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

The 5-year note sold $35 billion at a high yield of 1.045% on , with a bid-to-cover ratio of 2.79.

Coupon
1.000%
Announced
Issued
Matures

High yield

1.045%

Median yield 1.010%

Bid-to-cover

2.79

▼ −0.07 since 24 Apr

Sold

$35.00 billion

$35 billion offered

Indirect bidders

44.0%

Of competitive bids accepted

The high yield was the highest for a 5-year note since 26 October 2011

High yield at each 5-year note auction, %

The high yield was the highest for a 5-year note since 26 October 201136 auctions from 23 June 2010 to 29 May 2013; the latest at 1.045%.0.5%1.0%1.5%2.0%2.5%2010201120122013This auction, 1.045%The high yield was the highest for a 5-year note since 26 October 201136 auctions from 23 June 2010 to 29 May 2013; the latest at 1.045%.0.5%1.0%1.5%2.0%2011201220131.045%

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
1.0452.79
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.792.867 of 125 of 12
High yield1.0450.7500 of 1212 of 12
Indirect bidders' share44.042.22 of 1210 of 12
Direct bidders' share23.314.11 of 1211 of 12
Primary dealers' share32.643.712 of 120 of 12
High minus median, basis points3.53.44 of 127 of 12

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

  • Primary dealers' share: Lowest of all 61 earlier 5-year note auctions we hold.

Who bought the 5-year note?

Indirect bidders took 44.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 April 2013

Indirect bidders took 44.0% of the competitive bids acceptedIndirect bidders 44.0%, Direct bidders 23.3%, Primary dealers 32.6%Indirect bidders44.0%43.6%Direct bidders23.3%14.0%Primary dealers32.6%42.4%Indirect bidders took 44.0% of the competitive bids acceptedIndirect bidders 44.0%, Direct bidders 23.3%, Primary dealers 32.6%Indirect bidders44.0%43.6%Direct bidders23.3%14.0%Primary dealers32.6%42.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders44.043.6
Direct bidders23.314.0
Primary dealers32.642.4

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$97,748,628,900
Sold$35,000,033,000
Competitive bids accepted$34,965,154,100
Non-competitive bids accepted$34,878,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.045
Median rate, %1.010
Low rate, %0.951
Interest rate (coupon), %1.000
Bids at the high rate filled, %33.13
Bid-to-cover ratio2.79
Indirect bidders accepted$15,400,634,100
Direct bidders accepted$8,157,565,000
Primary dealers accepted$11,406,955,000
Indirect bidders' share, % (ours)44.0
Direct bidders' share, % (ours)23.3
Primary dealers' share, % (ours)32.6
High minus median, basis points (ours)3.5
Treasury par yield curve, 5-year point, same day, %1.02
High yield minus that point, basis points (ours)2.5

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 ratio2.79Last 24 auctions16 of 248 of 242.87
Bid-to-cover ratio2.79Since 24 April 200823 of 6137 of 612.71
Bid-to-cover ratio2.79All 138 since 28 September 199431 of 138106 of 1382.51
High yield1.045Last 24 auctions4 of 2420 of 240.884
High yield1.045Since 24 April 200841 of 6120 of 611.820
High yield1.045All 234 since 24 January 1991214 of 23420 of 2344.682
Indirect bidders' share44.0Last 24 auctions8 of 2416 of 2442.5
Indirect bidders' share44.0All 61 since 24 April 200821 of 6140 of 6141.9
Direct bidders' share23.3Last 24 auctions1 of 2423 of 2412.1
Direct bidders' share23.3All 61 since 24 April 20081 of 6160 of 6110.2
Primary dealers' share32.6Last 24 auctions24 of 240 of 2444.0
Primary dealers' share32.6All 61 since 24 April 200861 of 610 of 6146.8
High minus median, basis points3.5Last 24 auctions13 of 249 of 243.8
High minus median, basis points3.5Since 24 April 200848 of 6111 of 615.0
High minus median, basis points3.5All 234 since 24 January 199180 of 234151 of 2343.0

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 May 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130529_3.pdf. Compiled by 500metrics, "5-year note auction of 29 May 2013 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2013-05-29.

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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