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

The 5-year note sold $67.977 billion at a high yield of 0.394% on , with a bid-to-cover ratio of 2.39.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.394%

Median yield 0.350%

Bid-to-cover

2.39

▲ +0.01 since 23 Nov

Sold

$67.98 billion

$59 billion offered

Indirect bidders

57.1%

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 24 October 2017 to 28 December 2020; the latest at 0.394%.0.0%1.0%2.0%3.0%201820192020This auction, 0.394%High yield at the last 36 5-year note auctions36 auctions from 24 October 2017 to 28 December 2020; the latest at 0.394%.0.0%1.0%2.0%3.0%201920200.394%

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
0.3942.39
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.487 of 125 of 12
High yield0.3940.3645 of 126 of 12
Indirect bidders' share57.161.010 of 122 of 12
Direct bidders' share18.014.11 of 1211 of 12
Primary dealers' share24.925.16 of 126 of 12
High minus median, basis points4.44.66 of 125 of 12

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

Who bought the 5-year note?

Indirect bidders took 57.1% of the competitive bids accepted

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

Indirect bidders took 57.1% of the competitive bids acceptedIndirect bidders 57.1%, Direct bidders 18.0%, Primary dealers 24.9%Indirect bidders57.1%56.5%Direct bidders18.0%14.3%Primary dealers24.9%29.2%Indirect bidders took 57.1% of the competitive bids acceptedIndirect bidders 57.1%, Direct bidders 18.0%, Primary dealers 24.9%Indirect bidders57.1%56.5%Direct bidders18.0%14.3%Primary dealers24.9%29.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.156.5
Direct bidders18.014.3
Primary dealers24.929.2

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$59,000,000,000
Bids received$150,027,505,300
Sold$67,976,554,900
Competitive bids accepted$58,980,979,600
Non-competitive bids accepted$14,068,300
Federal Reserve (SOMA) add-on$8,976,507,000
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.394
Median rate, %0.350
Low rate, %0.080
Interest rate (coupon), %0.375
Bids at the high rate filled, %61.36
Bid-to-cover ratio2.39
Indirect bidders accepted$33,685,379,600
Direct bidders accepted$10,596,000,000
Primary dealers accepted$14,699,600,000
Indirect bidders' share, % (ours)57.1
Direct bidders' share, % (ours)18.0
Primary dealers' share, % (ours)24.9
High minus median, basis points (ours)4.4
Treasury par yield curve, 5-year point, same day, %0.38
High yield minus that point, basis points (ours)1.4

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 ratio2.39Last 24 auctions14 of 2410 of 242.41
Bid-to-cover ratio2.39Since 24 April 2008114 of 15234 of 1522.54
Bid-to-cover ratio2.39All 229 since 28 September 1994146 of 22979 of 2292.49
High yield0.394Last 24 auctions17 of 246 of 241.509
High yield0.394Since 24 April 2008145 of 1526 of 1521.600
High yield0.394All 325 since 24 January 1991318 of 3256 of 3253.260
Indirect bidders' share57.1Last 24 auctions20 of 244 of 2460.0
Indirect bidders' share57.1All 152 since 24 April 200858 of 15294 of 15252.5
Direct bidders' share18.0Last 24 auctions4 of 2420 of 2414.1
Direct bidders' share18.0All 152 since 24 April 20089 of 152143 of 15210.2
Primary dealers' share24.9Last 24 auctions11 of 2413 of 2424.3
Primary dealers' share24.9All 152 since 24 April 2008130 of 15222 of 15238.0
High minus median, basis points4.4Last 24 auctions11 of 2412 of 244.3
High minus median, basis points4.4Since 24 April 200875 of 15271 of 1524.4
High minus median, basis points4.4All 325 since 24 January 199190 of 325227 of 3253.3

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 December 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201228_4.pdf. Compiled by 500metrics, "5-year note auction of 28 December 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-12-28.

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

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