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

The 5-year note sold $43 billion at a high yield of 4.192% on , with a bid-to-cover ratio of 2.48.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.192%

Median yield 4.119%

Bid-to-cover

2.48

▲ +0.21 since 27 Sep

Sold

$43.00 billion

$43 billion offered

Indirect bidders

68.0%

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 23 October 2019 to 26 October 2022; the latest at 4.192%.0.0%1.0%2.0%3.0%4.0%5.0%2019202020212022This auction, 4.192%High yield at the last 36 5-year note auctions36 auctions from 23 October 2019 to 26 October 2022; the latest at 4.192%.0.0%1.0%2.0%3.0%4.0%5.0%202120224.192%

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
4.1922.48
4.2282.27
3.2302.30
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.482.413 of 129 of 12
High yield4.1922.6401 of 1211 of 12
Indirect bidders' share68.062.10 of 1212 of 12
Direct bidders' share15.618.611 of 121 of 12
Primary dealers' share16.520.011 of 121 of 12
High minus median, basis points7.36.75 of 127 of 12

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

  • Indirect bidders' share: Highest for a 5-year note since 27 September 2017 (56 auctions in between).

Who bought the 5-year note?

Indirect bidders took 68.0% of the competitive bids accepted

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

Indirect bidders took 68.0% of the competitive bids acceptedIndirect bidders 68.0%, Direct bidders 15.6%, Primary dealers 16.5%Indirect bidders68.0%59.6%Direct bidders15.6%18.7%Primary dealers16.5%21.7%Indirect bidders took 68.0% of the competitive bids acceptedIndirect bidders 68.0%, Direct bidders 15.6%, Primary dealers 16.5%Indirect bidders68.0%59.6%Direct bidders15.6%18.7%Primary dealers16.5%21.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.059.6
Direct bidders15.618.7
Primary dealers16.521.7

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$43,000,000,000
Bids received$106,618,676,400
Sold$43,000,006,400
Competitive bids accepted$42,777,382,000
Non-competitive bids accepted$222,624,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.192
Median rate, %4.119
Low rate, %4.050
Interest rate (coupon), %4.125
Bids at the high rate filled, %12.83
Bid-to-cover ratio2.48
Indirect bidders accepted$29,079,052,000
Direct bidders accepted$6,655,500,000
Primary dealers accepted$7,042,830,000
Indirect bidders' share, % (ours)68.0
Direct bidders' share, % (ours)15.6
Primary dealers' share, % (ours)16.5
High minus median, basis points (ours)7.3
Treasury par yield curve, 5-year point, same day, %4.20
High yield minus that point, basis points (ours)-0.8

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 ratio2.48Last 24 auctions5 of 2419 of 242.38
Bid-to-cover ratio2.48Since 24 April 200896 of 17374 of 1732.50
Bid-to-cover ratio2.48All 250 since 28 September 1994122 of 250124 of 2502.48
High yield4.192Last 24 auctions1 of 2423 of 240.947
High yield4.192Since 24 April 20081 of 173172 of 1731.595
High yield4.192All 346 since 24 January 1991136 of 346210 of 3463.060
Indirect bidders' share68.0Last 24 auctions0 of 2424 of 2460.4
Indirect bidders' share68.0All 173 since 24 April 20087 of 173166 of 17354.3
Direct bidders' share15.6Last 24 auctions18 of 246 of 2417.5
Direct bidders' share15.6All 173 since 24 April 200835 of 173138 of 17310.8
Primary dealers' share16.5Last 24 auctions23 of 241 of 2422.8
Primary dealers' share16.5All 173 since 24 April 2008172 of 1731 of 17336.5
High minus median, basis points7.3Last 24 auctions5 of 2419 of 245.4
High minus median, basis points7.3Since 24 April 200816 of 173157 of 1734.6
High minus median, basis points7.3All 346 since 24 January 199116 of 346330 of 3463.5

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 October 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221026_3.pdf. Compiled by 500metrics, "5-year note auction of 26 October 2022 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2022-10-26.

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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