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5-year note auction of 27 May 2020 (new issue)

The 5-year note sold $49.724 billion at a high yield of 0.334% on , with a bid-to-cover ratio of 2.28.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.334%

Median yield 0.280%

Bid-to-cover

2.28

▼ −0.46 since 27 Apr

Sold

$49.72 billion

$45 billion offered

Indirect bidders

57.3%

Of competitive bids accepted

The high yield was the lowest for a 5-year note of all 318 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 318 earlier auctions we hold36 auctions from 28 March 2017 to 27 May 2020; the latest at 0.334%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.334%The high yield was the lowest for a 5-year note of all 318 earlier auctions we hold36 auctions from 28 March 2017 to 27 May 2020; the latest at 0.334%.0.0%1.0%2.0%3.0%2018201920200.334%

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
0.3342.28
0.3942.74
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.282.4511 of 121 of 12
High yield0.3341.57812 of 120 of 12
Indirect bidders' share57.360.29 of 123 of 12
Direct bidders' share10.814.111 of 121 of 12
Primary dealers' share31.823.22 of 1210 of 12
High minus median, basis points5.44.52 of 1210 of 12

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

Who bought the 5-year note?

Indirect bidders took 57.3% of the competitive bids accepted

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

Indirect bidders took 57.3% of the competitive bids acceptedIndirect bidders 57.3%, Direct bidders 10.8%, Primary dealers 31.8%Indirect bidders57.3%60.4%Direct bidders10.8%20.2%Primary dealers31.8%19.4%Indirect bidders took 57.3% of the competitive bids acceptedIndirect bidders 57.3%, Direct bidders 10.8%, Primary dealers 31.8%Indirect bidders57.3%60.4%Direct bidders10.8%20.2%Primary dealers31.8%19.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.360.4
Direct bidders10.820.2
Primary dealers31.819.4

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$45,000,000,000
Bids received$107,514,316,500
Sold$49,724,276,500
Competitive bids accepted$44,983,345,000
Non-competitive bids accepted$16,699,800
Federal Reserve (SOMA) add-on$4,724,231,700
Foreign and international (FIMA) non-competitive$0
High yield, %0.334
Median rate, %0.280
Low rate, %0.088
Interest rate (coupon), %0.250
Bids at the high rate filled, %36.96
Bid-to-cover ratio2.28
Indirect bidders accepted$25,793,585,000
Direct bidders accepted$4,872,760,000
Primary dealers accepted$14,317,000,000
Indirect bidders' share, % (ours)57.3
Direct bidders' share, % (ours)10.8
Primary dealers' share, % (ours)31.8
High minus median, basis points (ours)5.4
Treasury par yield curve, 5-year point, same day, %0.34
High yield minus that point, basis points (ours)-0.6

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 ratio2.28Last 24 auctions22 of 242 of 242.47
Bid-to-cover ratio2.28Since 24 April 2008131 of 14513 of 1452.55
Bid-to-cover ratio2.28All 222 since 28 September 1994171 of 22247 of 2222.49
High yield0.334Last 24 auctions24 of 240 of 242.402
High yield0.334Since 24 April 2008145 of 1450 of 1451.646
High yield0.334All 318 since 24 January 1991318 of 3180 of 3183.395
Indirect bidders' share57.3Last 24 auctions19 of 245 of 2460.1
Indirect bidders' share57.3All 145 since 24 April 200849 of 14596 of 14550.8
Direct bidders' share10.8Last 24 auctions15 of 249 of 2413.1
Direct bidders' share10.8All 145 since 24 April 200856 of 14589 of 1459.9
Primary dealers' share31.8Last 24 auctions6 of 2418 of 2426.1
Primary dealers' share31.8All 145 since 24 April 2008106 of 14539 of 14539.1
High minus median, basis points5.4Last 24 auctions2 of 2422 of 244.2
High minus median, basis points5.4Since 24 April 200838 of 145105 of 1454.4
High minus median, basis points5.4All 318 since 24 January 199143 of 318273 of 3183.2

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 27 May 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200527_5.pdf. Compiled by 500metrics, "5-year note auction of 27 May 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-05-27.

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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