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5-year note auction of 26 July 2022 (new issue)

The 5-year note sold $49.991 billion at a high yield of 2.860% on , with a bid-to-cover ratio of 2.46.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.860%

Median yield 2.800%

Bid-to-cover

2.46

▲ +0.18 since 27 Jun

Sold

$49.99 billion

$46 billion offered

Indirect bidders

66.4%

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 24 July 2019 to 26 July 2022; the latest at 2.860%.0.0%1.0%2.0%3.0%4.0%2019202020212022This auction, 2.860%High yield at the last 36 5-year note auctions36 auctions from 24 July 2019 to 26 July 2022; the latest at 2.860%.0.0%1.0%2.0%3.0%4.0%2020202120222.860%

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
2.8602.46
3.2712.28
2.7362.44
2.7852.41
2.5432.53
1.8802.49
1.2632.41
1.3192.34
1.1572.55
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.393 of 129 of 12
High yield2.8601.2911 of 1211 of 12
Indirect bidders' share66.461.51 of 1211 of 12
Direct bidders' share16.818.310 of 122 of 12
Primary dealers' share16.820.010 of 122 of 12
High minus median, basis points6.05.86 of 126 of 12

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

Who bought the 5-year note?

Indirect bidders took 66.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 June 2022

Indirect bidders took 66.4% of the competitive bids acceptedIndirect bidders 66.4%, Direct bidders 16.8%, Primary dealers 16.8%Indirect bidders66.4%56.5%Direct bidders16.8%19.7%Primary dealers16.8%23.8%Indirect bidders took 66.4% of the competitive bids acceptedIndirect bidders 66.4%, Direct bidders 16.8%, Primary dealers 16.8%Indirect bidders66.4%56.5%Direct bidders16.8%19.7%Primary dealers16.8%23.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.456.5
Direct bidders16.819.7
Primary dealers16.823.8

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$46,000,000,000
Bids received$117,310,251,600
Sold$49,991,086,600
Competitive bids accepted$45,932,955,000
Non-competitive bids accepted$64,082,100
Federal Reserve (SOMA) add-on$3,991,049,500
Foreign and international (FIMA) non-competitive$3,000,000
High yield, %2.860
Median rate, %2.800
Low rate, %2.720
Interest rate (coupon), %2.750
Bids at the high rate filled, %21.10
Bid-to-cover ratio2.46
Indirect bidders accepted$30,487,120,000
Direct bidders accepted$7,723,500,000
Primary dealers accepted$7,722,335,000
Indirect bidders' share, % (ours)66.4
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)16.8
High minus median, basis points (ours)6.0
Treasury par yield curve, 5-year point, same day, %2.89
High yield minus that point, basis points (ours)-3.0

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 ratio2.46Last 24 auctions7 of 2417 of 242.38
Bid-to-cover ratio2.46Since 24 April 200899 of 17067 of 1702.52
Bid-to-cover ratio2.46All 247 since 28 September 1994129 of 247113 of 2472.48
High yield2.860Last 24 auctions1 of 2423 of 240.840
High yield2.860Since 24 April 200811 of 170159 of 1701.584
High yield2.860All 343 since 24 January 1991179 of 343164 of 3433.030
Indirect bidders' share66.4Last 24 auctions1 of 2423 of 2460.4
Indirect bidders' share66.4All 170 since 24 April 200812 of 170158 of 17053.9
Direct bidders' share16.8Last 24 auctions13 of 2411 of 2417.4
Direct bidders' share16.8All 170 since 24 April 200825 of 170145 of 17010.7
Primary dealers' share16.8Last 24 auctions22 of 242 of 2424.0
Primary dealers' share16.8All 170 since 24 April 2008168 of 1702 of 17036.7
High minus median, basis points6.0Last 24 auctions6 of 2417 of 245.0
High minus median, basis points6.0Since 24 April 200831 of 170134 of 1704.6
High minus median, basis points6.0All 343 since 24 January 199132 of 343304 of 3433.4

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 July 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220726_1.pdf. Compiled by 500metrics, "5-year note auction of 26 July 2022 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2022-07-26.

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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