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

The 5-year note sold $55.634 billion at a high yield of 4.420% on , with a bid-to-cover ratio of 2.46.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.420%

Median yield 4.365%

Bid-to-cover

2.46

▲ +0.10 since 25 Oct

Sold

$55.63 billion

$55 billion offered

Indirect bidders

65.5%

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 November 2020 to 27 November 2023; the latest at 4.420%.0.0%2.0%4.0%6.0%202120222023This auction, 4.420%High yield at the last 36 5-year note auctions36 auctions from 23 November 2020 to 27 November 2023; the latest at 4.420%.1.0%2.0%3.0%4.0%5.0%202220234.420%

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
4.4202.46
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.529 of 122 of 12
High yield4.4203.9962 of 1210 of 12
Indirect bidders' share65.568.39 of 123 of 12
Direct bidders' share17.618.49 of 123 of 12
Primary dealers' share16.813.42 of 1210 of 12
High minus median, basis points5.57.012 of 120 of 12

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

  • High minus median, basis points: Lowest for a 5-year note since 23 February 2022 (20 auctions in between).

Who bought the 5-year note?

Indirect bidders took 65.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 25 October 2023

Indirect bidders took 65.5% of the competitive bids acceptedIndirect bidders 65.5%, Direct bidders 17.6%, Primary dealers 16.8%Indirect bidders65.5%61.5%Direct bidders17.6%19.1%Primary dealers16.8%19.4%Indirect bidders took 65.5% of the competitive bids acceptedIndirect bidders 65.5%, Direct bidders 17.6%, Primary dealers 16.8%Indirect bidders65.5%61.5%Direct bidders17.6%19.1%Primary dealers16.8%19.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.561.5
Direct bidders17.619.1
Primary dealers16.819.4

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$55,000,000,000
Bids received$136,086,878,200
Sold$55,633,518,500
Competitive bids accepted$54,800,530,300
Non-competitive bids accepted$199,475,300
Federal Reserve (SOMA) add-on$633,512,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.420
Median rate, %4.365
Low rate, %4.310
Interest rate (coupon), %4.375
Bids at the high rate filled, %96.29
Bid-to-cover ratio2.46
Indirect bidders accepted$35,904,265,800
Direct bidders accepted$9,663,000,000
Primary dealers accepted$9,233,264,500
Indirect bidders' share, % (ours)65.5
Direct bidders' share, % (ours)17.6
Primary dealers' share, % (ours)16.8
High minus median, basis points (ours)5.5
Treasury par yield curve, 5-year point, same day, %4.38
High yield minus that point, basis points (ours)4.0

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 auctions13 of 249 of 242.48
Bid-to-cover ratio2.46Since 24 April 2008109 of 18671 of 1862.50
Bid-to-cover ratio2.46All 263 since 28 September 1994139 of 263117 of 2632.48
High yield4.420Last 24 auctions2 of 2422 of 243.598
High yield4.420Since 24 April 20082 of 186184 of 1861.658
High yield4.420All 359 since 24 January 1991130 of 359229 of 3593.230
Indirect bidders' share65.5Last 24 auctions13 of 2411 of 2465.9
Indirect bidders' share65.5All 186 since 24 April 200827 of 186159 of 18656.5
Direct bidders' share17.6Last 24 auctions16 of 248 of 2418.3
Direct bidders' share17.6All 186 since 24 April 200829 of 186157 of 18610.9
Primary dealers' share16.8Last 24 auctions10 of 2414 of 2416.5
Primary dealers' share16.8All 186 since 24 April 2008172 of 18614 of 18634.8
High minus median, basis points5.5Last 24 auctions21 of 243 of 247.0
High minus median, basis points5.5Since 24 April 200858 of 186123 of 1864.8
High minus median, basis points5.5All 359 since 24 January 199162 of 359291 of 3593.5

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 November 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231127_3.pdf. Compiled by 500metrics, "5-year note auction of 27 November 2023 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2023-11-27.

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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