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

The 5-year note sold $68.347 billion at a high yield of 0.990% on , with a bid-to-cover ratio of 2.37.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.990%

Median yield 0.936%

Bid-to-cover

2.37

▲ +0.02 since 25 Aug

Sold

$68.35 billion

$61 billion offered

Indirect bidders

54.3%

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 28 August 2018 to 27 September 2021; the latest at 0.990%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.990%The high yield was the highest for a 5-year note since 26 February 202036 auctions from 28 August 2018 to 27 September 2021; the latest at 0.990%.0.0%0.5%1.0%1.5%2.0%202020210.990%

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
0.9902.37
0.8312.35
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.372.365 of 127 of 12
High yield0.9900.6660 of 1212 of 12
Indirect bidders' share54.358.112 of 120 of 12
Direct bidders' share20.217.00 of 1212 of 12
Primary dealers' share25.524.42 of 1210 of 12
High minus median, basis points5.44.93 of 129 of 12

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

  • Indirect bidders' share: Lowest for a 5-year note since 25 March 2020 (17 auctions in between).
  • Direct bidders' share: Highest for a 5-year note since 25 February 2019 (28 auctions in between).

Who bought the 5-year note?

Indirect bidders took 54.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 25 August 2021

Indirect bidders took 54.3% of the competitive bids acceptedIndirect bidders 54.3%, Direct bidders 20.2%, Primary dealers 25.5%Indirect bidders54.3%62.7%Direct bidders20.2%17.5%Primary dealers25.5%19.8%Indirect bidders took 54.3% of the competitive bids acceptedIndirect bidders 54.3%, Direct bidders 20.2%, Primary dealers 25.5%Indirect bidders54.3%62.7%Direct bidders20.2%17.5%Primary dealers25.5%19.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders54.362.7
Direct bidders20.217.5
Primary dealers25.519.8

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$151,676,180,900
Sold$68,346,508,900
Competitive bids accepted$60,956,028,000
Non-competitive bids accepted$39,022,200
Federal Reserve (SOMA) add-on$7,346,458,700
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.990
Median rate, %0.936
Low rate, %0.880
Interest rate (coupon), %0.875
Bids at the high rate filled, %20.36
Bid-to-cover ratio2.37
Indirect bidders accepted$33,109,788,000
Direct bidders accepted$12,317,000,000
Primary dealers accepted$15,529,240,000
Indirect bidders' share, % (ours)54.3
Direct bidders' share, % (ours)20.2
Primary dealers' share, % (ours)25.5
High minus median, basis points (ours)5.4
Treasury par yield curve, 5-year point, same day, %0.98
High yield minus that point, basis points (ours)1.0

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 ratio2.37Last 24 auctions13 of 2411 of 242.38
Bid-to-cover ratio2.37Since 24 April 2008124 of 16136 of 1612.52
Bid-to-cover ratio2.37All 238 since 28 September 1994157 of 23878 of 2382.48
High yield0.990Last 24 auctions6 of 2418 of 240.666
High yield0.990Since 24 April 2008121 of 16140 of 1611.580
High yield0.990All 334 since 24 January 1991294 of 33440 of 3343.134
Indirect bidders' share54.3Last 24 auctions23 of 241 of 2460.2
Indirect bidders' share54.3All 161 since 24 April 200875 of 16186 of 16153.4
Direct bidders' share20.2Last 24 auctions0 of 2424 of 2414.6
Direct bidders' share20.2All 161 since 24 April 20085 of 161156 of 16110.5
Primary dealers' share25.5Last 24 auctions8 of 2416 of 2424.4
Primary dealers' share25.5All 161 since 24 April 2008129 of 16132 of 16137.4
High minus median, basis points5.4Last 24 auctions6 of 2417 of 244.8
High minus median, basis points5.4Since 24 April 200842 of 161116 of 1614.5
High minus median, basis points5.4All 334 since 24 January 199147 of 334284 of 3343.3

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 September 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210927_3.pdf. Compiled by 500metrics, "5-year note auction of 27 September 2021 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2021-09-27.

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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