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5-year note auction of 25 July 2023 (new issue)

The 5-year note sold $43 billion at a high yield of 4.170% on , with a bid-to-cover ratio of 2.60.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.170%

Median yield 4.100%

Bid-to-cover

2.60

▲ +0.08 since 27 Jun

Sold

$43.00 billion

$43 billion offered

Indirect bidders

64.4%

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 27 July 2020 to 25 July 2023; the latest at 4.170%.0.0%1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 4.170%High yield at the last 36 5-year note auctions36 auctions from 27 July 2020 to 25 July 2023; the latest at 4.170%.0.0%1.0%2.0%3.0%4.0%5.0%2021202220234.170%

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
4.1702.60
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.602.481 of 1211 of 12
High yield4.1703.8612 of 1210 of 12
Indirect bidders' share64.468.010 of 122 of 12
Direct bidders' share22.118.20 of 1212 of 12
Primary dealers' share13.514.47 of 125 of 12
High minus median, basis points7.07.37 of 125 of 12

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

  • Direct bidders' share: Highest for a 5-year note since 25 February 2019 (49 auctions in between).

Who bought the 5-year note?

Indirect bidders took 64.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 June 2023

Indirect bidders took 64.4% of the competitive bids acceptedIndirect bidders 64.4%, Direct bidders 22.1%, Primary dealers 13.5%Indirect bidders64.4%68.1%Direct bidders22.1%19.7%Primary dealers13.5%12.2%Indirect bidders took 64.4% of the competitive bids acceptedIndirect bidders 64.4%, Direct bidders 22.1%, Primary dealers 13.5%Indirect bidders64.4%68.1%Direct bidders22.1%19.7%Primary dealers13.5%12.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.468.1
Direct bidders22.119.7
Primary dealers13.512.2

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$111,896,244,100
Sold$43,000,047,900
Competitive bids accepted$42,889,723,800
Non-competitive bids accepted$105,324,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %4.170
Median rate, %4.100
Low rate, %4.060
Interest rate (coupon), %4.125
Bids at the high rate filled, %81.95
Bid-to-cover ratio2.60
Indirect bidders accepted$27,613,307,500
Direct bidders accepted$9,489,516,300
Primary dealers accepted$5,786,900,000
Indirect bidders' share, % (ours)64.4
Direct bidders' share, % (ours)22.1
Primary dealers' share, % (ours)13.5
High minus median, basis points (ours)7.0
Treasury par yield curve, 5-year point, same day, %4.15
High yield minus that point, basis points (ours)2.0

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 ratio2.60Last 24 auctions1 of 2423 of 242.45
Bid-to-cover ratio2.60Since 24 April 200862 of 182119 of 1822.50
Bid-to-cover ratio2.60All 259 since 28 September 199481 of 259174 of 2592.48
High yield4.170Last 24 auctions2 of 2422 of 243.045
High yield4.170Since 24 April 20082 of 182180 of 1821.620
High yield4.170All 355 since 24 January 1991137 of 355218 of 3553.159
Indirect bidders' share64.4Last 24 auctions13 of 2411 of 2464.6
Indirect bidders' share64.4All 182 since 24 April 200831 of 182151 of 18256.3
Direct bidders' share22.1Last 24 auctions0 of 2424 of 2418.2
Direct bidders' share22.1All 182 since 24 April 20085 of 182177 of 18210.9
Primary dealers' share13.5Last 24 auctions19 of 245 of 2417.0
Primary dealers' share13.5All 182 since 24 April 2008177 of 1825 of 18235.5
High minus median, basis points7.0Last 24 auctions10 of 2414 of 246.8
High minus median, basis points7.0Since 24 April 200822 of 182158 of 1824.7
High minus median, basis points7.0All 355 since 24 January 199122 of 355330 of 3553.5

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 25 July 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230725_2.pdf. Compiled by 500metrics, "5-year note auction of 25 July 2023 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2023-07-25.

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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