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5-year note auction of 27 June 2017 (new issue)

The 5-year note sold $38.133 billion at a high yield of 1.828% on , with a bid-to-cover ratio of 2.33.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.828%

Median yield 1.770%

Bid-to-cover

2.33

▼ −0.34 since 24 May

Sold

$38.13 billion

$34 billion offered

Indirect bidders

65.2%

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 23 December 2014 to 27 June 2017; the latest at 1.828%.0.5%1.0%1.5%2.0%2.5%201520162017This auction, 1.828%High yield at the last 36 5-year note auctions36 auctions from 23 December 2014 to 27 June 2017; the latest at 1.828%.0.5%1.0%1.5%2.0%2.5%2015201620171.828%

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
1.8282.33
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.332.389 of 123 of 12
High yield1.8281.7966 of 126 of 12
Indirect bidders' share65.260.64 of 128 of 12
Direct bidders' share9.24.70 of 1212 of 12
Primary dealers' share25.633.79 of 123 of 12
High minus median, basis points5.85.03 of 129 of 12

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

  • Direct bidders' share: Highest for a 5-year note since 25 May 2016 (12 auctions in between).

Who bought the 5-year note?

Indirect bidders took 65.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 May 2017

Indirect bidders took 65.2% of the competitive bids acceptedIndirect bidders 65.2%, Direct bidders 9.2%, Primary dealers 25.6%Indirect bidders65.2%68.7%Direct bidders9.2%8.6%Primary dealers25.6%22.7%Indirect bidders took 65.2% of the competitive bids acceptedIndirect bidders 65.2%, Direct bidders 9.2%, Primary dealers 25.6%Indirect bidders65.2%68.7%Direct bidders9.2%8.6%Primary dealers25.6%22.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.268.7
Direct bidders9.28.6
Primary dealers25.622.7

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$83,352,058,500
Sold$38,132,873,500
Competitive bids accepted$33,949,132,000
Non-competitive bids accepted$50,879,000
Federal Reserve (SOMA) add-on$4,132,862,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.828
Median rate, %1.770
Low rate, %1.700
Interest rate (coupon), %1.750
Bids at the high rate filled, %65.21
Bid-to-cover ratio2.33
Indirect bidders accepted$22,139,317,000
Direct bidders accepted$3,118,000,000
Primary dealers accepted$8,691,815,000
Indirect bidders' share, % (ours)65.2
Direct bidders' share, % (ours)9.2
Primary dealers' share, % (ours)25.6
High minus median, basis points (ours)5.8
Treasury par yield curve, 5-year point, same day, %1.83
High yield minus that point, basis points (ours)-0.2

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 ratio2.33Last 24 auctions20 of 244 of 242.44
Bid-to-cover ratio2.33Since 24 April 200897 of 11316 of 1132.61
Bid-to-cover ratio2.33All 190 since 28 September 1994132 of 19057 of 1902.52
High yield1.828Last 24 auctions6 of 2418 of 241.412
High yield1.828Since 24 April 200836 of 11377 of 1131.567
High yield1.828All 286 since 24 January 1991209 of 28677 of 2863.810
Indirect bidders' share65.2Last 24 auctions6 of 2418 of 2459.3
Indirect bidders' share65.2All 113 since 24 April 20087 of 113106 of 11347.1
Direct bidders' share9.2Last 24 auctions7 of 2417 of 246.5
Direct bidders' share9.2All 113 since 24 April 200859 of 11354 of 1139.4
Primary dealers' share25.6Last 24 auctions19 of 245 of 2433.8
Primary dealers' share25.6All 113 since 24 April 2008107 of 1136 of 11341.5
High minus median, basis points5.8Last 24 auctions4 of 2420 of 245.0
High minus median, basis points5.8Since 24 April 200830 of 11383 of 1134.6
High minus median, basis points5.8All 286 since 24 January 199133 of 286253 of 2863.1

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 27 June 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170627_2.pdf. Compiled by 500metrics, "5-year note auction of 27 June 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-06-27.

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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