500metrics

All sources checked Checked

5-year note auction of 23 February 2016 (reopening)

The 5-year note sold $34.714 billion at a high yield of 0.752% on , with a bid-to-cover ratio of 2.91.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.752%

Median yield 0.710%

Bid-to-cover

2.91

▲ +0.47 since 27 Jan

Sold

$34.71 billion

$26 billion offered

Indirect bidders

55.8%

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 May 2013 to 23 February 2016; the latest at 0.752%.0.5%1.0%1.5%2.0%2013201420152016This auction, 0.752%High yield at the last 36 5-year note auctions36 auctions from 29 May 2013 to 23 February 2016; the latest at 0.752%.0.5%1.0%1.5%2.0%2014201520160.752%

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
0.7522.91
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.912.493 of 129 of 12
High yield0.7521.48210 of 122 of 12
Indirect bidders' share55.855.16 of 126 of 12
Direct bidders' share10.89.33 of 129 of 12
Primary dealers' share33.437.58 of 124 of 12
High minus median, basis points4.24.15 of 126 of 12

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

Who bought the 5-year note?

Indirect bidders took 55.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 January 2016

Indirect bidders took 55.8% of the competitive bids acceptedIndirect bidders 55.8%, Direct bidders 10.8%, Primary dealers 33.4%Indirect bidders55.8%53.5%Direct bidders10.8%8.6%Primary dealers33.4%37.8%Indirect bidders took 55.8% of the competitive bids acceptedIndirect bidders 55.8%, Direct bidders 10.8%, Primary dealers 33.4%Indirect bidders55.8%53.5%Direct bidders10.8%8.6%Primary dealers33.4%37.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders55.853.5
Direct bidders10.88.6
Primary dealers33.437.8

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$84,291,662,100
Sold$34,713,862,100
Competitive bids accepted$25,827,900,000
Non-competitive bids accepted$172,124,800
Federal Reserve (SOMA) add-on$8,713,837,300
Foreign and international (FIMA) non-competitive$0
High yield, %0.752
Median rate, %0.710
Low rate, %0.660
Interest rate (coupon), %0.750
Bids at the high rate filled, %7.46
Bid-to-cover ratio2.91
Indirect bidders accepted$14,405,900,000
Direct bidders accepted$2,789,000,000
Primary dealers accepted$8,633,000,000
Indirect bidders' share, % (ours)55.8
Direct bidders' share, % (ours)10.8
Primary dealers' share, % (ours)33.4
High minus median, basis points (ours)4.2
Treasury par yield curve, 2-year point, same day, %0.76
High yield minus that point, basis points (ours)-0.8

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 ratio2.91Last 24 auctions4 of 2419 of 242.55
Bid-to-cover ratio2.91Since 24 April 200817 of 9678 of 962.65
Bid-to-cover ratio2.91All 173 since 28 September 199421 of 173150 of 1732.55
High yield0.752Last 24 auctions21 of 243 of 241.528
High yield0.752Since 24 April 200886 of 969 of 961.576
High yield0.752All 269 since 24 January 1991259 of 2699 of 2694.223
Indirect bidders' share55.8Last 24 auctions11 of 2413 of 2454.6
Indirect bidders' share55.8All 96 since 24 April 200814 of 9682 of 9644.9
Direct bidders' share10.8Last 24 auctions6 of 2418 of 249.4
Direct bidders' share10.8All 96 since 24 April 200837 of 9659 of 9610.1
Primary dealers' share33.4Last 24 auctions15 of 249 of 2436.9
Primary dealers' share33.4All 96 since 24 April 200885 of 9611 of 9642.8
High minus median, basis points4.2Last 24 auctions7 of 2416 of 243.6
High minus median, basis points4.2Since 24 April 200850 of 9642 of 964.4
High minus median, basis points4.2All 269 since 24 January 199168 of 269197 of 2693.0

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 23 February 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160223_2.pdf. Compiled by 500metrics, "5-year note auction of 23 February 2016 (reopening)", https://500metrics.com/treasury/auctions/5-year-note/2016-02-23.

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.