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5-year note auction of 4 November 2015 (reopening)

The 5-year note sold $26 billion at a high yield of 0.824% on , with a bid-to-cover ratio of 3.01.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.824%

Median yield 0.800%

Bid-to-cover

3.01

▲ +0.58 since 28 Oct

Sold

$26.00 billion

$26 billion offered

Indirect bidders

40.0%

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 January 2013 to 4 November 2015; the latest at 0.824%.0.5%1.0%1.5%2.0%201320142015This auction, 0.824%High yield at the last 36 5-year note auctions36 auctions from 29 January 2013 to 4 November 2015; the latest at 0.824%.0.5%1.0%1.5%2.0%201420150.824%

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
0.8243.01
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.012.553 of 129 of 12
High yield0.8241.4399 of 123 of 12
Indirect bidders' share40.057.512 of 120 of 12
Direct bidders' share11.06.52 of 1210 of 12
Primary dealers' share48.937.60 of 1212 of 12
High minus median, basis points2.43.811 of 121 of 12

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

  • Indirect bidders' share: Lowest for a 5-year note since 18 December 2013 (25 auctions in between).
  • Primary dealers' share: Highest for a 5-year note since 18 December 2013 (25 auctions in between).

Who bought the 5-year note?

Primary dealers took 48.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 28 October 2015

Primary dealers took 48.9% of the competitive bids acceptedIndirect bidders 40.0%, Direct bidders 11.0%, Primary dealers 48.9%Indirect bidders40.0%58.9%Direct bidders11.0%3.8%Primary dealers48.9%37.2%Primary dealers took 48.9% of the competitive bids acceptedIndirect bidders 40.0%, Direct bidders 11.0%, Primary dealers 48.9%Indirect bidders40.0%58.9%Direct bidders11.0%3.8%Primary dealers48.9%37.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.058.9
Direct bidders11.03.8
Primary dealers48.937.2

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$78,327,354,400
Sold$26,000,064,400
Competitive bids accepted$25,933,500,000
Non-competitive bids accepted$66,564,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %0.824
Median rate, %0.800
Low rate, %0.688
Interest rate (coupon), %0.750
Bids at the high rate filled, %73.26
Bid-to-cover ratio3.01
Indirect bidders accepted$10,385,790,000
Direct bidders accepted$2,860,000,000
Primary dealers accepted$12,687,710,000
Indirect bidders' share, % (ours)40.0
Direct bidders' share, % (ours)11.0
Primary dealers' share, % (ours)48.9
High minus median, basis points (ours)2.4
Treasury par yield curve, 2-year point, same day, %0.84
High yield minus that point, basis points (ours)-1.6

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 ratio3.01Last 24 auctions3 of 2421 of 242.58
Bid-to-cover ratio3.01Since 24 April 200810 of 9282 of 922.67
Bid-to-cover ratio3.01All 169 since 28 September 199413 of 169156 of 1692.56
High yield0.824Last 24 auctions21 of 243 of 241.545
High yield0.824Since 24 April 200878 of 9214 of 921.576
High yield0.824All 265 since 24 January 1991251 of 26514 of 2654.250
Indirect bidders' share40.0Last 24 auctions24 of 240 of 2452.6
Indirect bidders' share40.0All 92 since 24 April 200865 of 9227 of 9244.7
Direct bidders' share11.0Last 24 auctions5 of 2419 of 249.4
Direct bidders' share11.0All 92 since 24 April 200831 of 9261 of 929.9
Primary dealers' share48.9Last 24 auctions0 of 2424 of 2436.9
Primary dealers' share48.9All 92 since 24 April 200826 of 9266 of 9243.0
High minus median, basis points2.4Last 24 auctions19 of 244 of 243.4
High minus median, basis points2.4Since 24 April 200885 of 926 of 924.4
High minus median, basis points2.4All 265 since 24 January 1991166 of 26593 of 2653.0

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 4 November 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151104_1.pdf. Compiled by 500metrics, "5-year note auction of 4 November 2015 (reopening)", https://500metrics.com/treasury/auctions/5-year-note/2015-11-04.

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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