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5-year note auction of 26 April 2016 (new issue)

The 5-year note sold $43.035 billion at a high yield of 1.410% on , with a bid-to-cover ratio of 2.41.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.410%

Median yield 1.360%

Bid-to-cover

2.41

▲ +0.03 since 29 Mar

Sold

$43.04 billion

$34 billion offered

Indirect bidders

63.4%

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 October 2013 to 26 April 2016; the latest at 1.410%.0.5%1.0%1.5%2.0%2013201420152016This auction, 1.410%High yield at the last 36 5-year note auctions36 auctions from 29 October 2013 to 26 April 2016; the latest at 1.410%.0.5%1.0%1.5%2.0%201520161.410%

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
1.4102.41
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.489 of 123 of 12
High yield1.4101.3756 of 126 of 12
Indirect bidders' share63.453.72 of 1210 of 12
Direct bidders' share6.810.110 of 122 of 12
Primary dealers' share29.837.511 of 121 of 12
High minus median, basis points5.04.84 of 127 of 12

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

Who bought the 5-year note?

Indirect bidders took 63.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 29 March 2016

Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 6.8%, Primary dealers 29.8%Indirect bidders63.4%53.9%Direct bidders6.8%7.2%Primary dealers29.8%38.9%Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 6.8%, Primary dealers 29.8%Indirect bidders63.4%53.9%Direct bidders6.8%7.2%Primary dealers29.8%38.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.453.9
Direct bidders6.87.2
Primary dealers29.838.9

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$34,000,000,000
Bids received$90,818,567,700
Sold$43,035,161,700
Competitive bids accepted$33,947,734,000
Non-competitive bids accepted$52,280,000
Federal Reserve (SOMA) add-on$9,035,147,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.410
Median rate, %1.360
Low rate, %1.200
Interest rate (coupon), %1.375
Bids at the high rate filled, %87.24
Bid-to-cover ratio2.41
Indirect bidders accepted$21,538,860,000
Direct bidders accepted$2,296,000,000
Primary dealers accepted$10,112,874,000
Indirect bidders' share, % (ours)63.4
Direct bidders' share, % (ours)6.8
Primary dealers' share, % (ours)29.8
High minus median, basis points (ours)5.0
Treasury par yield curve, 5-year point, same day, %1.40
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 ratio2.41Last 24 auctions17 of 247 of 242.50
Bid-to-cover ratio2.41Since 24 April 200879 of 9920 of 992.65
Bid-to-cover ratio2.41All 176 since 28 September 1994111 of 17665 of 1762.54
High yield1.410Last 24 auctions14 of 2410 of 241.465
High yield1.410Since 24 April 200861 of 9937 of 991.567
High yield1.410All 272 since 24 January 1991234 of 27237 of 2724.063
Indirect bidders' share63.4Last 24 auctions4 of 2420 of 2456.2
Indirect bidders' share63.4All 99 since 24 April 20084 of 9995 of 9945.0
Direct bidders' share6.8Last 24 auctions18 of 246 of 249.1
Direct bidders' share6.8All 99 since 24 April 200872 of 9927 of 9910.0
Primary dealers' share29.8Last 24 auctions20 of 244 of 2436.9
Primary dealers' share29.8All 99 since 24 April 200893 of 996 of 9942.5
High minus median, basis points5.0Last 24 auctions4 of 2419 of 244.0
High minus median, basis points5.0Since 24 April 200835 of 9958 of 994.5
High minus median, basis points5.0All 272 since 24 January 199141 of 272220 of 2723.0

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 26 April 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160426_3.pdf. Compiled by 500metrics, "5-year note auction of 26 April 2016 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2016-04-26.

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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