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

The 5-year note sold $72.438 billion at a high yield of 4.331% on , with a bid-to-cover ratio of 2.35.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.331%

Median yield 4.271%

Bid-to-cover

2.35

▲ +0.05 since 28 May

Sold

$72.44 billion

$70 billion offered

Indirect bidders

68.9%

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 23 June 2021 to 26 June 2024; the latest at 4.331%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.331%High yield at the last 36 5-year note auctions36 auctions from 23 June 2021 to 26 June 2024; the latest at 4.331%.2.0%3.0%4.0%5.0%2022202320244.331%

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
4.3312.35
4.5532.30
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.352.4410 of 122 of 12
High yield4.3314.3606 of 126 of 12
Indirect bidders' share68.965.63 of 129 of 12
Direct bidders' share17.718.57 of 125 of 12
Primary dealers' share13.414.59 of 123 of 12
High minus median, basis points6.07.08 of 123 of 12

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

Who bought the 5-year note?

Indirect bidders took 68.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 28 May 2024

Indirect bidders took 68.9% of the competitive bids acceptedIndirect bidders 68.9%, Direct bidders 17.7%, Primary dealers 13.4%Indirect bidders68.9%65.0%Direct bidders17.7%15.4%Primary dealers13.4%19.5%Indirect bidders took 68.9% of the competitive bids acceptedIndirect bidders 68.9%, Direct bidders 17.7%, Primary dealers 13.4%Indirect bidders68.9%65.0%Direct bidders17.7%15.4%Primary dealers13.4%19.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.965.0
Direct bidders17.715.4
Primary dealers13.419.5

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$167,267,516,700
Sold$72,437,531,400
Competitive bids accepted$69,735,289,700
Non-competitive bids accepted$164,722,000
Federal Reserve (SOMA) add-on$2,437,519,700
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %4.331
Median rate, %4.271
Low rate, %4.200
Interest rate (coupon), %4.250
Bids at the high rate filled, %5.63
Bid-to-cover ratio2.35
Indirect bidders accepted$48,059,039,700
Direct bidders accepted$12,343,250,000
Primary dealers accepted$9,333,000,000
Indirect bidders' share, % (ours)68.9
Direct bidders' share, % (ours)17.7
Primary dealers' share, % (ours)13.4
High minus median, basis points (ours)6.0
Treasury par yield curve, 5-year point, same day, %4.32
High yield minus that point, basis points (ours)1.1

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 ratio2.35Last 24 auctions19 of 245 of 242.46
Bid-to-cover ratio2.35Since 24 April 2008155 of 19335 of 1932.49
Bid-to-cover ratio2.35All 270 since 28 September 1994190 of 27077 of 2702.48
High yield4.331Last 24 auctions6 of 2418 of 244.082
High yield4.331Since 24 April 20086 of 193187 of 1931.715
High yield4.331All 366 since 24 January 1991136 of 366230 of 3663.286
Indirect bidders' share68.9Last 24 auctions7 of 2417 of 2466.3
Indirect bidders' share68.9All 193 since 24 April 200811 of 193182 of 19356.9
Direct bidders' share17.7Last 24 auctions15 of 249 of 2418.2
Direct bidders' share17.7All 193 since 24 April 200832 of 193161 of 19311.0
Primary dealers' share13.4Last 24 auctions17 of 247 of 2415.0
Primary dealers' share13.4All 193 since 24 April 2008186 of 1937 of 19333.4
High minus median, basis points6.0Last 24 auctions19 of 243 of 247.1
High minus median, basis points6.0Since 24 April 200849 of 193137 of 1934.8
High minus median, basis points6.0All 366 since 24 January 199150 of 366307 of 3663.6

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 June 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240626_3.pdf. Compiled by 500metrics, "5-year note auction of 26 June 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-06-26.

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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