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5-year note auction of 25 September 2019 (new issue)

The 5-year note sold $45.259 billion at a high yield of 1.600% on , with a bid-to-cover ratio of 2.32.

Coupon
1.500%
Announced
Issued
Matures

High yield

1.600%

Median yield 1.540%

Bid-to-cover

2.32

▼ −0.16 since 28 Aug

Sold

$45.26 billion

$41 billion offered

Indirect bidders

58.8%

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 26 July 2016 to 25 September 2019; the latest at 1.600%.1.0%1.5%2.0%2.5%3.0%2016201720182019This auction, 1.600%High yield at the last 36 5-year note auctions36 auctions from 26 July 2016 to 25 September 2019; the latest at 1.600%.1.0%1.5%2.0%2.5%3.0%2017201820191.600%

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
1.6002.32
1.3652.48
1.8242.26
1.7912.35
2.3152.44
2.4892.40
2.5762.41
2.6522.09
2.8802.49
2.9772.30
2.9972.39
2.7652.49
2.8152.61
2.7192.55
2.8642.52
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.322.409 of 123 of 12
High yield1.6002.61411 of 121 of 12
Indirect bidders' share58.859.37 of 125 of 12
Direct bidders' share14.212.05 of 127 of 12
Primary dealers' share27.024.75 of 127 of 12
High minus median, basis points6.03.60 of 1212 of 12

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

  • High minus median, basis points: Highest for a 5-year note since 28 March 2017 (26 auctions in between).

Who bought the 5-year note?

Indirect bidders took 58.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 28 August 2019

Indirect bidders took 58.8% of the competitive bids acceptedIndirect bidders 58.8%, Direct bidders 14.2%, Primary dealers 27.0%Indirect bidders58.8%59.7%Direct bidders14.2%18.7%Primary dealers27.0%21.6%Indirect bidders took 58.8% of the competitive bids acceptedIndirect bidders 58.8%, Direct bidders 14.2%, Primary dealers 27.0%Indirect bidders58.8%59.7%Direct bidders14.2%18.7%Primary dealers27.0%21.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.859.7
Direct bidders14.218.7
Primary dealers27.021.6

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$41,000,000,000
Bids received$99,176,222,600
Sold$45,259,281,000
Competitive bids accepted$40,983,213,400
Non-competitive bids accepted$16,911,500
Federal Reserve (SOMA) add-on$4,259,156,100
Foreign and international (FIMA) non-competitive$0
High yield, %1.600
Median rate, %1.540
Low rate, %0.880
Interest rate (coupon), %1.500
Bids at the high rate filled, %30.48
Bid-to-cover ratio2.32
Indirect bidders accepted$24,096,853,400
Direct bidders accepted$5,818,240,000
Primary dealers accepted$11,068,120,000
Indirect bidders' share, % (ours)58.8
Direct bidders' share, % (ours)14.2
Primary dealers' share, % (ours)27.0
High minus median, basis points (ours)6.0
Treasury par yield curve, 5-year point, same day, %1.60
High yield minus that point, basis points (ours)0.0

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 ratio2.32Last 24 auctions21 of 243 of 242.48
Bid-to-cover ratio2.32Since 24 April 2008118 of 13717 of 1372.57
Bid-to-cover ratio2.32All 214 since 28 September 1994154 of 21457 of 2142.49
High yield1.600Last 24 auctions22 of 242 of 242.532
High yield1.600Since 24 April 200874 of 13762 of 1371.710
High yield1.600All 310 since 24 January 1991247 of 31062 of 3103.440
Indirect bidders' share58.8Last 24 auctions16 of 248 of 2460.2
Indirect bidders' share58.8All 137 since 24 April 200836 of 137101 of 13750.3
Direct bidders' share14.2Last 24 auctions5 of 2419 of 2410.6
Direct bidders' share14.2All 137 since 24 April 200822 of 137115 of 1379.6
Primary dealers' share27.0Last 24 auctions11 of 2413 of 2426.1
Primary dealers' share27.0All 137 since 24 April 2008115 of 13722 of 13739.6
High minus median, basis points6.0Last 24 auctions0 of 2424 of 244.2
High minus median, basis points6.0Since 24 April 200825 of 137109 of 1374.4
High minus median, basis points6.0All 310 since 24 January 199126 of 310279 of 3103.2

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 September 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190925_2.pdf. Compiled by 500metrics, "5-year note auction of 25 September 2019 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2019-09-25.

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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