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5-year note auction of 26 January 2021 (new issue)

The 5-year note sold $69.245 billion at a high yield of 0.424% on , with a bid-to-cover ratio of 2.34.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.424%

Median yield 0.375%

Bid-to-cover

2.34

▼ −0.05 since 28 Dec

Sold

$69.24 billion

$61 billion offered

Indirect bidders

60.5%

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 25 October 2017 to 26 January 2021; the latest at 0.424%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.424%High yield at the last 36 5-year note auctions36 auctions from 25 October 2017 to 26 January 2021; the latest at 0.424%.0.0%1.0%2.0%3.0%2019202020210.424%

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
0.4242.34
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.342.429 of 123 of 12
High yield0.4240.3643 of 129 of 12
Indirect bidders' share60.560.25 of 127 of 12
Direct bidders' share14.114.16 of 126 of 12
Primary dealers' share25.425.56 of 126 of 12
High minus median, basis points4.94.63 of 129 of 12

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

Who bought the 5-year note?

Indirect bidders took 60.5% of the competitive bids accepted

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

Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 14.1%, Primary dealers 25.4%Indirect bidders60.5%57.1%Direct bidders14.1%18.0%Primary dealers25.4%24.9%Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 14.1%, Primary dealers 25.4%Indirect bidders60.5%57.1%Direct bidders14.1%18.0%Primary dealers25.4%24.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.557.1
Direct bidders14.118.0
Primary dealers25.424.9

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$61,000,000,000
Bids received$151,138,380,400
Sold$69,244,750,400
Competitive bids accepted$60,970,515,000
Non-competitive bids accepted$24,593,400
Federal Reserve (SOMA) add-on$8,244,642,000
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.424
Median rate, %0.375
Low rate, %0.300
Interest rate (coupon), %0.375
Bids at the high rate filled, %18.38
Bid-to-cover ratio2.34
Indirect bidders accepted$36,885,095,000
Direct bidders accepted$8,625,000,000
Primary dealers accepted$15,460,420,000
Indirect bidders' share, % (ours)60.5
Direct bidders' share, % (ours)14.1
Primary dealers' share, % (ours)25.4
High minus median, basis points (ours)4.9
Treasury par yield curve, 5-year point, same day, %0.42
High yield minus that point, basis points (ours)0.4

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 ratio2.34Last 24 auctions18 of 246 of 242.41
Bid-to-cover ratio2.34Since 24 April 2008127 of 15324 of 1532.54
Bid-to-cover ratio2.34All 230 since 28 September 1994162 of 23066 of 2302.49
High yield0.424Last 24 auctions15 of 249 of 241.406
High yield0.424Since 24 April 2008144 of 1539 of 1531.600
High yield0.424All 326 since 24 January 1991317 of 3269 of 3263.245
Indirect bidders' share60.5Last 24 auctions9 of 2415 of 2460.0
Indirect bidders' share60.5All 153 since 24 April 200835 of 153118 of 15352.5
Direct bidders' share14.1Last 24 auctions13 of 2411 of 2414.3
Direct bidders' share14.1All 153 since 24 April 200831 of 153122 of 15310.2
Primary dealers' share25.4Last 24 auctions10 of 2414 of 2424.3
Primary dealers' share25.4All 153 since 24 April 2008128 of 15325 of 15337.9
High minus median, basis points4.9Last 24 auctions5 of 2419 of 244.4
High minus median, basis points4.9Since 24 April 200856 of 15395 of 1534.4
High minus median, basis points4.9All 326 since 24 January 199167 of 326256 of 3263.3

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 26 January 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210126_3.pdf. Compiled by 500metrics, "5-year note auction of 26 January 2021 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2021-01-26.

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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