500metrics

Treasury auctions · 5-Year Note

5-year note auction of 29 January 2009 (new issue)

The 5-year note sold $31.273 billion at a high yield of 1.820% on , with a bid-to-cover ratio of 1.98.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 23 Feb 2006 to 29 Jan 2009
High yield at each 5-year note auction, 22 Feb 2007 to 29 Jan 2009

Bid-to-cover ratio at each 5-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 5-year note auction, 23 Feb 2006 to 29 Jan 2009
Bid-to-cover ratio at each 5-year note auction, 22 Feb 2007 to 29 Jan 2009

Who bought the 5-year note of 29 Jan 2009

Shares of the competitive bids accepted

  • Indirect bidders 34.9%
  • Direct bidders 1.2%
  • Primary dealers 63.9%
This auction, 29 Jan 2009
  • Indirect bidders 24.5%
  • Direct bidders 7.5%
  • Primary dealers 68.0%
The 5-year note auction before, 23 Dec 2008

Each point is one 5-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders34.9%
Inspect and compare dates
High yield and bid-to-cover of the last 36 5-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
1.8201.98
1.5392.06
2.1102.44
2.8252.28
3.1291.91
3.1292.14
3.4402.46
3.4402.48
3.5201.84
3.1591.65
2.5951.98
2.7552.29
2.9092.16
3.6512.31
3.4152.26
3.9932.69
4.2502.86
4.2482.74
4.6402.15
4.9402.73
4.8182.60
4.5792.29
4.5352.14
4.7192.43
4.8552.21
4.7042.50
4.5072.28
4.6942.12
4.5692.75
4.7383.11
4.9952.28
5.2032.05
4.9452.02
4.9641.87
4.7852.25
4.6222.18

Observed .

Right now

The high yield was 1.820% on 29 January 2009, up from 1.539% at the auction before.

Its own history

The high minus median was higher than 22 of the previous 24 5-year note auctions.

The high yield was higher than 1 of the previous 24 5-year note auctions.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 34.9%
  • Direct bidders 1.2%
  • Primary dealers 63.9%

Size

Treasury sold $31.273 billion of the $30 billion offered.

Bids received came to $60.534 billion; the bid-to-cover ratio was 1.98.

Its bid-to-cover of 1.98 compares with the 24 auctions before it: lowest 1.65 on , highest 2.86 on ; 27.3% of the way from the low to the high.

1.98

Low 1.65 Midpoint 2.255 High 2.86

The security5-Year, new issue

Coupon
1.750%
Announced
Issued
Matures

It adds to the debt that matures in January 2014.

Understanding this result

Where it stands today

The high yield was 1.820% at this 5-year note auction, the median yield 1.740% and a bid-to-cover ratio of 1.98.

What do these figures measure?

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.

Read more

How does it compare with the par yield curve?

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 these figures cannot tell

  • 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 numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as5-Year, new issue
Offering amount$30,000,000,000
Bids received$60,534,387,000
Sold$31,273,392,000
Competitive bids accepted$29,965,005,000
Non-competitive bids accepted$35,041,800
Federal Reserve (SOMA) add-on$1,273,345,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.820
Median rate, %1.740
Low rate, %1.590
Interest rate (coupon), %1.750
Bids at the high rate filled, %72.98
Bid-to-cover ratio1.98
Indirect bidders accepted$10,449,046,000
Direct bidders accepted$368,000,000
Primary dealers accepted$19,147,959,000
Indirect bidders' share, % (ours)34.9
Direct bidders' share, % (ours)1.2
Primary dealers' share, % (ours)63.9
High minus median, basis points (ours)8.0
Treasury par yield curve, 5-year point, same day, %1.87
High yield minus that point, basis points (ours)-5.0
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio1.982.158 of 123 of 12
High yield1.8203.01911 of 121 of 12
Indirect bidders' share34.928.31 of 98 of 9
Direct bidders' share1.20.83 of 96 of 9
Primary dealers' share63.969.57 of 92 of 9
High minus median, basis points8.05.51 of 1210 of 12

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

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 ratio1.98Last 24 auctions20 of 243 of 242.28
Bid-to-cover ratio1.98Since 24 April 20086 of 93 of 92.14
Bid-to-cover ratio1.98All 86 since 28 September 199469 of 8615 of 862.28
High yield1.820Last 24 auctions23 of 241 of 243.480
High yield1.820Since 24 April 20088 of 91 of 93.129
High yield1.820All 182 since 24 January 1991181 of 1821 of 1825.288
Indirect bidders' share34.9All 9 since 24 April 20081 of 98 of 928.3
Direct bidders' share1.2All 9 since 24 April 20083 of 96 of 90.8
Primary dealers' share63.9All 9 since 24 April 20087 of 92 of 969.5
High minus median, basis points8.0Last 24 auctions1 of 2422 of 242.8
High minus median, basis points8.0Since 24 April 20081 of 97 of 95.9
High minus median, basis points8.0All 182 since 24 January 19911 of 182180 of 1822.4

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 29 January 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090129_1.pdf. Compiled by 500metrics, "5-year note auction of 29 January 2009 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2009-01-29.

Page updated