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5-year note auction of 28 April 2015 (new issue)

The 5-year note sold $35.128 billion at a high yield of 1.380% on , with a bid-to-cover ratio of 2.56.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.380%

Median yield 1.348%

Bid-to-cover

2.56

▲ +0.21 since 25 Mar

Sold

$35.13 billion

$35 billion offered

Indirect bidders

61.2%

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 March 2012 to 28 April 2015; the latest at 1.380%.0.5%1.0%1.5%2.0%2012201320142015This auction, 1.380%High yield at the last 36 5-year note auctions36 auctions from 28 March 2012 to 28 April 2015; the latest at 1.380%.0.5%1.0%1.5%2.0%2013201420151.380%

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
1.3802.56
1.3872.35
1.4802.54
1.2882.49
1.7392.39
1.5952.91
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.646 of 125 of 12
High yield1.3801.62011 of 121 of 12
Indirect bidders' share61.252.62 of 1210 of 12
Direct bidders' share5.69.711 of 121 of 12
Primary dealers' share33.236.58 of 124 of 12
High minus median, basis points3.23.68 of 122 of 12

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

Who bought the 5-year note?

Indirect bidders took 61.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 25 March 2015

Indirect bidders took 61.2% of the competitive bids acceptedIndirect bidders 61.2%, Direct bidders 5.6%, Primary dealers 33.2%Indirect bidders61.2%55.7%Direct bidders5.6%4.7%Primary dealers33.2%39.6%Indirect bidders took 61.2% of the competitive bids acceptedIndirect bidders 61.2%, Direct bidders 5.6%, Primary dealers 33.2%Indirect bidders61.2%55.7%Direct bidders5.6%4.7%Primary dealers33.2%39.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.255.7
Direct bidders5.64.7
Primary dealers33.239.6

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$89,570,665,900
Sold$35,128,097,400
Competitive bids accepted$34,964,631,500
Non-competitive bids accepted$35,434,200
Federal Reserve (SOMA) add-on$128,031,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.380
Median rate, %1.348
Low rate, %1.290
Interest rate (coupon), %1.375
Bids at the high rate filled, %71.87
Bid-to-cover ratio2.56
Indirect bidders accepted$21,397,932,000
Direct bidders accepted$1,949,000,000
Primary dealers accepted$11,617,699,500
Indirect bidders' share, % (ours)61.2
Direct bidders' share, % (ours)5.6
Primary dealers' share, % (ours)33.2
High minus median, basis points (ours)3.2
Treasury par yield curve, 5-year point, same day, %1.39
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 ratio2.56Last 24 auctions15 of 248 of 242.69
Bid-to-cover ratio2.56Since 24 April 200855 of 8226 of 822.71
Bid-to-cover ratio2.56All 159 since 28 September 199478 of 15980 of 1592.55
High yield1.380Last 24 auctions17 of 247 of 241.522
High yield1.380Since 24 April 200854 of 8228 of 821.608
High yield1.380All 255 since 24 January 1991227 of 25528 of 2554.435
Indirect bidders' share61.2Last 24 auctions2 of 2422 of 2450.3
Indirect bidders' share61.2All 82 since 24 April 20083 of 8279 of 8244.0
Direct bidders' share5.6Last 24 auctions22 of 242 of 2410.6
Direct bidders' share5.6All 82 since 24 April 200862 of 8220 of 8210.3
Primary dealers' share33.2Last 24 auctions18 of 246 of 2438.6
Primary dealers' share33.2All 82 since 24 April 200876 of 826 of 8244.0
High minus median, basis points3.2Last 24 auctions16 of 244 of 243.4
High minus median, basis points3.2Since 24 April 200867 of 8210 of 824.6
High minus median, basis points3.2All 255 since 24 January 1991103 of 255146 of 2553.0

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 28 April 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150428_3.pdf. Compiled by 500metrics, "5-year note auction of 28 April 2015 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2015-04-28.

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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