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5-year note auction of 28 August 2024 (new issue)

The 5-year note sold $75.566 billion at a high yield of 3.645% on , with a bid-to-cover ratio of 2.41.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.645%

Median yield 3.590%

Bid-to-cover

2.41

▲ +0.01 since 24 Jul

Sold

$75.57 billion

$70 billion offered

Indirect bidders

70.5%

Of competitive bids accepted

The high yield was the lowest for a 5-year note since 26 April 2023

High yield at each 5-year note auction, %

The high yield was the lowest for a 5-year note since 26 April 202336 auctions from 25 August 2021 to 28 August 2024; the latest at 3.645%.0.0%2.0%4.0%6.0%2021202220232024This auction, 3.645%The high yield was the lowest for a 5-year note since 26 April 202336 auctions from 25 August 2021 to 28 August 2024; the latest at 3.645%.3.5%4.0%4.5%5.0%202320243.645%

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
3.6452.41
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.404 of 126 of 12
High yield3.6454.36612 of 120 of 12
Indirect bidders' share70.566.52 of 1210 of 12
Direct bidders' share16.318.010 of 122 of 12
Primary dealers' share13.214.510 of 122 of 12
High minus median, basis points5.56.99 of 122 of 12

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

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, 24 July 2024

Indirect bidders took 70.5% of the competitive bids acceptedIndirect bidders 70.5%, Direct bidders 16.3%, Primary dealers 13.2%Indirect bidders70.5%67.2%Direct bidders16.3%18.8%Primary dealers13.2%14.0%Indirect bidders took 70.5% of the competitive bids acceptedIndirect bidders 70.5%, Direct bidders 16.3%, Primary dealers 13.2%Indirect bidders70.5%67.2%Direct bidders16.3%18.8%Primary dealers13.2%14.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.567.2
Direct bidders16.318.8
Primary dealers13.214.0

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$70,000,000,000
Bids received$174,338,755,400
Sold$75,566,080,600
Competitive bids accepted$69,728,450,200
Non-competitive bids accepted$166,608,400
Federal Reserve (SOMA) add-on$5,566,022,000
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %3.645
Median rate, %3.590
Low rate, %2.618
Interest rate (coupon), %3.625
Bids at the high rate filled, %21.29
Bid-to-cover ratio2.41
Indirect bidders accepted$49,187,336,500
Direct bidders accepted$11,356,213,700
Primary dealers accepted$9,184,900,000
Indirect bidders' share, % (ours)70.5
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)13.2
High minus median, basis points (ours)5.5
Treasury par yield curve, 5-year point, same day, %3.63
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 auctions13 of 249 of 242.46
Bid-to-cover ratio2.41Since 24 April 2008128 of 19560 of 1952.49
Bid-to-cover ratio2.41All 272 since 28 September 1994160 of 272105 of 2722.48
High yield3.645Last 24 auctions21 of 243 of 244.146
High yield3.645Since 24 April 200821 of 195174 of 1951.720
High yield3.645All 368 since 24 January 1991168 of 368200 of 3683.324
Indirect bidders' share70.5Last 24 auctions4 of 2420 of 2467.6
Indirect bidders' share70.5All 195 since 24 April 20085 of 195190 of 19557.1
Direct bidders' share16.3Last 24 auctions20 of 244 of 2418.2
Direct bidders' share16.3All 195 since 24 April 200847 of 195148 of 19511.2
Primary dealers' share13.2Last 24 auctions18 of 246 of 2414.0
Primary dealers' share13.2All 195 since 24 April 2008189 of 1956 of 19533.3
High minus median, basis points5.5Last 24 auctions21 of 242 of 247.0
High minus median, basis points5.5Since 24 April 200864 of 195125 of 1954.8
High minus median, basis points5.5All 368 since 24 January 199168 of 368293 of 3683.7

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 28 August 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240828_3.pdf. Compiled by 500metrics, "5-year note auction of 28 August 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-08-28.

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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