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5-year note auction of 23 April 2014 (new issue)

The 5-year note sold $35 billion at a high yield of 1.732% on , with a bid-to-cover ratio of 2.79.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.732%

Median yield 1.700%

Bid-to-cover

2.79

▼ −0.20 since 26 Mar

Sold

$35.00 billion

$35 billion offered

Indirect bidders

44.9%

Of competitive bids accepted

The high yield was the highest for a 5-year note since 25 May 2011

High yield at each 5-year note auction, %

The high yield was the highest for a 5-year note since 25 May 201136 auctions from 29 March 2011 to 23 April 2014; the latest at 1.732%.0.5%1.0%1.5%2.0%2.5%2011201220132014This auction, 1.732%The high yield was the highest for a 5-year note since 25 May 201136 auctions from 29 March 2011 to 23 April 2014; the latest at 1.732%.0.5%1.0%1.5%2.0%2012201320141.732%

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
1.7322.79
1.7152.99
1.5302.98
1.5722.59
1.6002.42
1.3402.61
1.3002.65
1.4102.46
1.4842.45
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.792.694 of 127 of 12
High yield1.7321.3750 of 1212 of 12
Indirect bidders' share44.946.07 of 125 of 12
Direct bidders' share18.612.02 of 1210 of 12
Primary dealers' share36.541.010 of 122 of 12
High minus median, basis points3.23.48 of 122 of 12

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

Who bought the 5-year note?

Indirect bidders took 44.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 March 2014

Indirect bidders took 44.9% of the competitive bids acceptedIndirect bidders 44.9%, Direct bidders 18.6%, Primary dealers 36.5%Indirect bidders44.9%50.9%Direct bidders18.6%23.1%Primary dealers36.5%25.9%Indirect bidders took 44.9% of the competitive bids acceptedIndirect bidders 44.9%, Direct bidders 18.6%, Primary dealers 36.5%Indirect bidders44.9%50.9%Direct bidders18.6%23.1%Primary dealers36.5%25.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders44.950.9
Direct bidders18.623.1
Primary dealers36.525.9

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$97,524,164,800
Sold$35,000,000,400
Competitive bids accepted$34,949,035,600
Non-competitive bids accepted$50,964,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.732
Median rate, %1.700
Low rate, %1.630
Interest rate (coupon), %1.625
Bids at the high rate filled, %44.33
Bid-to-cover ratio2.79
Indirect bidders accepted$15,703,282,600
Direct bidders accepted$6,489,000,000
Primary dealers accepted$12,756,753,000
Indirect bidders' share, % (ours)44.9
Direct bidders' share, % (ours)18.6
Primary dealers' share, % (ours)36.5
High minus median, basis points (ours)3.2
Treasury par yield curve, 5-year point, same day, %1.73
High yield minus that point, basis points (ours)0.2

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 auctions12 of 2411 of 242.82
Bid-to-cover ratio2.79Since 24 April 200825 of 7043 of 702.71
Bid-to-cover ratio2.79All 147 since 28 September 199433 of 147112 of 1472.53
High yield1.732Last 24 auctions0 of 2424 of 240.888
High yield1.732Since 24 April 200833 of 7037 of 701.608
High yield1.732All 243 since 24 January 1991206 of 24337 of 2434.579
Indirect bidders' share44.9Last 24 auctions9 of 2415 of 2443.1
Indirect bidders' share44.9All 70 since 24 April 200825 of 7045 of 7042.4
Direct bidders' share18.6Last 24 auctions3 of 2421 of 2411.6
Direct bidders' share18.6All 70 since 24 April 20083 of 7067 of 7010.5
Primary dealers' share36.5Last 24 auctions22 of 242 of 2443.3
Primary dealers' share36.5All 70 since 24 April 200866 of 704 of 7045.2
High minus median, basis points3.2Last 24 auctions16 of 245 of 243.4
High minus median, basis points3.2Since 24 April 200859 of 708 of 705.0
High minus median, basis points3.2All 243 since 24 January 199195 of 243144 of 2433.0

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 23 April 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140423_1.pdf. Compiled by 500metrics, "5-year note auction of 23 April 2014 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2014-04-23.

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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