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

The 5-year note sold $35 billion at a high yield of 1.415% on , with a bid-to-cover ratio of 2.43.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.415%

Median yield 1.360%

Bid-to-cover

2.43

▼ −0.14 since 23 Sep

Sold

$35.00 billion

$35 billion offered

Indirect bidders

58.9%

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 18 December 2012 to 28 October 2015; the latest at 1.415%.0.5%1.0%1.5%2.0%201320142015This auction, 1.415%High yield at the last 36 5-year note auctions36 auctions from 18 December 2012 to 28 October 2015; the latest at 1.415%.0.5%1.0%1.5%2.0%201420151.415%

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
1.4152.43
1.4672.57
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.432.559 of 123 of 12
High yield1.4151.4256 of 126 of 12
Indirect bidders' share58.957.55 of 127 of 12
Direct bidders' share3.87.512 of 120 of 12
Primary dealers' share37.235.56 of 126 of 12
High minus median, basis points5.53.40 of 1212 of 12

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

  • Direct bidders' share: Lowest for a 5-year note since 26 June 2013 (28 auctions in between).
  • High minus median, basis points: Highest for a 5-year note since 26 June 2013 (28 auctions in between).

Who bought the 5-year note?

Indirect bidders took 58.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 23 September 2015

Indirect bidders took 58.9% of the competitive bids acceptedIndirect bidders 58.9%, Direct bidders 3.8%, Primary dealers 37.2%Indirect bidders58.9%63.5%Direct bidders3.8%5.0%Primary dealers37.2%31.5%Indirect bidders took 58.9% of the competitive bids acceptedIndirect bidders 58.9%, Direct bidders 3.8%, Primary dealers 37.2%Indirect bidders58.9%63.5%Direct bidders3.8%5.0%Primary dealers37.2%31.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.963.5
Direct bidders3.85.0
Primary dealers37.231.5

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$84,918,006,200
Sold$35,000,100,200
Competitive bids accepted$34,958,894,000
Non-competitive bids accepted$41,206,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.415
Median rate, %1.360
Low rate, %1.267
Interest rate (coupon), %1.375
Bids at the high rate filled, %5.82
Bid-to-cover ratio2.43
Indirect bidders accepted$20,606,900,000
Direct bidders accepted$1,331,000,000
Primary dealers accepted$13,020,994,000
Indirect bidders' share, % (ours)58.9
Direct bidders' share, % (ours)3.8
Primary dealers' share, % (ours)37.2
High minus median, basis points (ours)5.5
Treasury par yield curve, 5-year point, same day, %1.47
High yield minus that point, basis points (ours)-5.5

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 ratio2.43Last 24 auctions19 of 245 of 242.58
Bid-to-cover ratio2.43Since 24 April 200872 of 9119 of 912.69
Bid-to-cover ratio2.43All 168 since 28 September 1994103 of 16864 of 1682.56
High yield1.415Last 24 auctions18 of 246 of 241.564
High yield1.415Since 24 April 200856 of 9135 of 911.580
High yield1.415All 264 since 24 January 1991229 of 26435 of 2644.252
Indirect bidders' share58.9Last 24 auctions6 of 2418 of 2451.7
Indirect bidders' share58.9All 91 since 24 April 20088 of 9183 of 9144.6
Direct bidders' share3.8Last 24 auctions24 of 240 of 249.7
Direct bidders' share3.8All 91 since 24 April 200873 of 9118 of 9110.0
Primary dealers' share37.2Last 24 auctions12 of 2412 of 2437.2
Primary dealers' share37.2All 91 since 24 April 200873 of 9118 of 9143.1
High minus median, basis points5.5Last 24 auctions0 of 2424 of 243.3
High minus median, basis points5.5Since 24 April 200826 of 9163 of 914.3
High minus median, basis points5.5All 264 since 24 January 199130 of 264231 of 2643.0

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 October 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151028_2.pdf. Compiled by 500metrics, "5-year note auction of 28 October 2015 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2015-10-28.

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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