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5-year note auction of 23 November 2020 (new issue)

The 5-year note sold $64.908 billion at a high yield of 0.397% on , with a bid-to-cover ratio of 2.38.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.397%

Median yield 0.349%

Bid-to-cover

2.38

▬ Unchanged since 28 Oct

Sold

$64.91 billion

$57 billion offered

Indirect bidders

56.5%

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 27 September 2017 to 23 November 2020; the latest at 0.397%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.397%High yield at the last 36 5-year note auctions36 auctions from 27 September 2017 to 23 November 2020; the latest at 0.397%.0.0%1.0%2.0%3.0%201920200.397%

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
0.3972.38
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.508 of 123 of 12
High yield0.3970.3645 of 127 of 12
Indirect bidders' share56.561.711 of 121 of 12
Direct bidders' share14.313.95 of 127 of 12
Primary dealers' share29.223.03 of 129 of 12
High minus median, basis points4.84.63 of 127 of 12

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

Who bought the 5-year note?

Indirect bidders took 56.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 28 October 2020

Indirect bidders took 56.5% of the competitive bids acceptedIndirect bidders 56.5%, Direct bidders 14.3%, Primary dealers 29.2%Indirect bidders56.5%61.9%Direct bidders14.3%14.0%Primary dealers29.2%24.1%Indirect bidders took 56.5% of the competitive bids acceptedIndirect bidders 56.5%, Direct bidders 14.3%, Primary dealers 29.2%Indirect bidders56.5%61.9%Direct bidders14.3%14.0%Primary dealers29.2%24.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.561.9
Direct bidders14.314.0
Primary dealers29.224.1

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$57,000,000,000
Bids received$143,719,384,700
Sold$64,907,623,700
Competitive bids accepted$56,986,339,000
Non-competitive bids accepted$13,691,100
Federal Reserve (SOMA) add-on$7,907,593,600
Foreign and international (FIMA) non-competitive$0
High yield, %0.397
Median rate, %0.349
Low rate, %0.250
Interest rate (coupon), %0.375
Bids at the high rate filled, %42.65
Bid-to-cover ratio2.38
Indirect bidders accepted$32,175,962,500
Direct bidders accepted$8,163,076,500
Primary dealers accepted$16,647,300,000
Indirect bidders' share, % (ours)56.5
Direct bidders' share, % (ours)14.3
Primary dealers' share, % (ours)29.2
High minus median, basis points (ours)4.8
Treasury par yield curve, 5-year point, same day, %0.39
High yield minus that point, basis points (ours)0.7

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 auctions15 of 248 of 242.41
Bid-to-cover ratio2.38Since 24 April 2008118 of 15130 of 1512.55
Bid-to-cover ratio2.38All 228 since 28 September 1994150 of 22874 of 2282.49
High yield0.397Last 24 auctions17 of 247 of 241.578
High yield0.397Since 24 April 2008144 of 1517 of 1511.600
High yield0.397All 324 since 24 January 1991317 of 3247 of 3243.280
Indirect bidders' share56.5Last 24 auctions21 of 243 of 2460.0
Indirect bidders' share56.5All 151 since 24 April 200860 of 15191 of 15152.5
Direct bidders' share14.3Last 24 auctions10 of 2414 of 2413.9
Direct bidders' share14.3All 151 since 24 April 200825 of 151126 of 15110.1
Primary dealers' share29.2Last 24 auctions8 of 2416 of 2424.3
Primary dealers' share29.2All 151 since 24 April 2008113 of 15138 of 15138.2
High minus median, basis points4.8Last 24 auctions5 of 2417 of 244.2
High minus median, basis points4.8Since 24 April 200858 of 15189 of 1514.4
High minus median, basis points4.8All 324 since 24 January 199170 of 324250 of 3243.2

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 23 November 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201123_3.pdf. Compiled by 500metrics, "5-year note auction of 23 November 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-11-23.

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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