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Treasury auctions · 5-Year Note

5-year note auction of 24 November 2009 (new issue)

The 5-year note sold $43.261 billion at a high yield of 2.175% on , with a bid-to-cover ratio of 2.81.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 28 Dec 2006 to 24 Nov 2009
High yield at each 5-year note auction, 29 Nov 2007 to 24 Nov 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, 28 Dec 2006 to 24 Nov 2009
Bid-to-cover ratio at each 5-year note auction, 29 Nov 2007 to 24 Nov 2009

Who bought the 5-year note of 24 Nov 2009

Shares of the competitive bids accepted

  • Indirect bidders 60.9%
  • Direct bidders 2.9%
  • Primary dealers 36.2%
This auction, 24 Nov 2009
  • Indirect bidders 54.8%
  • Direct bidders 3.0%
  • Primary dealers 42.3%
The 5-year note auction before, 28 Oct 2009

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 bidders60.9%
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
2.1752.81
2.3882.63
2.4702.40
2.4942.51
2.6891.92
2.7002.58
2.3102.32
1.9402.22
1.8492.02
1.9852.21
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

Observed .

Right now

The high yield of 2.175% on 24 November 2009 was the lowest for a 5-year note since 28 April 2009.

The bid-to-cover ratio of 2.81 was the highest for a 5-year note since 27 September 2007, with 25 auctions in between.

Higher than 6 of the 19 since 24 April 2008

Its own history

The bid-to-cover ratio was higher than all 24 previous 5-year note auctions.

The indirect bidders' share was higher than 11 of the previous 12 5-year note auctions.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 60.9%
  • Direct bidders 2.9%
  • Primary dealers 36.2%

Size

Treasury sold $43.261 billion of the $42 billion offered.

Bids received came to $119.302 billion; the bid-to-cover ratio was 2.81.

Its bid-to-cover of 2.81 compares with the 24 auctions before it: lowest 1.65 on , highest 2.81 on ; 100.0% of the way from the low to the high.

2.81

Low 1.65 Midpoint 2.230 High 2.81

The security5-Year, new issue

Coupon
2.125%
Announced
Issued
Matures

It adds to the debt that matures in November 2014.

Understanding this result

Where it stands today

The high yield was 2.175% at this 5-year note auction, the median yield 2.100% and a bid-to-cover ratio of 2.81.

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$42,000,000,000
Bids received$119,301,511,100
Sold$43,261,295,100
Competitive bids accepted$41,831,884,000
Non-competitive bids accepted$118,188,500
Federal Reserve (SOMA) add-on$1,261,222,600
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %2.175
Median rate, %2.100
Low rate, %1.940
Interest rate (coupon), %2.125
Bids at the high rate filled, %67.34
Bid-to-cover ratio2.81
Indirect bidders accepted$25,487,524,000
Direct bidders accepted$1,198,000,000
Primary dealers accepted$15,146,360,000
Indirect bidders' share, % (ours)60.9
Direct bidders' share, % (ours)2.9
Primary dealers' share, % (ours)36.2
High minus median, basis points (ours)7.5
Treasury par yield curve, 5-year point, same day, %2.15
High yield minus that point, basis points (ours)2.5
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 ratio2.812.270 of 1212 of 12
High yield2.1752.2106 of 126 of 12
Indirect bidders' share60.940.71 of 1211 of 12
Direct bidders' share2.92.55 of 127 of 12
Primary dealers' share36.256.911 of 121 of 12
High minus median, basis points7.58.07 of 124 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 ratio2.81Last 24 auctions0 of 2424 of 242.24
Bid-to-cover ratio2.81Since 24 April 20080 of 1919 of 192.22
Bid-to-cover ratio2.81All 96 since 28 September 19948 of 9688 of 962.28
High yield2.175Last 24 auctions18 of 246 of 242.694
High yield2.175Since 24 April 200813 of 196 of 192.494
High yield2.175All 192 since 24 January 1991185 of 1927 of 1925.202
Indirect bidders' share60.9All 19 since 24 April 20081 of 1918 of 1933.1
Direct bidders' share2.9All 19 since 24 April 20086 of 1913 of 191.7
Primary dealers' share36.2All 19 since 24 April 200818 of 191 of 1963.9
High minus median, basis points7.5Last 24 auctions8 of 2415 of 246.4
High minus median, basis points7.5Since 24 April 20088 of 1910 of 197.1
High minus median, basis points7.5All 192 since 24 January 19918 of 192183 of 1922.5

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 24 November 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091124_2.pdf. Compiled by 500metrics, "5-year note auction of 24 November 2009 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2009-11-24.

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