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5-year note auction of 27 June 2023 (new issue)

The 5-year note sold $43 billion at a high yield of 4.019% on , with a bid-to-cover ratio of 2.52.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.019%

Median yield 3.950%

Bid-to-cover

2.52

▼ −0.06 since 24 May

Sold

$43.00 billion

$43 billion offered

Indirect bidders

68.1%

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 24 June 2020 to 27 June 2023; the latest at 4.019%.0.0%1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 4.019%High yield at the last 36 5-year note auctions36 auctions from 24 June 2020 to 27 June 2023; the latest at 4.019%.0.0%1.0%2.0%3.0%4.0%5.0%2021202220234.019%

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
4.0192.52
3.7492.58
3.5002.54
3.6652.48
4.1092.48
3.5302.64
3.9732.46
3.9742.39
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.522.473 of 129 of 12
High yield4.0193.7073 of 129 of 12
Indirect bidders' share68.167.25 of 127 of 12
Direct bidders' share19.718.21 of 1211 of 12
Primary dealers' share12.215.89 of 123 of 12
High minus median, basis points6.97.48 of 124 of 12

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

Who bought the 5-year note?

Indirect bidders took 68.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 May 2023

Indirect bidders took 68.1% of the competitive bids acceptedIndirect bidders 68.1%, Direct bidders 19.7%, Primary dealers 12.2%Indirect bidders68.1%72.7%Direct bidders19.7%18.0%Primary dealers12.2%9.3%Indirect bidders took 68.1% of the competitive bids acceptedIndirect bidders 68.1%, Direct bidders 19.7%, Primary dealers 12.2%Indirect bidders68.1%72.7%Direct bidders19.7%18.0%Primary dealers12.2%9.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.172.7
Direct bidders19.718.0
Primary dealers12.29.3

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$43,000,000,000
Bids received$108,201,132,200
Sold$43,000,072,100
Competitive bids accepted$42,898,324,900
Non-competitive bids accepted$96,747,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %4.019
Median rate, %3.950
Low rate, %3.880
Interest rate (coupon), %4.000
Bids at the high rate filled, %42.63
Bid-to-cover ratio2.52
Indirect bidders accepted$29,213,064,900
Direct bidders accepted$8,447,000,000
Primary dealers accepted$5,238,260,000
Indirect bidders' share, % (ours)68.1
Direct bidders' share, % (ours)19.7
Primary dealers' share, % (ours)12.2
High minus median, basis points (ours)6.9
Treasury par yield curve, 5-year point, same day, %4.02
High yield minus that point, basis points (ours)-0.1

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 ratio2.52Last 24 auctions5 of 2419 of 242.45
Bid-to-cover ratio2.52Since 24 April 200884 of 18193 of 1812.50
Bid-to-cover ratio2.52All 258 since 28 September 1994108 of 258146 of 2582.48
High yield4.019Last 24 auctions3 of 2421 of 242.822
High yield4.019Since 24 April 20083 of 181178 of 1811.615
High yield4.019All 354 since 24 January 1991140 of 354214 of 3543.149
Indirect bidders' share68.1Last 24 auctions5 of 2419 of 2464.4
Indirect bidders' share68.1All 181 since 24 April 200812 of 181169 of 18156.2
Direct bidders' share19.7Last 24 auctions4 of 2420 of 2418.1
Direct bidders' share19.7All 181 since 24 April 200811 of 181170 of 18110.8
Primary dealers' share12.2Last 24 auctions21 of 243 of 2417.4
Primary dealers' share12.2All 181 since 24 April 2008178 of 1813 of 18135.7
High minus median, basis points6.9Last 24 auctions10 of 2413 of 246.7
High minus median, basis points6.9Since 24 April 200824 of 181155 of 1814.7
High minus median, basis points6.9All 354 since 24 January 199125 of 354327 of 3543.5

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 27 June 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230627_2.pdf. Compiled by 500metrics, "5-year note auction of 27 June 2023 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2023-06-27.

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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