500metrics

All sources checked Checked

5-year note auction of 29 March 2016 (new issue)

The 5-year note sold $42.101 billion at a high yield of 1.335% on , with a bid-to-cover ratio of 2.38.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.335%

Median yield 1.270%

Bid-to-cover

2.38

▼ −0.06 since 24 Feb

Sold

$42.10 billion

$34 billion offered

Indirect bidders

53.9%

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 24 July 2013 to 29 March 2016; the latest at 1.335%.0.5%1.0%1.5%2.0%2013201420152016This auction, 1.335%High yield at the last 36 5-year note auctions36 auctions from 24 July 2013 to 29 March 2016; the latest at 1.335%.0.5%1.0%1.5%2.0%201520161.335%

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
1.3352.38
1.1692.44
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.5410 of 122 of 12
High yield1.3351.4397 of 125 of 12
Indirect bidders' share53.954.76 of 126 of 12
Direct bidders' share7.210.19 of 123 of 12
Primary dealers' share38.936.94 of 128 of 12
High minus median, basis points6.54.40 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 28 June 2011 (59 auctions in between).

Who bought the 5-year note?

Indirect bidders took 53.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 February 2016

Indirect bidders took 53.9% of the competitive bids acceptedIndirect bidders 53.9%, Direct bidders 7.2%, Primary dealers 38.9%Indirect bidders53.9%67.3%Direct bidders7.2%10.0%Primary dealers38.9%22.7%Indirect bidders took 53.9% of the competitive bids acceptedIndirect bidders 53.9%, Direct bidders 7.2%, Primary dealers 38.9%Indirect bidders53.9%67.3%Direct bidders7.2%10.0%Primary dealers38.9%22.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.967.3
Direct bidders7.210.0
Primary dealers38.922.7

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$34,000,000,000
Bids received$88,894,192,100
Sold$42,100,686,500
Competitive bids accepted$33,943,566,400
Non-competitive bids accepted$56,473,600
Federal Reserve (SOMA) add-on$8,100,646,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.335
Median rate, %1.270
Low rate, %1.200
Interest rate (coupon), %1.250
Bids at the high rate filled, %28.08
Bid-to-cover ratio2.38
Indirect bidders accepted$18,300,072,000
Direct bidders accepted$2,431,246,400
Primary dealers accepted$13,212,248,000
Indirect bidders' share, % (ours)53.9
Direct bidders' share, % (ours)7.2
Primary dealers' share, % (ours)38.9
High minus median, basis points (ours)6.5
Treasury par yield curve, 5-year point, same day, %1.29
High yield minus that point, basis points (ours)4.5

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 ratio2.38Last 24 auctions20 of 244 of 242.53
Bid-to-cover ratio2.38Since 24 April 200882 of 9816 of 982.65
Bid-to-cover ratio2.38All 175 since 28 September 1994114 of 17560 of 1752.55
High yield1.335Last 24 auctions17 of 247 of 241.474
High yield1.335Since 24 April 200866 of 9832 of 981.570
High yield1.335All 271 since 24 January 1991239 of 27132 of 2714.080
Indirect bidders' share53.9Last 24 auctions14 of 2410 of 2456.2
Indirect bidders' share53.9All 98 since 24 April 200818 of 9880 of 9844.9
Direct bidders' share7.2Last 24 auctions18 of 246 of 249.7
Direct bidders' share7.2All 98 since 24 April 200871 of 9827 of 9810.1
Primary dealers' share38.9Last 24 auctions8 of 2416 of 2436.5
Primary dealers' share38.9All 98 since 24 April 200870 of 9828 of 9842.6
High minus median, basis points6.5Last 24 auctions0 of 2424 of 244.0
High minus median, basis points6.5Since 24 April 200817 of 9879 of 984.4
High minus median, basis points6.5All 271 since 24 January 199118 of 271251 of 2713.0

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 29 March 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160329_3.pdf. Compiled by 500metrics, "5-year note auction of 29 March 2016 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2016-03-29.

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.