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5-year note auction of 27 July 2021 (new issue)

The 5-year note sold $66.842 billion at a high yield of 0.710% on , with a bid-to-cover ratio of 2.36.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.710%

Median yield 0.660%

Bid-to-cover

2.36

▬ Unchanged since 23 Jun

Sold

$66.84 billion

$61 billion offered

Indirect bidders

58.1%

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 27 June 2018 to 27 July 2021; the latest at 0.710%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.710%High yield at the last 36 5-year note auctions36 auctions from 27 June 2018 to 27 July 2021; the latest at 0.710%.0.0%0.5%1.0%1.5%2.0%2019202020210.710%

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
0.7102.36
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.376 of 124 of 12
High yield0.7100.4104 of 128 of 12
Indirect bidders' share58.158.17 of 125 of 12
Direct bidders' share17.715.42 of 1210 of 12
Primary dealers' share24.224.78 of 124 of 12
High minus median, basis points5.04.84 of 128 of 12

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

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, 23 June 2021

Indirect bidders took 58.1% of the competitive bids acceptedIndirect bidders 58.1%, Direct bidders 17.7%, Primary dealers 24.2%Indirect bidders58.1%57.6%Direct bidders17.7%18.1%Primary dealers24.2%24.3%Indirect bidders took 58.1% of the competitive bids acceptedIndirect bidders 58.1%, Direct bidders 17.7%, Primary dealers 24.2%Indirect bidders58.1%57.6%Direct bidders17.7%18.1%Primary dealers24.2%24.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.157.6
Direct bidders17.718.1
Primary dealers24.224.3

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$149,775,871,300
Sold$66,841,604,300
Competitive bids accepted$60,929,303,000
Non-competitive bids accepted$20,759,600
Federal Reserve (SOMA) add-on$5,841,541,700
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %0.710
Median rate, %0.660
Low rate, %0.599
Interest rate (coupon), %0.625
Bids at the high rate filled, %1.38
Bid-to-cover ratio2.36
Indirect bidders accepted$35,383,708,000
Direct bidders accepted$10,814,345,000
Primary dealers accepted$14,731,250,000
Indirect bidders' share, % (ours)58.1
Direct bidders' share, % (ours)17.7
Primary dealers' share, % (ours)24.2
High minus median, basis points (ours)5.0
Treasury par yield curve, 5-year point, same day, %0.71
High yield minus that point, basis points (ours)0.0

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 auctions14 of 248 of 242.38
Bid-to-cover ratio2.36Since 24 April 2008125 of 15931 of 1592.52
Bid-to-cover ratio2.36All 236 since 28 September 1994160 of 23673 of 2362.49
High yield0.710Last 24 auctions12 of 2412 of 240.704
High yield0.710Since 24 April 2008139 of 15919 of 1591.587
High yield0.710All 332 since 24 January 1991312 of 33219 of 3323.149
Indirect bidders' share58.1Last 24 auctions16 of 248 of 2459.8
Indirect bidders' share58.1All 159 since 24 April 200854 of 159105 of 15953.0
Direct bidders' share17.7Last 24 auctions4 of 2420 of 2414.4
Direct bidders' share17.7All 159 since 24 April 200811 of 159148 of 15910.4
Primary dealers' share24.2Last 24 auctions14 of 2410 of 2424.7
Primary dealers' share24.2All 159 since 24 April 2008139 of 15920 of 15937.7
High minus median, basis points5.0Last 24 auctions7 of 2417 of 244.8
High minus median, basis points5.0Since 24 April 200850 of 159100 of 1594.5
High minus median, basis points5.0All 332 since 24 January 199156 of 332262 of 3323.3

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 27 July 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210727_2.pdf. Compiled by 500metrics, "5-year note auction of 27 July 2021 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2021-07-27.

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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