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5-year note auction of 26 February 2020 (new issue)

The 5-year note sold $47.197 billion at a high yield of 1.150% on , with a bid-to-cover ratio of 2.46.

Coupon
1.125%
Announced
Issued
Matures

High yield

1.150%

Median yield 1.102%

Bid-to-cover

2.46

▲ +0.13 since 27 Jan

Sold

$47.20 billion

$41 billion offered

Indirect bidders

61.5%

Of competitive bids accepted

The high yield was the lowest for a 5-year note since 27 September 2016

High yield at each 5-year note auction, %

The high yield was the lowest for a 5-year note since 27 September 201636 auctions from 28 December 2016 to 26 February 2020; the latest at 1.150%.1.0%1.5%2.0%2.5%3.0%2017201820192020This auction, 1.150%The high yield was the lowest for a 5-year note since 27 September 201636 auctions from 28 December 2016 to 26 February 2020; the latest at 1.150%.1.0%1.5%2.0%2.5%3.0%2018201920201.150%

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
1.1502.46
1.4482.33
1.7562.49
1.5872.50
1.5702.41
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.403 of 129 of 12
High yield1.1501.77412 of 120 of 12
Indirect bidders' share61.559.83 of 129 of 12
Direct bidders' share9.814.711 of 121 of 12
Primary dealers' share28.723.22 of 1210 of 12
High minus median, basis points4.84.42 of 129 of 12

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

Who bought the 5-year note?

Indirect bidders took 61.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 January 2020

Indirect bidders took 61.5% of the competitive bids acceptedIndirect bidders 61.5%, Direct bidders 9.8%, Primary dealers 28.7%Indirect bidders61.5%60.0%Direct bidders9.8%13.9%Primary dealers28.7%26.1%Indirect bidders took 61.5% of the competitive bids acceptedIndirect bidders 61.5%, Direct bidders 9.8%, Primary dealers 28.7%Indirect bidders61.5%60.0%Direct bidders9.8%13.9%Primary dealers28.7%26.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.560.0
Direct bidders9.813.9
Primary dealers28.726.1

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$106,892,490,800
Sold$47,196,559,300
Competitive bids accepted$40,967,278,500
Non-competitive bids accepted$32,744,700
Federal Reserve (SOMA) add-on$6,196,536,100
Foreign and international (FIMA) non-competitive$0
High yield, %1.150
Median rate, %1.102
Low rate, %1.000
Interest rate (coupon), %1.125
Bids at the high rate filled, %54.82
Bid-to-cover ratio2.46
Indirect bidders accepted$25,210,139,200
Direct bidders accepted$4,016,000,000
Primary dealers accepted$11,741,139,300
Indirect bidders' share, % (ours)61.5
Direct bidders' share, % (ours)9.8
Primary dealers' share, % (ours)28.7
High minus median, basis points (ours)4.8
Treasury par yield curve, 5-year point, same day, %1.14
High yield minus that point, basis points (ours)1.0

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 ratio2.46Last 24 auctions11 of 2413 of 242.44
Bid-to-cover ratio2.46Since 24 April 200890 of 14249 of 1422.56
Bid-to-cover ratio2.46All 219 since 28 September 1994120 of 21995 of 2192.49
High yield1.150Last 24 auctions24 of 240 of 242.532
High yield1.150Since 24 April 2008113 of 14229 of 1421.670
High yield1.150All 315 since 24 January 1991286 of 31529 of 3153.430
Indirect bidders' share61.5Last 24 auctions9 of 2415 of 2460.1
Indirect bidders' share61.5All 142 since 24 April 200826 of 142116 of 14250.6
Direct bidders' share9.8Last 24 auctions16 of 248 of 2412.1
Direct bidders' share9.8All 142 since 24 April 200871 of 14271 of 1429.7
Primary dealers' share28.7Last 24 auctions7 of 2417 of 2426.1
Primary dealers' share28.7All 142 since 24 April 2008110 of 14232 of 14239.1
High minus median, basis points4.8Last 24 auctions3 of 2420 of 244.2
High minus median, basis points4.8Since 24 April 200855 of 14284 of 1424.4
High minus median, basis points4.8All 315 since 24 January 199167 of 315245 of 3153.2

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 26 February 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200226_2.pdf. Compiled by 500metrics, "5-year note auction of 26 February 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-02-26.

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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