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5-year note auction of 29 October 2014 (new issue)

The 5-year note sold $35 billion at a high yield of 1.567% on , with a bid-to-cover ratio of 2.36.

Coupon
1.500%
Announced
Issued
Matures

High yield

1.567%

Median yield 1.526%

Bid-to-cover

2.36

▼ −0.20 since 24 Sep

Sold

$35.00 billion

$35 billion offered

Indirect bidders

47.8%

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 September 2011 to 29 October 2014; the latest at 1.567%.0.5%1.0%1.5%2.0%2011201220132014This auction, 1.567%High yield at the last 36 5-year note auctions36 auctions from 28 September 2011 to 29 October 2014; the latest at 1.567%.0.5%1.0%1.5%2.0%201320141.567%

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
1.5672.36
1.8002.56
1.6462.81
1.7202.81
1.6702.74
1.5132.73
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.7412 of 120 of 12
High yield1.5671.6238 of 124 of 12
Indirect bidders' share47.850.18 of 124 of 12
Direct bidders' share10.510.88 of 124 of 12
Primary dealers' share41.739.13 of 129 of 12
High minus median, basis points4.13.32 of 1210 of 12

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

  • Bid-to-cover ratio: Lowest for a 5-year note since 29 July 2009 (60 auctions in between).

Who bought the 5-year note?

Indirect bidders took 47.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 September 2014

Indirect bidders took 47.8% of the competitive bids acceptedIndirect bidders 47.8%, Direct bidders 10.5%, Primary dealers 41.7%Indirect bidders47.8%50.3%Direct bidders10.5%8.8%Primary dealers41.7%41.0%Indirect bidders took 47.8% of the competitive bids acceptedIndirect bidders 47.8%, Direct bidders 10.5%, Primary dealers 41.7%Indirect bidders47.8%50.3%Direct bidders10.5%8.8%Primary dealers41.7%41.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.850.3
Direct bidders10.58.8
Primary dealers41.741.0

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$82,647,167,000
Sold$35,000,002,000
Competitive bids accepted$34,941,790,000
Non-competitive bids accepted$58,212,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.567
Median rate, %1.526
Low rate, %1.450
Interest rate (coupon), %1.500
Bids at the high rate filled, %66.90
Bid-to-cover ratio2.36
Indirect bidders accepted$16,698,955,000
Direct bidders accepted$3,668,035,000
Primary dealers accepted$14,574,800,000
Indirect bidders' share, % (ours)47.8
Direct bidders' share, % (ours)10.5
Primary dealers' share, % (ours)41.7
High minus median, basis points (ours)4.1
Treasury par yield curve, 5-year point, same day, %1.61
High yield minus that point, basis points (ours)-4.3

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 ratio2.36Last 24 auctions24 of 240 of 242.76
Bid-to-cover ratio2.36Since 24 April 200864 of 7612 of 762.72
Bid-to-cover ratio2.36All 153 since 28 September 199499 of 15354 of 1532.58
High yield1.567Last 24 auctions8 of 2416 of 241.375
High yield1.567Since 24 April 200843 of 7633 of 761.658
High yield1.567All 249 since 24 January 1991216 of 24933 of 2494.525
Indirect bidders' share47.8Last 24 auctions10 of 2414 of 2445.6
Indirect bidders' share47.8All 76 since 24 April 200821 of 7655 of 7643.0
Direct bidders' share10.5Last 24 auctions18 of 246 of 2412.0
Direct bidders' share10.5All 76 since 24 April 200838 of 7638 of 7610.6
Primary dealers' share41.7Last 24 auctions10 of 2414 of 2439.7
Primary dealers' share41.7All 76 since 24 April 200850 of 7626 of 7644.4
High minus median, basis points4.1Last 24 auctions3 of 2421 of 243.3
High minus median, basis points4.1Since 24 April 200846 of 7627 of 764.8
High minus median, basis points4.1All 249 since 24 January 199164 of 249180 of 2493.0

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 October 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20141029_2.pdf. Compiled by 500metrics, "5-year note auction of 29 October 2014 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2014-10-29.

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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