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5-year note auction of 24 January 2024 (new issue)

The 5-year note sold $61 billion at a high yield of 4.055% on , with a bid-to-cover ratio of 2.31.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.055%

Median yield 3.979%

Bid-to-cover

2.31

▼ −0.19 since 27 Dec

Sold

$61.00 billion

$61 billion offered

Indirect bidders

60.9%

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 26 January 2021 to 24 January 2024; the latest at 4.055%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.055%High yield at the last 36 5-year note auctions36 auctions from 26 January 2021 to 24 January 2024; the latest at 4.055%.1.0%2.0%3.0%4.0%5.0%2022202320244.055%

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
4.0552.31
3.8012.50
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.312.5212 of 120 of 12
High yield4.0554.0646 of 126 of 12
Indirect bidders' share60.968.812 of 120 of 12
Direct bidders' share18.718.14 of 128 of 12
Primary dealers' share20.413.40 of 1212 of 12
High minus median, basis points7.67.02 of 129 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 (15 auctions in between).
  • Indirect bidders' share: Lowest for a 5-year note since 27 September 2022 (15 auctions in between).
  • Primary dealers' share: Highest for a 5-year note since 27 September 2022 (15 auctions in between).

Who bought the 5-year note?

Indirect bidders took 60.9% of the competitive bids accepted

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

Indirect bidders took 60.9% of the competitive bids acceptedIndirect bidders 60.9%, Direct bidders 18.7%, Primary dealers 20.4%Indirect bidders60.9%70.6%Direct bidders18.7%15.4%Primary dealers20.4%14.0%Indirect bidders took 60.9% of the competitive bids acceptedIndirect bidders 60.9%, Direct bidders 18.7%, Primary dealers 20.4%Indirect bidders60.9%70.6%Direct bidders18.7%15.4%Primary dealers20.4%14.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.970.6
Direct bidders18.715.4
Primary dealers20.414.0

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$61,000,000,000
Bids received$141,168,501,100
Sold$61,000,063,600
Competitive bids accepted$60,832,652,500
Non-competitive bids accepted$167,411,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.055
Median rate, %3.979
Low rate, %3.900
Interest rate (coupon), %4.000
Bids at the high rate filled, %49.75
Bid-to-cover ratio2.31
Indirect bidders accepted$37,070,090,000
Direct bidders accepted$11,368,500,000
Primary dealers accepted$12,394,062,500
Indirect bidders' share, % (ours)60.9
Direct bidders' share, % (ours)18.7
Primary dealers' share, % (ours)20.4
High minus median, basis points (ours)7.6
Treasury par yield curve, 5-year point, same day, %4.06
High yield minus that point, basis points (ours)-0.5

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 ratio2.31Last 24 auctions21 of 243 of 242.48
Bid-to-cover ratio2.31Since 24 April 2008165 of 18822 of 1882.50
Bid-to-cover ratio2.31All 265 since 28 September 1994202 of 26561 of 2652.48
High yield4.055Last 24 auctions8 of 2416 of 243.775
High yield4.055Since 24 April 20088 of 188180 of 1881.670
High yield4.055All 361 since 24 January 1991144 of 361217 of 3613.230
Indirect bidders' share60.9Last 24 auctions21 of 243 of 2466.3
Indirect bidders' share60.9All 188 since 24 April 200858 of 188130 of 18856.5
Direct bidders' share18.7Last 24 auctions10 of 2414 of 2418.3
Direct bidders' share18.7All 188 since 24 April 200819 of 188169 of 18811.0
Primary dealers' share20.4Last 24 auctions3 of 2421 of 2415.8
Primary dealers' share20.4All 188 since 24 April 2008161 of 18827 of 18834.2
High minus median, basis points7.6Last 24 auctions6 of 2416 of 247.0
High minus median, basis points7.6Since 24 April 200814 of 188172 of 1884.8
High minus median, basis points7.6All 361 since 24 January 199114 of 361345 of 3613.6

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 24 January 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240124_3.pdf. Compiled by 500metrics, "5-year note auction of 24 January 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-01-24.

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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