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5-year note auction of 22 September 2015 (reopening)

The 5-year note sold $26 billion at a high yield of 0.699% on , with a bid-to-cover ratio of 3.27.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.699%

Median yield 0.668%

Bid-to-cover

3.27

▲ +0.93 since 26 Aug

Sold

$26.00 billion

$26 billion offered

Indirect bidders

43.2%

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 24 October 2012 to 22 September 2015; the latest at 0.699%.0.5%1.0%1.5%2.0%2012201320142015This auction, 0.699%High yield at the last 36 5-year note auctions36 auctions from 24 October 2012 to 22 September 2015; the latest at 0.699%.0.5%1.0%1.5%2.0%201420150.699%

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
0.6993.27
1.4632.34
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.272.521 of 1211 of 12
High yield0.6991.47210 of 122 of 12
Indirect bidders' share43.258.611 of 121 of 12
Direct bidders' share13.37.51 of 1211 of 12
Primary dealers' share43.533.60 of 1212 of 12
High minus median, basis points3.13.89 of 123 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 (21 auctions in between).

Who bought the 5-year note?

Primary dealers took 43.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 August 2015

Primary dealers took 43.5% of the competitive bids acceptedIndirect bidders 43.2%, Direct bidders 13.3%, Primary dealers 43.5%Indirect bidders43.2%50.1%Direct bidders13.3%7.5%Primary dealers43.5%42.5%Primary dealers took 43.5% of the competitive bids acceptedIndirect bidders 43.2%, Direct bidders 13.3%, Primary dealers 43.5%Indirect bidders43.2%50.1%Direct bidders13.3%7.5%Primary dealers43.5%42.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.250.1
Direct bidders13.37.5
Primary dealers43.542.5

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$85,003,613,100
Sold$26,000,049,500
Competitive bids accepted$25,857,186,400
Non-competitive bids accepted$142,863,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %0.699
Median rate, %0.668
Low rate, %0.530
Interest rate (coupon), %0.625
Bids at the high rate filled, %59.32
Bid-to-cover ratio3.27
Indirect bidders accepted$11,174,686,400
Direct bidders accepted$3,441,000,000
Primary dealers accepted$11,241,500,000
Indirect bidders' share, % (ours)43.2
Direct bidders' share, % (ours)13.3
Primary dealers' share, % (ours)43.5
High minus median, basis points (ours)3.1
Treasury par yield curve, 2-year point, same day, %0.69
High yield minus that point, basis points (ours)0.9

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 ratio3.27Last 24 auctions1 of 2423 of 242.58
Bid-to-cover ratio3.27Since 24 April 20081 of 8988 of 892.69
Bid-to-cover ratio3.27All 166 since 28 September 19942 of 166164 of 1662.56
High yield0.699Last 24 auctions22 of 242 of 241.570
High yield0.699Since 24 April 200884 of 895 of 891.595
High yield0.699All 262 since 24 January 1991257 of 2625 of 2624.262
Indirect bidders' share43.2Last 24 auctions22 of 242 of 2450.8
Indirect bidders' share43.2All 89 since 24 April 200850 of 8939 of 8944.6
Direct bidders' share13.3Last 24 auctions4 of 2420 of 249.9
Direct bidders' share13.3All 89 since 24 April 200820 of 8969 of 8910.0
Primary dealers' share43.5Last 24 auctions2 of 2422 of 2438.0
Primary dealers' share43.5All 89 since 24 April 200842 of 8947 of 8943.1
High minus median, basis points3.1Last 24 auctions18 of 246 of 243.4
High minus median, basis points3.1Since 24 April 200877 of 8910 of 894.4
High minus median, basis points3.1All 262 since 24 January 1991114 of 262141 of 2623.0

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 22 September 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150922_2.pdf. Compiled by 500metrics, "5-year note auction of 22 September 2015 (reopening)", https://500metrics.com/treasury/auctions/5-year-note/2015-09-22.

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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