 since 26 Feb

Sold

$35.00 billion

$35 billion offered

Indirect bidders

46.1%

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 28 April 2010 to 27 March 2013; the latest at 0.760%.0.5%1.0%1.5%2.0%2.5%3.0%2010201120122013This auction, 0.760%High yield at the last 36 5-year note auctions36 auctions from 28 April 2010 to 27 March 2013; the latest at 0.760%.0.5%1.0%1.5%2.0%2.5%2011201220130.760%

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
0.7602.73
0.7772.85
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.732.868 of 123 of 12
High yield0.7600.7606 of 126 of 12
Indirect bidders' share46.142.01 of 1211 of 12
Direct bidders' share16.811.22 of 1210 of 12
Primary dealers' share37.145.412 of 120 of 12
High minus median, basis points3.53.66 of 126 of 12

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

  • Primary dealers' share: Lowest for a 5-year note since 28 April 2010 (34 auctions in between).

Who bought the 5-year note?

Indirect bidders took 46.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 February 2013

Indirect bidders took 46.1% of the competitive bids acceptedIndirect bidders 46.1%, Direct bidders 16.8%, Primary dealers 37.1%Indirect bidders46.1%41.7%Direct bidders16.8%14.3%Primary dealers37.1%44.0%Indirect bidders took 46.1% of the competitive bids acceptedIndirect bidders 46.1%, Direct bidders 16.8%, Primary dealers 37.1%Indirect bidders46.1%41.7%Direct bidders16.8%14.3%Primary dealers37.1%44.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.141.7
Direct bidders16.814.3
Primary dealers37.144.0

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$95,440,976,100
Sold$35,000,030,600
Competitive bids accepted$34,975,054,500
Non-competitive bids accepted$24,976,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %0.760
Median rate, %0.725
Low rate, %0.684
Interest rate (coupon), %0.750
Bids at the high rate filled, %52.11
Bid-to-cover ratio2.73
Indirect bidders accepted$16,117,165,000
Direct bidders accepted$5,888,422,000
Primary dealers accepted$12,969,467,500
Indirect bidders' share, % (ours)46.1
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)37.1
High minus median, basis points (ours)3.5
Treasury par yield curve, 5-year point, same day, %0.76
High yield minus that point, basis points (ours)0.0

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 ratio2.73Last 24 auctions17 of 246 of 242.87
Bid-to-cover ratio2.73Since 24 April 200826 of 5932 of 592.71
Bid-to-cover ratio2.73All 136 since 28 September 199437 of 13697 of 1362.50
High yield0.760Last 24 auctions18 of 246 of 240.894
High yield0.760Since 24 April 200853 of 596 of 591.849
High yield0.760All 232 since 24 January 1991226 of 2326 of 2324.699
Indirect bidders' share46.1Last 24 auctions4 of 2420 of 2442.2
Indirect bidders' share46.1All 59 since 24 April 200814 of 5945 of 5941.8
Direct bidders' share16.8Last 24 auctions2 of 2422 of 2411.2
Direct bidders' share16.8All 59 since 24 April 20082 of 5957 of 599.6
Primary dealers' share37.1Last 24 auctions24 of 240 of 2444.6
Primary dealers' share37.1All 59 since 24 April 200856 of 593 of 5946.8
High minus median, basis points3.5Last 24 auctions15 of 248 of 244.2
High minus median, basis points3.5Since 24 April 200848 of 5910 of 595.2
High minus median, basis points3.5All 232 since 24 January 199180 of 232150 of 2322.9

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 27 March 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130327_1.pdf. Compiled by 500metrics, "5-year note auction of 27 March 2013 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2013-03-27.

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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