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

The 5-year note sold $70.334 billion at a high yield of 4.659% on , with a bid-to-cover ratio of 2.39.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.659%

Median yield 4.591%

Bid-to-cover

2.39

▼ −0.02 since 26 Mar

Sold

$70.33 billion

$70 billion offered

Indirect bidders

65.7%

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 April 2021 to 24 April 2024; the latest at 4.659%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.659%High yield at the last 36 5-year note auctions36 auctions from 26 April 2021 to 24 April 2024; the latest at 4.659%.2.0%3.0%4.0%5.0%2022202320244.659%

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
4.6592.39
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.5110 of 122 of 12
High yield4.6594.2021 of 1210 of 12
Indirect bidders' share65.768.07 of 125 of 12
Direct bidders' share19.218.13 of 129 of 12
Primary dealers' share15.013.74 of 128 of 12
High minus median, basis points6.87.07 of 125 of 12

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

Who bought the 5-year note?

Indirect bidders took 65.7% of the competitive bids accepted

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

Indirect bidders took 65.7% of the competitive bids acceptedIndirect bidders 65.7%, Direct bidders 19.2%, Primary dealers 15.0%Indirect bidders65.7%70.5%Direct bidders19.2%16.8%Primary dealers15.0%12.7%Indirect bidders took 65.7% of the competitive bids acceptedIndirect bidders 65.7%, Direct bidders 19.2%, Primary dealers 15.0%Indirect bidders65.7%70.5%Direct bidders19.2%16.8%Primary dealers15.0%12.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.770.5
Direct bidders19.216.8
Primary dealers15.012.7

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$70,000,000,000
Bids received$167,390,398,200
Sold$70,333,647,700
Competitive bids accepted$69,773,519,500
Non-competitive bids accepted$223,501,200
Federal Reserve (SOMA) add-on$333,627,000
Foreign and international (FIMA) non-competitive$3,000,000
High yield, %4.659
Median rate, %4.591
Low rate, %4.550
Interest rate (coupon), %4.625
Bids at the high rate filled, %1.93
Bid-to-cover ratio2.39
Indirect bidders accepted$45,870,989,500
Direct bidders accepted$13,426,000,000
Primary dealers accepted$10,476,530,000
Indirect bidders' share, % (ours)65.7
Direct bidders' share, % (ours)19.2
Primary dealers' share, % (ours)15.0
High minus median, basis points (ours)6.8
Treasury par yield curve, 5-year point, same day, %4.64
High yield minus that point, basis points (ours)1.9

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 ratio2.39Last 24 auctions18 of 245 of 242.46
Bid-to-cover ratio2.39Since 24 April 2008137 of 19148 of 1912.50
Bid-to-cover ratio2.39All 268 since 28 September 1994169 of 26893 of 2682.48
High yield4.659Last 24 auctions1 of 2422 of 243.996
High yield4.659Since 24 April 20081 of 191189 of 1911.710
High yield4.659All 364 since 24 January 1991120 of 364243 of 3643.266
Indirect bidders' share65.7Last 24 auctions13 of 2411 of 2466.3
Indirect bidders' share65.7All 191 since 24 April 200827 of 191164 of 19156.7
Direct bidders' share19.2Last 24 auctions6 of 2418 of 2418.4
Direct bidders' share19.2All 191 since 24 April 200815 of 191176 of 19111.0
Primary dealers' share15.0Last 24 auctions13 of 2411 of 2415.8
Primary dealers' share15.0All 191 since 24 April 2008179 of 19112 of 19133.9
High minus median, basis points6.8Last 24 auctions15 of 248 of 247.1
High minus median, basis points6.8Since 24 April 200832 of 191158 of 1914.8
High minus median, basis points6.8All 364 since 24 January 199133 of 364330 of 3643.6

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 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240424_3.pdf. Compiled by 500metrics, "5-year note auction of 24 April 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-04-24.

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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