500metrics

All sources checked Checked

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

The 5-year note sold $52 billion at a high yield of 4.899% on , with a bid-to-cover ratio of 2.36.

Coupon
4.875%
Announced
Issued
Matures

High yield

4.899%

Median yield 4.819%

Bid-to-cover

2.36

▼ −0.16 since 27 Sep

Sold

$52.00 billion

$52 billion offered

Indirect bidders

61.5%

Of competitive bids accepted

The high yield was the highest for a 5-year note since 27 June 2007

High yield at each 5-year note auction, %

The high yield was the highest for a 5-year note since 27 June 200736 auctions from 28 October 2020 to 25 October 2023; the latest at 4.899%.0.0%2.0%4.0%6.0%2020202120222023This auction, 4.899%The high yield was the highest for a 5-year note since 27 June 200736 auctions from 28 October 2020 to 25 October 2023; the latest at 4.899%.1.0%2.0%3.0%4.0%5.0%202220234.899%

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
4.8992.36
4.6592.52
4.4002.54
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.5212 of 120 of 12
High yield4.8993.9960 of 1212 of 12
Indirect bidders' share61.568.312 of 120 of 12
Direct bidders' share19.118.22 of 1210 of 12
Primary dealers' share19.413.40 of 1212 of 12
High minus median, basis points8.07.00 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 5-year note since 27 September 2022 (12 auctions in between).
  • Indirect bidders' share: Lowest for a 5-year note since 27 September 2022 (12 auctions in between).
  • Primary dealers' share: Highest for a 5-year note since 27 September 2022 (12 auctions in between).
  • High minus median, basis points: Highest for a 5-year note since 27 September 2022 (12 auctions in between).

Who bought the 5-year note?

Indirect bidders took 61.5% of the competitive bids accepted

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

Indirect bidders took 61.5% of the competitive bids acceptedIndirect bidders 61.5%, Direct bidders 19.1%, Primary dealers 19.4%Indirect bidders61.5%71.1%Direct bidders19.1%17.6%Primary dealers19.4%11.2%Indirect bidders took 61.5% of the competitive bids acceptedIndirect bidders 61.5%, Direct bidders 19.1%, Primary dealers 19.4%Indirect bidders61.5%71.1%Direct bidders19.1%17.6%Primary dealers19.4%11.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.571.1
Direct bidders19.117.6
Primary dealers19.411.2

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$52,000,000,000
Bids received$122,956,296,800
Sold$52,000,027,800
Competitive bids accepted$51,790,231,000
Non-competitive bids accepted$209,796,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.899
Median rate, %4.819
Low rate, %4.730
Interest rate (coupon), %4.875
Bids at the high rate filled, %48.22
Bid-to-cover ratio2.36
Indirect bidders accepted$31,856,231,000
Direct bidders accepted$9,884,000,000
Primary dealers accepted$10,050,000,000
Indirect bidders' share, % (ours)61.5
Direct bidders' share, % (ours)19.1
Primary dealers' share, % (ours)19.4
High minus median, basis points (ours)8.0
Treasury par yield curve, 5-year point, same day, %4.89
High yield minus that point, basis points (ours)0.9

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 ratio2.36Last 24 auctions20 of 244 of 242.48
Bid-to-cover ratio2.36Since 24 April 2008145 of 18536 of 1852.51
Bid-to-cover ratio2.36All 262 since 28 September 1994180 of 26278 of 2622.48
High yield4.899Last 24 auctions0 of 2424 of 243.515
High yield4.899Since 24 April 20080 of 185185 of 1851.646
High yield4.899All 358 since 24 January 1991106 of 358252 of 3583.225
Indirect bidders' share61.5Last 24 auctions18 of 246 of 2465.9
Indirect bidders' share61.5All 185 since 24 April 200851 of 185134 of 18556.5
Direct bidders' share19.1Last 24 auctions7 of 2417 of 2418.3
Direct bidders' share19.1All 185 since 24 April 200814 of 185171 of 18510.9
Primary dealers' share19.4Last 24 auctions7 of 2417 of 2416.5
Primary dealers' share19.4All 185 since 24 April 2008165 of 18520 of 18535.3
High minus median, basis points8.0Last 24 auctions3 of 2420 of 247.0
High minus median, basis points8.0Since 24 April 20088 of 185173 of 1854.8
High minus median, basis points8.0All 358 since 24 January 19918 of 358346 of 3583.5

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 October 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231025_3.pdf. Compiled by 500metrics, "5-year note auction of 25 October 2023 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2023-10-25.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.