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

The 5-year note sold $35 billion at a high yield of 1.670% on , with a bid-to-cover ratio of 2.52.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.670%

Median yield 1.620%

Bid-to-cover

2.52

▼ −0.49 since 4 Nov

Sold

$35.00 billion

$35 billion offered

Indirect bidders

56.7%

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 26 February 2013 to 24 November 2015; the latest at 1.670%.0.5%1.0%1.5%2.0%201320142015This auction, 1.670%High yield at the last 36 5-year note auctions36 auctions from 26 February 2013 to 24 November 2015; the latest at 1.670%.0.5%1.0%1.5%2.0%201420151.670%

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
1.6702.52
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.522.567 of 125 of 12
High yield1.6701.4011 of 1211 of 12
Indirect bidders' share56.756.15 of 127 of 12
Direct bidders' share10.16.54 of 128 of 12
Primary dealers' share33.238.79 of 123 of 12
High minus median, basis points5.03.41 of 1211 of 12

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

Who bought the 5-year note?

Indirect bidders took 56.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 4 November 2015

Indirect bidders took 56.7% of the competitive bids acceptedIndirect bidders 56.7%, Direct bidders 10.1%, Primary dealers 33.2%Indirect bidders56.7%40.0%Direct bidders10.1%11.0%Primary dealers33.2%48.9%Indirect bidders took 56.7% of the competitive bids acceptedIndirect bidders 56.7%, Direct bidders 10.1%, Primary dealers 33.2%Indirect bidders56.7%40.0%Direct bidders10.1%11.0%Primary dealers33.2%48.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.740.0
Direct bidders10.111.0
Primary dealers33.248.9

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$88,245,596,000
Sold$35,000,052,000
Competitive bids accepted$34,958,126,000
Non-competitive bids accepted$41,926,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.670
Median rate, %1.620
Low rate, %1.550
Interest rate (coupon), %1.625
Bids at the high rate filled, %55.68
Bid-to-cover ratio2.52
Indirect bidders accepted$19,816,270,000
Direct bidders accepted$3,547,000,000
Primary dealers accepted$11,594,856,000
Indirect bidders' share, % (ours)56.7
Direct bidders' share, % (ours)10.1
Primary dealers' share, % (ours)33.2
High minus median, basis points (ours)5.0
Treasury par yield curve, 5-year point, same day, %1.66
High yield minus that point, basis points (ours)1.0

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 ratio2.52Last 24 auctions16 of 248 of 242.58
Bid-to-cover ratio2.52Since 24 April 200865 of 9328 of 932.69
Bid-to-cover ratio2.52All 170 since 28 September 199489 of 17081 of 1702.56
High yield1.670Last 24 auctions6 of 2417 of 241.536
High yield1.670Since 24 April 200839 of 9353 of 931.572
High yield1.670All 266 since 24 January 1991212 of 26653 of 2664.249
Indirect bidders' share56.7Last 24 auctions9 of 2415 of 2452.6
Indirect bidders' share56.7All 93 since 24 April 200811 of 9382 of 9344.6
Direct bidders' share10.1Last 24 auctions10 of 2414 of 249.7
Direct bidders' share10.1All 93 since 24 April 200846 of 9347 of 9310.0
Primary dealers' share33.2Last 24 auctions16 of 248 of 2436.9
Primary dealers' share33.2All 93 since 24 April 200884 of 939 of 9343.1
High minus median, basis points5.0Last 24 auctions1 of 2423 of 243.4
High minus median, basis points5.0Since 24 April 200832 of 9356 of 934.3
High minus median, basis points5.0All 266 since 24 January 199138 of 266218 of 2663.0

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 November 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151124_3.pdf. Compiled by 500metrics, "5-year note auction of 24 November 2015 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2015-11-24.

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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