500metrics

All sources checked Checked

5-year note auction of 28 October 2020 (new issue)

The 5-year note sold $60.835 billion at a high yield of 0.330% on , with a bid-to-cover ratio of 2.38.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.330%

Median yield 0.289%

Bid-to-cover

2.38

▼ −0.14 since 23 Sep

Sold

$60.84 billion

$55 billion offered

Indirect bidders

61.9%

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 28 August 2017 to 28 October 2020; the latest at 0.330%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.330%High yield at the last 36 5-year note auctions36 auctions from 28 August 2017 to 28 October 2020; the latest at 0.330%.0.0%1.0%2.0%3.0%201920200.330%

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
0.3302.38
0.2752.52
0.2982.71
0.2882.32
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.509 of 123 of 12
High yield0.3300.4648 of 123 of 12
Indirect bidders' share61.961.75 of 127 of 12
Direct bidders' share14.013.75 of 127 of 12
Primary dealers' share24.122.45 of 127 of 12
High minus median, basis points4.14.69 of 123 of 12

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

Who bought the 5-year note?

Indirect bidders took 61.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 23 September 2020

Indirect bidders took 61.9% of the competitive bids acceptedIndirect bidders 61.9%, Direct bidders 14.0%, Primary dealers 24.1%Indirect bidders61.9%61.9%Direct bidders14.0%17.4%Primary dealers24.1%20.7%Indirect bidders took 61.9% of the competitive bids acceptedIndirect bidders 61.9%, Direct bidders 14.0%, Primary dealers 24.1%Indirect bidders61.9%61.9%Direct bidders14.0%17.4%Primary dealers24.1%20.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.961.9
Direct bidders14.017.4
Primary dealers24.120.7

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$55,000,000,000
Bids received$136,630,163,600
Sold$60,835,176,100
Competitive bids accepted$54,974,867,500
Non-competitive bids accepted$20,157,600
Federal Reserve (SOMA) add-on$5,835,151,000
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.330
Median rate, %0.289
Low rate, %0.080
Interest rate (coupon), %0.250
Bids at the high rate filled, %39.15
Bid-to-cover ratio2.38
Indirect bidders accepted$34,051,962,500
Direct bidders accepted$7,680,000,000
Primary dealers accepted$13,242,905,000
Indirect bidders' share, % (ours)61.9
Direct bidders' share, % (ours)14.0
Primary dealers' share, % (ours)24.1
High minus median, basis points (ours)4.1
Treasury par yield curve, 5-year point, same day, %0.34
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 ratio2.38Last 24 auctions16 of 248 of 242.42
Bid-to-cover ratio2.38Since 24 April 2008118 of 15030 of 1502.55
Bid-to-cover ratio2.38All 227 since 28 September 1994150 of 22774 of 2272.49
High yield0.330Last 24 auctions20 of 243 of 241.594
High yield0.330Since 24 April 2008146 of 1503 of 1501.608
High yield0.330All 323 since 24 January 1991319 of 3233 of 3233.300
Indirect bidders' share61.9Last 24 auctions6 of 2418 of 2460.0
Indirect bidders' share61.9All 150 since 24 April 200827 of 150123 of 15052.3
Direct bidders' share14.0Last 24 auctions11 of 2413 of 2413.8
Direct bidders' share14.0All 150 since 24 April 200829 of 150121 of 15010.1
Primary dealers' share24.1Last 24 auctions13 of 2411 of 2424.7
Primary dealers' share24.1All 150 since 24 April 2008133 of 15017 of 15038.5
High minus median, basis points4.1Last 24 auctions14 of 249 of 244.3
High minus median, basis points4.1Since 24 April 200891 of 15053 of 1504.4
High minus median, basis points4.1All 323 since 24 January 1991109 of 323206 of 3233.2

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 28 October 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201028_3.pdf. Compiled by 500metrics, "5-year note auction of 28 October 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-10-28.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.