500metrics

All sources checked Checked

5-year note auction of 27 January 2016 (new issue)

The 5-year note sold $35.637 billion at a high yield of 1.496% on , with a bid-to-cover ratio of 2.44.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.496%

Median yield 1.439%

Bid-to-cover

2.44

▲ +0.12 since 29 Dec

Sold

$35.64 billion

$35 billion offered

Indirect bidders

53.5%

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 April 2013 to 27 January 2016; the latest at 1.496%.0.5%1.0%1.5%2.0%2013201420152016This auction, 1.496%High yield at the last 36 5-year note auctions36 auctions from 24 April 2013 to 27 January 2016; the latest at 1.496%.0.5%1.0%1.5%2.0%2014201520161.496%

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
1.4962.44
1.7852.32
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.548 of 124 of 12
High yield1.4961.4655 of 127 of 12
Indirect bidders' share53.554.56 of 126 of 12
Direct bidders' share8.610.17 of 125 of 12
Primary dealers' share37.837.66 of 126 of 12
High minus median, basis points5.73.80 of 1212 of 12

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

  • High minus median, basis points: Highest for a 5-year note since 20 December 2011 (50 auctions in between).

Who bought the 5-year note?

Indirect bidders took 53.5% of the competitive bids accepted

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

Indirect bidders took 53.5% of the competitive bids acceptedIndirect bidders 53.5%, Direct bidders 8.6%, Primary dealers 37.8%Indirect bidders53.5%52.5%Direct bidders8.6%11.0%Primary dealers37.8%36.5%Indirect bidders took 53.5% of the competitive bids acceptedIndirect bidders 53.5%, Direct bidders 8.6%, Primary dealers 37.8%Indirect bidders53.5%52.5%Direct bidders8.6%11.0%Primary dealers37.8%36.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.552.5
Direct bidders8.611.0
Primary dealers37.836.5

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$85,977,997,300
Sold$35,637,167,300
Competitive bids accepted$34,949,540,000
Non-competitive bids accepted$50,482,200
Federal Reserve (SOMA) add-on$637,145,100
Foreign and international (FIMA) non-competitive$0
High yield, %1.496
Median rate, %1.439
Low rate, %1.300
Interest rate (coupon), %1.375
Bids at the high rate filled, %7.08
Bid-to-cover ratio2.44
Indirect bidders accepted$18,713,170,000
Direct bidders accepted$3,021,000,000
Primary dealers accepted$13,215,370,000
Indirect bidders' share, % (ours)53.5
Direct bidders' share, % (ours)8.6
Primary dealers' share, % (ours)37.8
High minus median, basis points (ours)5.7
Treasury par yield curve, 5-year point, same day, %1.43
High yield minus that point, basis points (ours)6.6

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 (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 ratio2.44Last 24 auctions17 of 247 of 242.56
Bid-to-cover ratio2.44Since 24 April 200873 of 9521 of 952.65
Bid-to-cover ratio2.44All 172 since 28 September 1994104 of 17267 of 1722.56
High yield1.496Last 24 auctions13 of 2411 of 241.536
High yield1.496Since 24 April 200854 of 9541 of 951.580
High yield1.496All 268 since 24 January 1991227 of 26841 of 2684.236
Indirect bidders' share53.5Last 24 auctions12 of 2412 of 2454.2
Indirect bidders' share53.5All 95 since 24 April 200817 of 9578 of 9544.8
Direct bidders' share8.6Last 24 auctions15 of 249 of 249.7
Direct bidders' share8.6All 95 since 24 April 200861 of 9534 of 9510.1
Primary dealers' share37.8Last 24 auctions11 of 2413 of 2436.9
Primary dealers' share37.8All 95 since 24 April 200873 of 9522 of 9543.0
High minus median, basis points5.7Last 24 auctions0 of 2424 of 243.6
High minus median, basis points5.7Since 24 April 200826 of 9569 of 954.4
High minus median, basis points5.7All 268 since 24 January 199129 of 268239 of 2683.0

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 27 January 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160127_2.pdf. Compiled by 500metrics, "5-year note auction of 27 January 2016 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2016-01-27.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.