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5-year note auction of 24 April 2013 (new issue)

The 5-year note sold $35 billion at a high yield of 0.710% on , with a bid-to-cover ratio of 2.86.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.710%

Median yield 0.678%

Bid-to-cover

2.86

▲ +0.13 since 27 Mar

Sold

$35.00 billion

$35 billion offered

Indirect bidders

43.6%

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 May 2010 to 24 April 2013; the latest at 0.710%.0.5%1.0%1.5%2.0%2.5%2010201120122013This auction, 0.710%High yield at the last 36 5-year note auctions36 auctions from 26 May 2010 to 24 April 2013; the latest at 0.710%.0.5%1.0%1.5%2.0%2011201220130.710%

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
0.7102.86
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.862.866 of 126 of 12
High yield0.7100.7568 of 124 of 12
Indirect bidders' share43.642.23 of 129 of 12
Direct bidders' share14.012.66 of 126 of 12
Primary dealers' share42.443.78 of 124 of 12
High minus median, basis points3.23.48 of 123 of 12

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

Who bought the 5-year note?

Indirect bidders took 43.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 March 2013

Indirect bidders took 43.6% of the competitive bids acceptedIndirect bidders 43.6%, Direct bidders 14.0%, Primary dealers 42.4%Indirect bidders43.6%46.1%Direct bidders14.0%16.8%Primary dealers42.4%37.1%Indirect bidders took 43.6% of the competitive bids acceptedIndirect bidders 43.6%, Direct bidders 14.0%, Primary dealers 42.4%Indirect bidders43.6%46.1%Direct bidders14.0%16.8%Primary dealers42.4%37.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.646.1
Direct bidders14.016.8
Primary dealers42.437.1

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$99,987,332,800
Sold$35,000,013,600
Competitive bids accepted$34,981,280,800
Non-competitive bids accepted$18,732,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %0.710
Median rate, %0.678
Low rate, %0.628
Interest rate (coupon), %0.625
Bids at the high rate filled, %23.49
Bid-to-cover ratio2.86
Indirect bidders accepted$15,249,426,400
Direct bidders accepted$4,884,081,900
Primary dealers accepted$14,847,772,500
Indirect bidders' share, % (ours)43.6
Direct bidders' share, % (ours)14.0
Primary dealers' share, % (ours)42.4
High minus median, basis points (ours)3.2
Treasury par yield curve, 5-year point, same day, %0.70
High yield minus that point, basis points (ours)1.0

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 ratio2.86Last 24 auctions12 of 2411 of 242.87
Bid-to-cover ratio2.86Since 24 April 200815 of 6044 of 602.71
Bid-to-cover ratio2.86All 137 since 28 September 199421 of 137114 of 1372.51
High yield0.710Last 24 auctions20 of 244 of 240.888
High yield0.710Since 24 April 200856 of 604 of 601.834
High yield0.710All 233 since 24 January 1991229 of 2334 of 2334.694
Indirect bidders' share43.6Last 24 auctions8 of 2416 of 2442.2
Indirect bidders' share43.6All 60 since 24 April 200822 of 6038 of 6041.8
Direct bidders' share14.0Last 24 auctions8 of 2416 of 2411.3
Direct bidders' share14.0All 60 since 24 April 200812 of 6048 of 609.9
Primary dealers' share42.4Last 24 auctions16 of 248 of 2444.0
Primary dealers' share42.4All 60 since 24 April 200843 of 6017 of 6046.8
High minus median, basis points3.2Last 24 auctions19 of 244 of 244.0
High minus median, basis points3.2Since 24 April 200853 of 606 of 605.1
High minus median, basis points3.2All 233 since 24 January 199189 of 233142 of 2332.9

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 24 April 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130424_1.pdf. Compiled by 500metrics, "5-year note auction of 24 April 2013 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2013-04-24.

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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