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5-year note auction of 24 March 2021 (new issue)

The 5-year note sold $71.954 billion at a high yield of 0.850% on , with a bid-to-cover ratio of 2.36.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.850%

Median yield 0.790%

Bid-to-cover

2.36

▲ +0.12 since 24 Feb

Sold

$71.95 billion

$61 billion offered

Indirect bidders

58.1%

Of competitive bids accepted

The high yield was the highest for a 5-year note since 26 February 2020

High yield at each 5-year note auction, %

The high yield was the highest for a 5-year note since 26 February 202036 auctions from 21 February 2018 to 24 March 2021; the latest at 0.850%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.850%The high yield was the highest for a 5-year note since 26 February 202036 auctions from 21 February 2018 to 24 March 2021; the latest at 0.850%.0.0%1.0%2.0%3.0%2019202020210.850%

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
0.8502.36
0.6212.24
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.388 of 124 of 12
High yield0.8500.3640 of 1212 of 12
Indirect bidders' share58.159.37 of 125 of 12
Direct bidders' share16.614.43 of 129 of 12
Primary dealers' share25.325.16 of 126 of 12
High minus median, basis points6.04.60 of 1212 of 12

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

  • High minus median, basis points: Highest for a 5-year note since 25 September 2019 (17 auctions in between).

Who bought the 5-year note?

Indirect bidders took 58.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 February 2021

Indirect bidders took 58.1% of the competitive bids acceptedIndirect bidders 58.1%, Direct bidders 16.6%, Primary dealers 25.3%Indirect bidders58.1%57.1%Direct bidders16.6%14.4%Primary dealers25.3%28.6%Indirect bidders took 58.1% of the competitive bids acceptedIndirect bidders 58.1%, Direct bidders 16.6%, Primary dealers 25.3%Indirect bidders58.1%57.1%Direct bidders16.6%14.4%Primary dealers25.3%28.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.157.1
Direct bidders16.614.4
Primary dealers25.328.6

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$154,998,181,700
Sold$71,953,839,200
Competitive bids accepted$60,945,407,500
Non-competitive bids accepted$47,393,300
Federal Reserve (SOMA) add-on$10,953,838,400
Foreign and international (FIMA) non-competitive$7,200,000
High yield, %0.850
Median rate, %0.790
Low rate, %0.736
Interest rate (coupon), %0.750
Bids at the high rate filled, %64.83
Bid-to-cover ratio2.36
Indirect bidders accepted$35,395,410,000
Direct bidders accepted$10,127,000,000
Primary dealers accepted$15,422,997,500
Indirect bidders' share, % (ours)58.1
Direct bidders' share, % (ours)16.6
Primary dealers' share, % (ours)25.3
High minus median, basis points (ours)6.0
Treasury par yield curve, 5-year point, same day, %0.83
High yield minus that point, basis points (ours)2.0

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 ratio2.36Last 24 auctions16 of 248 of 242.40
Bid-to-cover ratio2.36Since 24 April 2008124 of 15530 of 1552.54
Bid-to-cover ratio2.36All 232 since 28 September 1994159 of 23272 of 2322.49
High yield0.850Last 24 auctions12 of 2412 of 240.886
High yield0.850Since 24 April 2008127 of 15528 of 1551.596
High yield0.850All 328 since 24 January 1991300 of 32828 of 3283.225
Indirect bidders' share58.1Last 24 auctions16 of 248 of 2460.1
Indirect bidders' share58.1All 155 since 24 April 200852 of 155103 of 15552.7
Direct bidders' share16.6Last 24 auctions6 of 2418 of 2414.4
Direct bidders' share16.6All 155 since 24 April 200814 of 155141 of 15510.3
Primary dealers' share25.3Last 24 auctions10 of 2414 of 2424.3
Primary dealers' share25.3All 155 since 24 April 2008130 of 15525 of 15537.8
High minus median, basis points6.0Last 24 auctions0 of 2423 of 244.4
High minus median, basis points6.0Since 24 April 200825 of 155126 of 1554.4
High minus median, basis points6.0All 328 since 24 January 199126 of 328296 of 3283.3

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 24 March 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210324_3.pdf. Compiled by 500metrics, "5-year note auction of 24 March 2021 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2021-03-24.

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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