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5-year note auction of 28 March 2017 (new issue)

The 5-year note sold $38.116 billion at a high yield of 1.950% on , with a bid-to-cover ratio of 2.37.

Coupon
1.875%
Announced
Issued
Matures

High yield

1.950%

Median yield 1.890%

Bid-to-cover

2.37

▲ +0.08 since 22 Feb

Sold

$38.12 billion

$34 billion offered

Indirect bidders

68.9%

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 September 2014 to 28 March 2017; the latest at 1.950%.0.5%1.0%1.5%2.0%2.5%2014201520162017This auction, 1.950%High yield at the last 36 5-year note auctions36 auctions from 24 September 2014 to 28 March 2017; the latest at 1.950%.0.5%1.0%1.5%2.0%2.5%2015201620171.950%

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
1.9502.37
1.9372.29
1.9882.38
2.0572.72
1.7602.44
1.3032.49
1.1292.39
1.1252.54
1.1802.27
1.2182.29
1.3952.60
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.372.409 of 123 of 12
High yield1.9501.3652 of 1210 of 12
Indirect bidders' share68.960.61 of 1211 of 12
Direct bidders' share4.84.86 of 126 of 12
Primary dealers' share26.433.79 of 123 of 12
High minus median, basis points6.05.03 of 129 of 12

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

Who bought the 5-year note?

Indirect bidders took 68.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 22 February 2017

Indirect bidders took 68.9% of the competitive bids acceptedIndirect bidders 68.9%, Direct bidders 4.8%, Primary dealers 26.4%Indirect bidders68.9%58.2%Direct bidders4.8%8.4%Primary dealers26.4%33.3%Indirect bidders took 68.9% of the competitive bids acceptedIndirect bidders 68.9%, Direct bidders 4.8%, Primary dealers 26.4%Indirect bidders68.9%58.2%Direct bidders4.8%8.4%Primary dealers26.4%33.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.958.2
Direct bidders4.88.4
Primary dealers26.433.3

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$84,738,859,900
Sold$38,116,242,400
Competitive bids accepted$33,941,214,500
Non-competitive bids accepted$58,794,200
Federal Reserve (SOMA) add-on$4,116,233,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.950
Median rate, %1.890
Low rate, %1.800
Interest rate (coupon), %1.875
Bids at the high rate filled, %17.23
Bid-to-cover ratio2.37
Indirect bidders accepted$23,379,369,500
Direct bidders accepted$1,613,000,000
Primary dealers accepted$8,948,845,000
Indirect bidders' share, % (ours)68.9
Direct bidders' share, % (ours)4.8
Primary dealers' share, % (ours)26.4
High minus median, basis points (ours)6.0
Treasury par yield curve, 5-year point, same day, %1.97
High yield minus that point, basis points (ours)-2.0

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 ratio2.37Last 24 auctions19 of 245 of 242.44
Bid-to-cover ratio2.37Since 24 April 200891 of 11019 of 1102.61
Bid-to-cover ratio2.37All 187 since 28 September 1994124 of 18761 of 1872.52
High yield1.950Last 24 auctions2 of 2422 of 241.402
High yield1.950Since 24 April 200830 of 11080 of 1101.550
High yield1.950All 283 since 24 January 1991203 of 28380 of 2833.902
Indirect bidders' share68.9Last 24 auctions1 of 2423 of 2458.6
Indirect bidders' share68.9All 110 since 24 April 20081 of 110109 of 11046.6
Direct bidders' share4.8Last 24 auctions17 of 247 of 247.0
Direct bidders' share4.8All 110 since 24 April 200884 of 11026 of 1109.5
Primary dealers' share26.4Last 24 auctions20 of 244 of 2434.8
Primary dealers' share26.4All 110 since 24 April 2008103 of 1107 of 11041.7
High minus median, basis points6.0Last 24 auctions3 of 2421 of 244.8
High minus median, basis points6.0Since 24 April 200825 of 11083 of 1104.6
High minus median, basis points6.0All 283 since 24 January 199126 of 283253 of 2833.0

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 28 March 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170328_3.pdf. Compiled by 500metrics, "5-year note auction of 28 March 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-03-28.

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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