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5-year note auction of 26 March 2024 (new issue)

The 5-year note sold $67 billion at a high yield of 4.235% on , with a bid-to-cover ratio of 2.41.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.235%

Median yield 4.188%

Bid-to-cover

2.41

▬ Unchanged since 26 Feb

Sold

$67.00 billion

$67 billion offered

Indirect bidders

70.5%

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 24 March 2021 to 26 March 2024; the latest at 4.235%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.235%High yield at the last 36 5-year note auctions36 auctions from 24 March 2021 to 26 March 2024; the latest at 4.235%.2.0%3.0%4.0%5.0%2022202320244.235%

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
4.2352.41
4.3202.41
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.519 of 122 of 12
High yield4.2354.1125 of 127 of 12
Indirect bidders' share70.568.03 of 129 of 12
Direct bidders' share16.818.211 of 121 of 12
Primary dealers' share12.713.79 of 123 of 12
High minus median, basis points4.77.012 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 27 October 2021 (27 auctions in between).

Who bought the 5-year note?

Indirect bidders took 70.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 February 2024

Indirect bidders took 70.5% of the competitive bids acceptedIndirect bidders 70.5%, Direct bidders 16.8%, Primary dealers 12.7%Indirect bidders70.5%63.5%Direct bidders16.8%19.7%Primary dealers12.7%16.8%Indirect bidders took 70.5% of the competitive bids acceptedIndirect bidders 70.5%, Direct bidders 16.8%, Primary dealers 12.7%Indirect bidders70.5%63.5%Direct bidders16.8%19.7%Primary dealers12.7%16.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.563.5
Direct bidders16.819.7
Primary dealers12.716.8

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$67,000,000,000
Bids received$161,526,139,600
Sold$67,000,049,700
Competitive bids accepted$66,825,255,100
Non-competitive bids accepted$174,794,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.235
Median rate, %4.188
Low rate, %4.110
Interest rate (coupon), %4.125
Bids at the high rate filled, %81.56
Bid-to-cover ratio2.41
Indirect bidders accepted$47,080,593,000
Direct bidders accepted$11,236,606,100
Primary dealers accepted$8,508,056,000
Indirect bidders' share, % (ours)70.5
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)12.7
High minus median, basis points (ours)4.7
Treasury par yield curve, 5-year point, same day, %4.22
High yield minus that point, basis points (ours)1.5

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 ratio2.41Last 24 auctions16 of 246 of 242.47
Bid-to-cover ratio2.41Since 24 April 2008128 of 19056 of 1902.50
Bid-to-cover ratio2.41All 267 since 28 September 1994160 of 267101 of 2672.48
High yield4.235Last 24 auctions5 of 2419 of 243.974
High yield4.235Since 24 April 20085 of 190185 of 1901.690
High yield4.235All 363 since 24 January 1991139 of 363224 of 3633.260
Indirect bidders' share70.5Last 24 auctions4 of 2420 of 2465.9
Indirect bidders' share70.5All 190 since 24 April 20085 of 190185 of 19056.6
Direct bidders' share16.8Last 24 auctions20 of 244 of 2418.6
Direct bidders' share16.8All 190 since 24 April 200841 of 190149 of 19011.0
Primary dealers' share12.7Last 24 auctions19 of 245 of 2416.5
Primary dealers' share12.7All 190 since 24 April 2008185 of 1905 of 19034.0
High minus median, basis points4.7Last 24 auctions24 of 240 of 247.2
High minus median, basis points4.7Since 24 April 200898 of 19089 of 1904.8
High minus median, basis points4.7All 363 since 24 January 1991110 of 363250 of 3633.6

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 26 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240326_2.pdf. Compiled by 500metrics, "5-year note auction of 26 March 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-03-26.

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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