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5-year note auction of 26 July 2017 (new issue)

The 5-year note sold $37.457 billion at a high yield of 1.884% on , with a bid-to-cover ratio of 2.58.

Coupon
1.875%
Announced
Issued
Matures

High yield

1.884%

Median yield 1.840%

Bid-to-cover

2.58

▲ +0.25 since 27 Jun

Sold

$37.46 billion

$34 billion offered

Indirect bidders

69.8%

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 January 2015 to 26 July 2017; the latest at 1.884%.0.5%1.0%1.5%2.0%2.5%201520162017This auction, 1.884%High yield at the last 36 5-year note auctions36 auctions from 29 January 2015 to 26 July 2017; the latest at 1.884%.0.5%1.0%1.5%2.0%2.5%201620171.884%

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
1.8842.58
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.382 of 1210 of 12
High yield1.8841.8304 of 128 of 12
Indirect bidders' share69.862.41 of 1211 of 12
Direct bidders' share6.24.83 of 129 of 12
Primary dealers' share24.132.711 of 121 of 12
High minus median, basis points4.45.08 of 124 of 12

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

Who bought the 5-year note?

Indirect bidders took 69.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 June 2017

Indirect bidders took 69.8% of the competitive bids acceptedIndirect bidders 69.8%, Direct bidders 6.2%, Primary dealers 24.1%Indirect bidders69.8%65.2%Direct bidders6.2%9.2%Primary dealers24.1%25.6%Indirect bidders took 69.8% of the competitive bids acceptedIndirect bidders 69.8%, Direct bidders 6.2%, Primary dealers 24.1%Indirect bidders69.8%65.2%Direct bidders6.2%9.2%Primary dealers24.1%25.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.865.2
Direct bidders6.29.2
Primary dealers24.125.6

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$91,047,660,000
Sold$37,457,038,900
Competitive bids accepted$33,962,774,900
Non-competitive bids accepted$37,326,800
Federal Reserve (SOMA) add-on$3,456,937,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.884
Median rate, %1.840
Low rate, %1.770
Interest rate (coupon), %1.875
Bids at the high rate filled, %12.57
Bid-to-cover ratio2.58
Indirect bidders accepted$23,692,184,400
Direct bidders accepted$2,100,000,000
Primary dealers accepted$8,170,590,500
Indirect bidders' share, % (ours)69.8
Direct bidders' share, % (ours)6.2
Primary dealers' share, % (ours)24.1
High minus median, basis points (ours)4.4
Treasury par yield curve, 5-year point, same day, %1.83
High yield minus that point, basis points (ours)5.4

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 ratio2.58Last 24 auctions5 of 2419 of 242.44
Bid-to-cover ratio2.58Since 24 April 200861 of 11450 of 1142.60
Bid-to-cover ratio2.58All 191 since 28 September 199483 of 191104 of 1912.51
High yield1.884Last 24 auctions4 of 2420 of 241.441
High yield1.884Since 24 April 200833 of 11481 of 1141.570
High yield1.884All 287 since 24 January 1991206 of 28781 of 2873.731
Indirect bidders' share69.8Last 24 auctions1 of 2423 of 2459.8
Indirect bidders' share69.8All 114 since 24 April 20081 of 114113 of 11447.2
Direct bidders' share6.2Last 24 auctions12 of 2412 of 246.5
Direct bidders' share6.2All 114 since 24 April 200879 of 11435 of 1149.4
Primary dealers' share24.1Last 24 auctions21 of 243 of 2433.4
Primary dealers' share24.1All 114 since 24 April 2008111 of 1143 of 11441.4
High minus median, basis points4.4Last 24 auctions17 of 247 of 245.0
High minus median, basis points4.4Since 24 April 200861 of 11452 of 1144.6
High minus median, basis points4.4All 287 since 24 January 199176 of 287208 of 2873.1

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 26 July 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170726_2.pdf. Compiled by 500metrics, "5-year note auction of 26 July 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-07-26.

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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