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5-year note auction of 24 June 2020 (new issue)

The 5-year note sold $53.428 billion at a high yield of 0.330% on , with a bid-to-cover ratio of 2.58.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.330%

Median yield 0.288%

Bid-to-cover

2.58

▲ +0.30 since 27 May

Sold

$53.43 billion

$47 billion offered

Indirect bidders

62.3%

Of competitive bids accepted

The high yield was the lowest for a 5-year note of all 319 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 319 earlier auctions we hold36 auctions from 26 April 2017 to 24 June 2020; the latest at 0.330%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.330%The high yield was the lowest for a 5-year note of all 319 earlier auctions we hold36 auctions from 26 April 2017 to 24 June 2020; the latest at 0.330%.0.0%1.0%2.0%3.0%2018201920200.330%

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
0.3302.58
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.441 of 1211 of 12
High yield0.3301.50912 of 120 of 12
Indirect bidders' share62.359.83 of 129 of 12
Direct bidders' share15.813.84 of 128 of 12
Primary dealers' share22.024.68 of 124 of 12
High minus median, basis points4.24.69 of 122 of 12

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

Who bought the 5-year note?

Indirect bidders took 62.3% of the competitive bids accepted

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

Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 15.8%, Primary dealers 22.0%Indirect bidders62.3%57.3%Direct bidders15.8%10.8%Primary dealers22.0%31.8%Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 15.8%, Primary dealers 22.0%Indirect bidders62.3%57.3%Direct bidders15.8%10.8%Primary dealers22.0%31.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.357.3
Direct bidders15.810.8
Primary dealers22.031.8

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$47,000,000,000
Bids received$127,502,247,500
Sold$53,428,398,500
Competitive bids accepted$46,985,336,000
Non-competitive bids accepted$14,764,400
Federal Reserve (SOMA) add-on$6,428,298,100
Foreign and international (FIMA) non-competitive$0
High yield, %0.330
Median rate, %0.288
Low rate, %0.220
Interest rate (coupon), %0.250
Bids at the high rate filled, %27.98
Bid-to-cover ratio2.58
Indirect bidders accepted$29,251,713,000
Direct bidders accepted$7,413,783,000
Primary dealers accepted$10,319,840,000
Indirect bidders' share, % (ours)62.3
Direct bidders' share, % (ours)15.8
Primary dealers' share, % (ours)22.0
High minus median, basis points (ours)4.2
Treasury par yield curve, 5-year point, same day, %0.33
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 ratio2.58Last 24 auctions2 of 2422 of 242.45
Bid-to-cover ratio2.58Since 24 April 200864 of 14677 of 1462.55
Bid-to-cover ratio2.58All 223 since 28 September 199486 of 223131 of 2232.49
High yield0.330Last 24 auctions24 of 240 of 242.070
High yield0.330Since 24 April 2008146 of 1460 of 1461.636
High yield0.330All 319 since 24 January 1991319 of 3190 of 3193.375
Indirect bidders' share62.3Last 24 auctions5 of 2419 of 2460.0
Indirect bidders' share62.3All 146 since 24 April 200824 of 146122 of 14650.9
Direct bidders' share15.8Last 24 auctions5 of 2419 of 2413.1
Direct bidders' share15.8All 146 since 24 April 200814 of 146132 of 1469.9
Primary dealers' share22.0Last 24 auctions19 of 245 of 2426.1
Primary dealers' share22.0All 146 since 24 April 2008139 of 1467 of 14639.0
High minus median, basis points4.2Last 24 auctions12 of 2411 of 244.3
High minus median, basis points4.2Since 24 April 200881 of 14657 of 1464.4
High minus median, basis points4.2All 319 since 24 January 199199 of 319212 of 3193.2

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 24 June 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200624_4.pdf. Compiled by 500metrics, "5-year note auction of 24 June 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-06-24.

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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