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5-year note auction of 25 March 2020 (new issue)

The 5-year note sold $46.512 billion at a high yield of 0.535% on , with a bid-to-cover ratio of 2.53.

Coupon
0.500%
Announced
Issued
Matures

High yield

0.535%

Median yield 0.480%

Bid-to-cover

2.53

▲ +0.07 since 26 Feb

Sold

$46.51 billion

$41 billion offered

Indirect bidders

52.1%

Of competitive bids accepted

The high yield was the lowest for a 5-year note of all 316 earlier auctions we hold

High yield at each 5-year note auction, %

The high yield was the lowest for a 5-year note of all 316 earlier auctions we hold36 auctions from 25 January 2017 to 25 March 2020; the latest at 0.535%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.535%The high yield was the lowest for a 5-year note of all 316 earlier auctions we hold36 auctions from 25 January 2017 to 25 March 2020; the latest at 0.535%.0.0%1.0%2.0%3.0%2018201920200.535%

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
0.5352.53
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.532.410 of 1212 of 12
High yield0.5351.67812 of 120 of 12
Indirect bidders' share52.160.112 of 120 of 12
Direct bidders' share12.614.710 of 122 of 12
Primary dealers' share35.323.20 of 1212 of 12
High minus median, basis points5.54.41 of 1211 of 12

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

  • Bid-to-cover ratio: Highest for a 5-year note since 25 July 2018 (17 auctions in between).
  • Indirect bidders' share: Lowest for a 5-year note since 24 October 2017 (25 auctions in between).
  • Primary dealers' share: Highest for a 5-year note since 26 December 2018 (12 auctions in between).

Who bought the 5-year note?

Indirect bidders took 52.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 February 2020

Indirect bidders took 52.1% of the competitive bids acceptedIndirect bidders 52.1%, Direct bidders 12.6%, Primary dealers 35.3%Indirect bidders52.1%61.5%Direct bidders12.6%9.8%Primary dealers35.3%28.7%Indirect bidders took 52.1% of the competitive bids acceptedIndirect bidders 52.1%, Direct bidders 12.6%, Primary dealers 35.3%Indirect bidders52.1%61.5%Direct bidders12.6%9.8%Primary dealers35.3%28.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders52.161.5
Direct bidders12.69.8
Primary dealers35.328.7

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$41,000,000,000
Bids received$109,262,664,800
Sold$46,512,285,400
Competitive bids accepted$40,986,935,600
Non-competitive bids accepted$13,075,700
Federal Reserve (SOMA) add-on$5,512,274,100
Foreign and international (FIMA) non-competitive$0
High yield, %0.535
Median rate, %0.480
Low rate, %0.080
Interest rate (coupon), %0.500
Bids at the high rate filled, %6.14
Bid-to-cover ratio2.53
Indirect bidders accepted$21,337,806,000
Direct bidders accepted$5,165,639,600
Primary dealers accepted$14,483,490,000
Indirect bidders' share, % (ours)52.1
Direct bidders' share, % (ours)12.6
Primary dealers' share, % (ours)35.3
High minus median, basis points (ours)5.5
Treasury par yield curve, 5-year point, same day, %0.56
High yield minus that point, basis points (ours)-2.5

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 ratio2.53Last 24 auctions2 of 2422 of 242.45
Bid-to-cover ratio2.53Since 24 April 200875 of 14368 of 1432.55
Bid-to-cover ratio2.53All 220 since 28 September 199498 of 220121 of 2202.49
High yield0.535Last 24 auctions24 of 240 of 242.532
High yield0.535Since 24 April 2008143 of 1430 of 1431.670
High yield0.535All 316 since 24 January 1991316 of 3160 of 3163.422
Indirect bidders' share52.1Last 24 auctions24 of 240 of 2460.1
Indirect bidders' share52.1All 143 since 24 April 200869 of 14374 of 14350.7
Direct bidders' share12.6Last 24 auctions12 of 2412 of 2412.1
Direct bidders' share12.6All 143 since 24 April 200838 of 143105 of 1439.8
Primary dealers' share35.3Last 24 auctions2 of 2422 of 2426.1
Primary dealers' share35.3All 143 since 24 April 200892 of 14351 of 14339.1
High minus median, basis points5.5Last 24 auctions1 of 2423 of 244.2
High minus median, basis points5.5Since 24 April 200833 of 143106 of 1434.4
High minus median, basis points5.5All 316 since 24 January 199137 of 316274 of 3163.2

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 March 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200325_2.pdf. Compiled by 500metrics, "5-year note auction of 25 March 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-03-25.

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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