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5-year note auction of 24 June 2015 (new issue)

The 5-year note sold $35 billion at a high yield of 1.710% on , with a bid-to-cover ratio of 2.39.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.710%

Median yield 1.668%

Bid-to-cover

2.39

▼ −0.07 since 27 May

Sold

$35.00 billion

$35 billion offered

Indirect bidders

56.6%

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 27 June 2012 to 24 June 2015; the latest at 1.710%.0.5%1.0%1.5%2.0%2012201320142015This auction, 1.710%High yield at the last 36 5-year note auctions36 auctions from 27 June 2012 to 24 June 2015; the latest at 1.710%.0.5%1.0%1.5%2.0%2013201420151.710%

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
1.7102.39
1.5602.46
0.6483.40
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.559 of 122 of 12
High yield1.7101.5643 of 129 of 12
Indirect bidders' share56.657.16 of 126 of 12
Direct bidders' share5.69.711 of 121 of 12
Primary dealers' share37.933.64 of 128 of 12
High minus median, basis points4.23.62 of 1210 of 12

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

Who bought the 5-year note?

Indirect bidders took 56.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 May 2015

Indirect bidders took 56.6% of the competitive bids acceptedIndirect bidders 56.6%, Direct bidders 5.6%, Primary dealers 37.9%Indirect bidders56.6%58.5%Direct bidders5.6%10.0%Primary dealers37.9%31.6%Indirect bidders took 56.6% of the competitive bids acceptedIndirect bidders 56.6%, Direct bidders 5.6%, Primary dealers 37.9%Indirect bidders56.6%58.5%Direct bidders5.6%10.0%Primary dealers37.9%31.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.658.5
Direct bidders5.610.0
Primary dealers37.931.6

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$83,692,559,000
Sold$35,000,141,000
Competitive bids accepted$34,846,722,000
Non-competitive bids accepted$53,419,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.710
Median rate, %1.668
Low rate, %1.600
Interest rate (coupon), %1.625
Bids at the high rate filled, %3.77
Bid-to-cover ratio2.39
Indirect bidders accepted$19,713,827,000
Direct bidders accepted$1,937,310,000
Primary dealers accepted$13,195,585,000
Indirect bidders' share, % (ours)56.6
Direct bidders' share, % (ours)5.6
Primary dealers' share, % (ours)37.9
High minus median, basis points (ours)4.2
Treasury par yield curve, 5-year point, same day, %1.69
High yield minus that point, basis points (ours)2.0

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 ratio2.39Last 24 auctions21 of 242 of 242.60
Bid-to-cover ratio2.39Since 24 April 200870 of 8514 of 852.71
Bid-to-cover ratio2.39All 162 since 28 September 1994102 of 16259 of 1622.56
High yield1.710Last 24 auctions5 of 2419 of 241.545
High yield1.710Since 24 April 200838 of 8547 of 851.595
High yield1.710All 258 since 24 January 1991211 of 25847 of 2584.355
Indirect bidders' share56.6Last 24 auctions6 of 2418 of 2450.8
Indirect bidders' share56.6All 85 since 24 April 20088 of 8577 of 8544.0
Direct bidders' share5.6Last 24 auctions22 of 242 of 2410.2
Direct bidders' share5.6All 85 since 24 April 200865 of 8520 of 8510.2
Primary dealers' share37.9Last 24 auctions12 of 2412 of 2438.0
Primary dealers' share37.9All 85 since 24 April 200868 of 8517 of 8543.5
High minus median, basis points4.2Last 24 auctions5 of 2419 of 243.4
High minus median, basis points4.2Since 24 April 200845 of 8537 of 854.5
High minus median, basis points4.2All 258 since 24 January 199163 of 258192 of 2583.0

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 24 June 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150624_2.pdf. Compiled by 500metrics, "5-year note auction of 24 June 2015 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2015-06-24.

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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