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

The 5-year note sold $73.86 billion at a high yield of 4.121% on , with a bid-to-cover ratio of 2.40.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.121%

Median yield 4.050%

Bid-to-cover

2.40

▲ +0.05 since 26 Jun

Sold

$73.86 billion

$70 billion offered

Indirect bidders

67.2%

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 27 July 2021 to 24 July 2024; the latest at 4.121%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.121%High yield at the last 36 5-year note auctions36 auctions from 27 July 2021 to 24 July 2024; the latest at 4.121%.3.0%3.5%4.0%4.5%5.0%2022202320244.121%

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
4.1212.40
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.417 of 125 of 12
High yield4.1214.36610 of 122 of 12
Indirect bidders' share67.265.65 of 127 of 12
Direct bidders' share18.818.04 of 128 of 12
Primary dealers' share14.014.57 of 125 of 12
High minus median, basis points7.16.94 of 128 of 12

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

Who bought the 5-year note?

Indirect bidders took 67.2% of the competitive bids accepted

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

Indirect bidders took 67.2% of the competitive bids acceptedIndirect bidders 67.2%, Direct bidders 18.8%, Primary dealers 14.0%Indirect bidders67.2%68.9%Direct bidders18.8%17.7%Primary dealers14.0%13.4%Indirect bidders took 67.2% of the competitive bids acceptedIndirect bidders 67.2%, Direct bidders 18.8%, Primary dealers 14.0%Indirect bidders67.2%68.9%Direct bidders18.8%17.7%Primary dealers14.0%13.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.268.9
Direct bidders18.817.7
Primary dealers14.013.4

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$70,000,000,000
Bids received$171,829,552,700
Sold$73,859,602,700
Competitive bids accepted$69,796,241,000
Non-competitive bids accepted$199,781,000
Federal Reserve (SOMA) add-on$3,859,580,700
Foreign and international (FIMA) non-competitive$4,000,000
High yield, %4.121
Median rate, %4.050
Low rate, %3.980
Interest rate (coupon), %4.000
Bids at the high rate filled, %96.28
Bid-to-cover ratio2.40
Indirect bidders accepted$46,937,191,000
Direct bidders accepted$13,108,280,000
Primary dealers accepted$9,750,770,000
Indirect bidders' share, % (ours)67.2
Direct bidders' share, % (ours)18.8
Primary dealers' share, % (ours)14.0
High minus median, basis points (ours)7.1
Treasury par yield curve, 5-year point, same day, %4.12
High yield minus that point, basis points (ours)0.1

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 ratio2.40Last 24 auctions16 of 248 of 242.46
Bid-to-cover ratio2.40Since 24 April 2008135 of 19457 of 1942.49
Bid-to-cover ratio2.40All 271 since 28 September 1994167 of 271102 of 2712.48
High yield4.121Last 24 auctions12 of 2412 of 244.140
High yield4.121Since 24 April 200812 of 194182 of 1941.718
High yield4.121All 367 since 24 January 1991147 of 367220 of 3673.300
Indirect bidders' share67.2Last 24 auctions12 of 2412 of 2467.1
Indirect bidders' share67.2All 194 since 24 April 200822 of 194172 of 19457.0
Direct bidders' share18.8Last 24 auctions6 of 2418 of 2418.2
Direct bidders' share18.8All 194 since 24 April 200818 of 194176 of 19411.1
Primary dealers' share14.0Last 24 auctions13 of 2411 of 2414.5
Primary dealers' share14.0All 194 since 24 April 2008182 of 19412 of 19433.4
High minus median, basis points7.1Last 24 auctions11 of 2413 of 247.0
High minus median, basis points7.1Since 24 April 200825 of 194168 of 1944.8
High minus median, basis points7.1All 367 since 24 January 199125 of 367341 of 3673.7

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 July 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240724_3.pdf. Compiled by 500metrics, "5-year note auction of 24 July 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-07-24.

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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