500metrics

All sources checked Checked

5-year note auction of 25 September 2024 (new issue)

The 5-year note sold $71.445 billion at a high yield of 3.519% on , with a bid-to-cover ratio of 2.38.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.519%

Median yield 3.463%

Bid-to-cover

2.38

▼ −0.03 since 28 Aug

Sold

$71.45 billion

$70 billion offered

Indirect bidders

70.3%

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 27 September 2021 to 25 September 2024; the latest at 3.519%.0.0%1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 3.519%The high yield was the lowest for a 5-year note since 26 April 202336 auctions from 27 September 2021 to 25 September 2024; the latest at 3.519%.3.5%4.0%4.5%5.0%202320243.519%

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
3.5192.38
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.408 of 124 of 12
High yield3.5194.32612 of 120 of 12
Indirect bidders' share70.366.54 of 128 of 12
Direct bidders' share18.217.75 of 127 of 12
Primary dealers' share11.514.511 of 121 of 12
High minus median, basis points5.66.48 of 124 of 12

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

Who bought the 5-year note?

Indirect bidders took 70.3% of the competitive bids accepted

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

Indirect bidders took 70.3% of the competitive bids acceptedIndirect bidders 70.3%, Direct bidders 18.2%, Primary dealers 11.5%Indirect bidders70.3%70.5%Direct bidders18.2%16.3%Primary dealers11.5%13.2%Indirect bidders took 70.3% of the competitive bids acceptedIndirect bidders 70.3%, Direct bidders 18.2%, Primary dealers 11.5%Indirect bidders70.3%70.5%Direct bidders18.2%16.3%Primary dealers11.5%13.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.370.5
Direct bidders18.216.3
Primary dealers11.513.2

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$168,383,886,600
Sold$71,445,154,300
Competitive bids accepted$69,794,407,700
Non-competitive bids accepted$100,702,100
Federal Reserve (SOMA) add-on$1,445,044,500
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %3.519
Median rate, %3.463
Low rate, %3.408
Interest rate (coupon), %3.500
Bids at the high rate filled, %17.56
Bid-to-cover ratio2.38
Indirect bidders accepted$49,072,700,000
Direct bidders accepted$12,723,837,700
Primary dealers accepted$7,997,870,000
Indirect bidders' share, % (ours)70.3
Direct bidders' share, % (ours)18.2
Primary dealers' share, % (ours)11.5
High minus median, basis points (ours)5.6
Treasury par yield curve, 5-year point, same day, %3.52
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 ratio2.38Last 24 auctions19 of 245 of 242.46
Bid-to-cover ratio2.38Since 24 April 2008146 of 19646 of 1962.49
Bid-to-cover ratio2.38All 273 since 28 September 1994178 of 27390 of 2732.48
High yield3.519Last 24 auctions23 of 241 of 244.146
High yield3.519Since 24 April 200824 of 196172 of 1961.726
High yield3.519All 369 since 24 January 1991175 of 369194 of 3693.348
Indirect bidders' share70.3Last 24 auctions6 of 2418 of 2467.9
Indirect bidders' share70.3All 196 since 24 April 20087 of 196189 of 19657.1
Direct bidders' share18.2Last 24 auctions12 of 2412 of 2418.2
Direct bidders' share18.2All 196 since 24 April 200827 of 196169 of 19611.2
Primary dealers' share11.5Last 24 auctions20 of 244 of 2413.9
Primary dealers' share11.5All 196 since 24 April 2008192 of 1964 of 19633.3
High minus median, basis points5.6Last 24 auctions20 of 244 of 247.0
High minus median, basis points5.6Since 24 April 200863 of 196132 of 1964.8
High minus median, basis points5.6All 369 since 24 January 199166 of 369301 of 3693.7

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 25 September 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240925_3.pdf. Compiled by 500metrics, "5-year note auction of 25 September 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-09-25.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.