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5-year note auction of 23 June 2021 (new issue)

The 5-year note sold $70.259 billion at a high yield of 0.904% on , with a bid-to-cover ratio of 2.36.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.904%

Median yield 0.843%

Bid-to-cover

2.36

▼ −0.13 since 26 May

Sold

$70.26 billion

$61 billion offered

Indirect bidders

57.6%

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 23 May 2018 to 23 June 2021; the latest at 0.904%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.904%The high yield was the highest for a 5-year note since 26 February 202036 auctions from 23 May 2018 to 23 June 2021; the latest at 0.904%.0.0%0.5%1.0%1.5%2.0%2019202020210.904%

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
0.9042.36
0.7882.49
0.8492.31
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.387 of 124 of 12
High yield0.9040.3960 of 1212 of 12
Indirect bidders' share57.659.39 of 123 of 12
Direct bidders' share18.115.30 of 1212 of 12
Primary dealers' share24.324.77 of 125 of 12
High minus median, basis points6.14.80 of 1212 of 12

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

  • Direct bidders' share: Highest for a 5-year note since 27 April 2020 (13 auctions in between).
  • High minus median, basis points: Highest for a 5-year note since 22 February 2017 (48 auctions in between).

Who bought the 5-year note?

Indirect bidders took 57.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 May 2021

Indirect bidders took 57.6% of the competitive bids acceptedIndirect bidders 57.6%, Direct bidders 18.1%, Primary dealers 24.3%Indirect bidders57.6%64.4%Direct bidders18.1%14.9%Primary dealers24.3%20.8%Indirect bidders took 57.6% of the competitive bids acceptedIndirect bidders 57.6%, Direct bidders 18.1%, Primary dealers 24.3%Indirect bidders57.6%64.4%Direct bidders18.1%14.9%Primary dealers24.3%20.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.664.4
Direct bidders18.114.9
Primary dealers24.320.8

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$153,041,887,300
Sold$70,259,297,300
Competitive bids accepted$60,967,054,400
Non-competitive bids accepted$27,948,100
Federal Reserve (SOMA) add-on$9,259,294,800
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.904
Median rate, %0.843
Low rate, %0.760
Interest rate (coupon), %0.875
Bids at the high rate filled, %15.14
Bid-to-cover ratio2.36
Indirect bidders accepted$35,131,354,400
Direct bidders accepted$11,028,000,000
Primary dealers accepted$14,807,700,000
Indirect bidders' share, % (ours)57.6
Direct bidders' share, % (ours)18.1
Primary dealers' share, % (ours)24.3
High minus median, basis points (ours)6.1
Treasury par yield curve, 5-year point, same day, %0.90
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 ratio2.36Last 24 auctions14 of 249 of 242.38
Bid-to-cover ratio2.36Since 24 April 2008125 of 15831 of 1582.52
Bid-to-cover ratio2.36All 235 since 28 September 1994160 of 23573 of 2352.49
High yield0.904Last 24 auctions9 of 2415 of 240.704
High yield0.904Since 24 April 2008122 of 15836 of 1581.591
High yield0.904All 331 since 24 January 1991295 of 33136 of 3313.159
Indirect bidders' share57.6Last 24 auctions17 of 247 of 2459.8
Indirect bidders' share57.6All 158 since 24 April 200858 of 158100 of 15853.0
Direct bidders' share18.1Last 24 auctions3 of 2421 of 2414.4
Direct bidders' share18.1All 158 since 24 April 20089 of 158149 of 15810.4
Primary dealers' share24.3Last 24 auctions13 of 2411 of 2424.7
Primary dealers' share24.3All 158 since 24 April 2008138 of 15820 of 15837.7
High minus median, basis points6.1Last 24 auctions0 of 2424 of 244.7
High minus median, basis points6.1Since 24 April 200824 of 158133 of 1584.5
High minus median, basis points6.1All 331 since 24 January 199125 of 331305 of 3313.3

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 23 June 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210623_3.pdf. Compiled by 500metrics, "5-year note auction of 23 June 2021 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2021-06-23.

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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