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

The 5-year note sold $71.181 billion at a high yield of 4.138% on , with a bid-to-cover ratio of 2.39.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.138%

Median yield 4.070%

Bid-to-cover

2.39

▲ +0.01 since 25 Sep

Sold

$71.18 billion

$70 billion offered

Indirect bidders

76.4%

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 October 2021 to 28 October 2024; the latest at 4.138%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 4.138%High yield at the last 36 5-year note auctions36 auctions from 27 October 2021 to 28 October 2024; the latest at 4.138%.3.5%4.0%4.5%5.0%202320244.138%

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
4.1382.39
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.406 of 125 of 12
High yield4.1384.2787 of 125 of 12
Indirect bidders' share76.466.50 of 1212 of 12
Direct bidders' share9.518.012 of 120 of 12
Primary dealers' share14.214.56 of 126 of 12
High minus median, basis points6.86.45 of 126 of 12

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

  • Indirect bidders' share: Highest of all 197 earlier 5-year note auctions we hold.
  • Direct bidders' share: Lowest for a 5-year note since 24 October 2018 (68 auctions in between).

Who bought the 5-year note?

Indirect bidders took 76.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 25 September 2024

Indirect bidders took 76.4% of the competitive bids acceptedIndirect bidders 76.4%, Direct bidders 9.5%, Primary dealers 14.2%Indirect bidders76.4%70.3%Direct bidders9.5%18.2%Primary dealers14.2%11.5%Indirect bidders took 76.4% of the competitive bids acceptedIndirect bidders 76.4%, Direct bidders 9.5%, Primary dealers 14.2%Indirect bidders76.4%70.3%Direct bidders9.5%18.2%Primary dealers14.2%11.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders76.470.3
Direct bidders9.518.2
Primary dealers14.211.5

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$168,521,656,500
Sold$71,180,811,500
Competitive bids accepted$69,849,599,000
Non-competitive bids accepted$150,409,800
Federal Reserve (SOMA) add-on$1,180,802,700
Foreign and international (FIMA) non-competitive$0
High yield, %4.138
Median rate, %4.070
Low rate, %4.000
Interest rate (coupon), %4.125
Bids at the high rate filled, %25.49
Bid-to-cover ratio2.39
Indirect bidders accepted$53,333,384,000
Direct bidders accepted$6,617,000,000
Primary dealers accepted$9,899,215,000
Indirect bidders' share, % (ours)76.4
Direct bidders' share, % (ours)9.5
Primary dealers' share, % (ours)14.2
High minus median, basis points (ours)6.8
Treasury par yield curve, 5-year point, same day, %4.11
High yield minus that point, basis points (ours)2.8

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 auctions17 of 245 of 242.46
Bid-to-cover ratio2.39Since 24 April 2008139 of 19751 of 1972.49
Bid-to-cover ratio2.39All 274 since 28 September 1994171 of 27496 of 2742.48
High yield4.138Last 24 auctions11 of 2413 of 244.115
High yield4.138Since 24 April 200812 of 197185 of 1971.732
High yield4.138All 370 since 24 January 1991147 of 370223 of 3703.362
Indirect bidders' share76.4Last 24 auctions0 of 2424 of 2468.0
Indirect bidders' share76.4All 197 since 24 April 20080 of 197197 of 19757.1
Direct bidders' share9.5Last 24 auctions24 of 240 of 2418.2
Direct bidders' share9.5All 197 since 24 April 2008131 of 19766 of 19711.2
Primary dealers' share14.2Last 24 auctions9 of 2415 of 2413.7
Primary dealers' share14.2All 197 since 24 April 2008181 of 19716 of 19733.2
High minus median, basis points6.8Last 24 auctions13 of 249 of 247.0
High minus median, basis points6.8Since 24 April 200834 of 197161 of 1974.9
High minus median, basis points6.8All 370 since 24 January 199135 of 370333 of 3703.7

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 October 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241028_3.pdf. Compiled by 500metrics, "5-year note auction of 28 October 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-10-28.

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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