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5-year note auction of 25 April 2018 (new issue)

The 5-year note sold $39.467 billion at a high yield of 2.837% on , with a bid-to-cover ratio of 2.49.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.837%

Median yield 2.800%

Bid-to-cover

2.49

▼ −0.01 since 27 Mar

Sold

$39.47 billion

$35 billion offered

Indirect bidders

60.2%

Of competitive bids accepted

The high yield was the highest for a 5-year note since 25 September 2008

High yield at each 5-year note auction, %

The high yield was the highest for a 5-year note since 25 September 200836 auctions from 25 August 2015 to 25 April 2018; the latest at 2.837%.0.0%1.0%2.0%3.0%2015201620172018This auction, 2.837%The high yield was the highest for a 5-year note since 25 September 200836 auctions from 25 August 2015 to 25 April 2018; the latest at 2.837%.1.0%1.5%2.0%2.5%3.0%2016201720182.837%

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
2.8372.49
2.6122.50
2.6582.44
2.4342.48
2.0582.44
1.5962.74
1.9112.52
1.7422.58
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.496 of 126 of 12
High yield2.8371.8980 of 1212 of 12
Indirect bidders' share60.265.19 of 123 of 12
Direct bidders' share13.78.81 of 1211 of 12
Primary dealers' share26.226.26 of 126 of 12
High minus median, basis points3.74.511 of 121 of 12

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

Who bought the 5-year note?

Indirect bidders took 60.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 March 2018

Indirect bidders took 60.2% of the competitive bids acceptedIndirect bidders 60.2%, Direct bidders 13.7%, Primary dealers 26.2%Indirect bidders60.2%63.5%Direct bidders13.7%8.3%Primary dealers26.2%28.2%Indirect bidders took 60.2% of the competitive bids acceptedIndirect bidders 60.2%, Direct bidders 13.7%, Primary dealers 26.2%Indirect bidders60.2%63.5%Direct bidders13.7%8.3%Primary dealers26.2%28.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.263.5
Direct bidders13.78.3
Primary dealers26.228.2

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$35,000,000,000
Bids received$91,691,209,000
Sold$39,467,309,000
Competitive bids accepted$34,945,476,000
Non-competitive bids accepted$54,545,200
Federal Reserve (SOMA) add-on$4,467,287,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.837
Median rate, %2.800
Low rate, %2.188
Interest rate (coupon), %2.750
Bids at the high rate filled, %56.70
Bid-to-cover ratio2.49
Indirect bidders accepted$21,024,076,000
Direct bidders accepted$4,780,000,000
Primary dealers accepted$9,141,400,000
Indirect bidders' share, % (ours)60.2
Direct bidders' share, % (ours)13.7
Primary dealers' share, % (ours)26.2
High minus median, basis points (ours)3.7
Treasury par yield curve, 5-year point, same day, %2.84
High yield minus that point, basis points (ours)-0.3

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 ratio2.49Last 24 auctions9 of 2414 of 242.44
Bid-to-cover ratio2.49Since 24 April 200877 of 12243 of 1222.59
Bid-to-cover ratio2.49All 199 since 28 September 1994103 of 19994 of 1992.51
High yield2.837Last 24 auctions0 of 2424 of 241.830
High yield2.837Since 24 April 20086 of 122116 of 1221.598
High yield2.837All 295 since 24 January 1991174 of 295121 of 2953.618
Indirect bidders' share60.2Last 24 auctions15 of 249 of 2463.4
Indirect bidders' share60.2All 122 since 24 April 200823 of 12299 of 12248.2
Direct bidders' share13.7Last 24 auctions1 of 2423 of 246.9
Direct bidders' share13.7All 122 since 24 April 200821 of 122101 of 1229.4
Primary dealers' share26.2Last 24 auctions15 of 249 of 2428.7
Primary dealers' share26.2All 122 since 24 April 2008109 of 12213 of 12240.6
High minus median, basis points3.7Last 24 auctions22 of 241 of 244.6
High minus median, basis points3.7Since 24 April 200885 of 12233 of 1224.6
High minus median, basis points3.7All 295 since 24 January 1991115 of 295175 of 2953.1

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 25 April 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180425_2.pdf. Compiled by 500metrics, "5-year note auction of 25 April 2018 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2018-04-25.

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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