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5-year note auction of 25 August 2015 (reopening)

The 5-year note sold $26 billion at a high yield of 0.663% on , with a bid-to-cover ratio of 3.16.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.663%

Median yield 0.640%

Bid-to-cover

3.16

▲ +0.58 since 29 Jul

Sold

$26.00 billion

$26 billion offered

Indirect bidders

47.1%

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 29 August 2012 to 25 August 2015; the latest at 0.663%.0.5%1.0%1.5%2.0%2012201320142015This auction, 0.663%High yield at the last 36 5-year note auctions36 auctions from 29 August 2012 to 25 August 2015; the latest at 0.663%.0.5%1.0%1.5%2.0%201420150.663%

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
0.6633.16
1.6252.58
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.162.521 of 1211 of 12
High yield0.6631.56411 of 121 of 12
Indirect bidders' share47.158.611 of 121 of 12
Direct bidders' share10.38.12 of 1210 of 12
Primary dealers' share42.633.60 of 1212 of 12
High minus median, basis points2.33.811 of 121 of 12

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

  • Primary dealers' share: Highest for a 5-year note since 30 January 2014 (19 auctions in between).

Who bought the 5-year note?

Indirect bidders took 47.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 29 July 2015

Indirect bidders took 47.1% of the competitive bids acceptedIndirect bidders 47.1%, Direct bidders 10.3%, Primary dealers 42.6%Indirect bidders47.1%67.5%Direct bidders10.3%5.3%Primary dealers42.6%27.2%Indirect bidders took 47.1% of the competitive bids acceptedIndirect bidders 47.1%, Direct bidders 10.3%, Primary dealers 42.6%Indirect bidders47.1%67.5%Direct bidders10.3%5.3%Primary dealers42.6%27.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.167.5
Direct bidders10.35.3
Primary dealers42.627.2

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as2-Year, reopening
Offering amount$26,000,000,000
Bids received$82,272,625,400
Sold$26,000,118,800
Competitive bids accepted$25,762,078,400
Non-competitive bids accepted$138,040,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.663
Median rate, %0.640
Low rate, %0.530
Interest rate (coupon), %0.625
Bids at the high rate filled, %30.51
Bid-to-cover ratio3.16
Indirect bidders accepted$12,131,355,400
Direct bidders accepted$2,646,765,000
Primary dealers accepted$10,983,958,000
Indirect bidders' share, % (ours)47.1
Direct bidders' share, % (ours)10.3
Primary dealers' share, % (ours)42.6
High minus median, basis points (ours)2.3
Treasury par yield curve, 2-year point, same day, %0.67
High yield minus that point, basis points (ours)-0.7

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 (2-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 ratio3.16Last 24 auctions1 of 2423 of 242.58
Bid-to-cover ratio3.16Since 24 April 20083 of 8784 of 872.69
Bid-to-cover ratio3.16All 164 since 28 September 19944 of 164160 of 1642.56
High yield0.663Last 24 auctions23 of 241 of 241.570
High yield0.663Since 24 April 200883 of 874 of 871.600
High yield0.663All 260 since 24 January 1991256 of 2604 of 2604.305
Indirect bidders' share47.1Last 24 auctions19 of 245 of 2451.7
Indirect bidders' share47.1All 87 since 24 April 200833 of 8754 of 8744.2
Direct bidders' share10.3Last 24 auctions11 of 2413 of 249.9
Direct bidders' share10.3All 87 since 24 April 200842 of 8745 of 8710.0
Primary dealers' share42.6Last 24 auctions2 of 2422 of 2437.8
Primary dealers' share42.6All 87 since 24 April 200846 of 8741 of 8743.5
High minus median, basis points2.3Last 24 auctions21 of 243 of 243.4
High minus median, basis points2.3Since 24 April 200882 of 874 of 874.4
High minus median, basis points2.3All 260 since 24 January 1991168 of 26087 of 2603.0

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 25 August 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150825_2.pdf. Compiled by 500metrics, "5-year note auction of 25 August 2015 (reopening)", https://500metrics.com/treasury/auctions/5-year-note/2015-08-25.

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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