500metrics

All sources checked Checked

5-year note auction of 24 May 2017 (new issue)

The 5-year note sold $38.09 billion at a high yield of 1.831% on , with a bid-to-cover ratio of 2.67.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.831%

Median yield 1.800%

Bid-to-cover

2.67

▲ +0.33 since 26 Apr

Sold

$38.09 billion

$34 billion offered

Indirect bidders

68.7%

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 25 November 2014 to 24 May 2017; the latest at 1.831%.0.5%1.0%1.5%2.0%2.5%201520162017This auction, 1.831%High yield at the last 36 5-year note auctions36 auctions from 25 November 2014 to 24 May 2017; the latest at 1.831%.0.5%1.0%1.5%2.0%2.5%2015201620171.831%

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
1.8312.67
1.8752.34
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.672.381 of 1211 of 12
High yield1.8311.5785 of 127 of 12
Indirect bidders' share68.760.63 of 129 of 12
Direct bidders' share8.64.71 of 1211 of 12
Primary dealers' share22.733.711 of 121 of 12
High minus median, basis points3.15.012 of 120 of 12

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

  • High minus median, basis points: Lowest for a 5-year note since 4 November 2015 (19 auctions in between).

Who bought the 5-year note?

Indirect bidders took 68.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 April 2017

Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 8.6%, Primary dealers 22.7%Indirect bidders68.7%57.3%Direct bidders8.6%5.3%Primary dealers22.7%37.4%Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 8.6%, Primary dealers 22.7%Indirect bidders68.7%57.3%Direct bidders8.6%5.3%Primary dealers22.7%37.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.757.3
Direct bidders8.65.3
Primary dealers22.737.4

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$95,036,085,900
Sold$38,090,349,900
Competitive bids accepted$33,931,858,000
Non-competitive bids accepted$68,154,200
Federal Reserve (SOMA) add-on$4,090,337,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.831
Median rate, %1.800
Low rate, %1.715
Interest rate (coupon), %1.750
Bids at the high rate filled, %7.84
Bid-to-cover ratio2.67
Indirect bidders accepted$23,302,134,000
Direct bidders accepted$2,916,000,000
Primary dealers accepted$7,713,724,000
Indirect bidders' share, % (ours)68.7
Direct bidders' share, % (ours)8.6
Primary dealers' share, % (ours)22.7
High minus median, basis points (ours)3.1
Treasury par yield curve, 5-year point, same day, %1.79
High yield minus that point, basis points (ours)4.1

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 ratio2.67Last 24 auctions4 of 2420 of 242.44
Bid-to-cover ratio2.67Since 24 April 200849 of 11263 of 1122.60
Bid-to-cover ratio2.67All 189 since 28 September 199464 of 189125 of 1892.51
High yield1.831Last 24 auctions5 of 2419 of 241.412
High yield1.831Since 24 April 200835 of 11277 of 1121.564
High yield1.831All 285 since 24 January 1991208 of 28577 of 2853.890
Indirect bidders' share68.7Last 24 auctions3 of 2421 of 2458.6
Indirect bidders' share68.7All 112 since 24 April 20083 of 112109 of 11247.1
Direct bidders' share8.6Last 24 auctions8 of 2416 of 246.5
Direct bidders' share8.6All 112 since 24 April 200865 of 11247 of 1129.4
Primary dealers' share22.7Last 24 auctions22 of 242 of 2434.8
Primary dealers' share22.7All 112 since 24 April 2008110 of 1122 of 11241.6
High minus median, basis points3.1Last 24 auctions22 of 241 of 245.0
High minus median, basis points3.1Since 24 April 200898 of 11211 of 1124.6
High minus median, basis points3.1All 285 since 24 January 1991135 of 285142 of 2853.1

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 24 May 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170524_2.pdf. Compiled by 500metrics, "5-year note auction of 24 May 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-05-24.

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.