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Treasury auctions · 5-Year Note

5-year note auction of 27 January 2010 (new issue)

The 5-year note sold $42.684 billion at a high yield of 2.370% on , with a bid-to-cover ratio of 2.80.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 22 Feb 2007 to 27 Jan 2010
High yield at each 5-year note auction, 29 Jan 2008 to 27 Jan 2010

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, 22 Feb 2007 to 27 Jan 2010
Bid-to-cover ratio at each 5-year note auction, 29 Jan 2008 to 27 Jan 2010

Who bought the 5-year note of 27 Jan 2010

Shares of the competitive bids accepted

  • Indirect bidders 53.0%
  • Direct bidders 7.4%
  • Primary dealers 39.6%
This auction, 27 Jan 2010
  • Indirect bidders 44.0%
  • Direct bidders 13.0%
  • Primary dealers 43.0%
The 5-year note auction before, 29 Dec 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 bidders53.0%
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
2.3702.80
2.6652.59
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

Observed .

Right now

The high yield was 2.370% on 27 January 2010, down from 2.665% at the auction before.

Higher than 8 of the 21 since 24 April 2008

Its own history

The bid-to-cover ratio was higher than 23 of the previous 24 5-year note auctions.

The primary dealers' share was higher than 2 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 53.0%
  • Direct bidders 7.4%
  • Primary dealers 39.6%

Size

Treasury sold $42.684 billion of the $42 billion offered.

Bids received came to $118.441 billion; the bid-to-cover ratio was 2.80.

Its bid-to-cover of 2.80 compares with the 24 auctions before it: lowest 1.65 on , highest 2.81 on ; 99.1% of the way from the low to the high.

2.80

Low 1.65 Midpoint 2.230 High 2.81

The security5-Year, new issue

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in January 2015.

Understanding this result

Where it stands today

The high yield was 2.370% at this 5-year note auction, the median yield 2.320% and a bid-to-cover ratio of 2.80.

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$118,441,463,800
Sold$42,684,401,800
Competitive bids accepted$41,895,838,000
Non-competitive bids accepted$104,171,400
Federal Reserve (SOMA) add-on$684,392,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.370
Median rate, %2.320
Low rate, %2.250
Interest rate (coupon), %2.250
Bids at the high rate filled, %45.09
Bid-to-cover ratio2.80
Indirect bidders accepted$22,190,502,500
Direct bidders accepted$3,119,790,500
Primary dealers accepted$16,585,545,000
Indirect bidders' share, % (ours)53.0
Direct bidders' share, % (ours)7.4
Primary dealers' share, % (ours)39.6
High minus median, basis points (ours)5.0
Treasury par yield curve, 5-year point, same day, %2.43
High yield minus that point, basis points (ours)-6.0
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 ratio2.802.361 of 1211 of 12
High yield2.3702.3496 of 126 of 12
Indirect bidders' share53.044.54 of 128 of 12
Direct bidders' share7.42.82 of 1210 of 12
Primary dealers' share39.646.910 of 122 of 12
High minus median, basis points5.07.811 of 121 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 ratio2.80Last 24 auctions1 of 2423 of 242.25
Bid-to-cover ratio2.80Since 24 April 20081 of 2120 of 212.28
Bid-to-cover ratio2.80All 98 since 28 September 19949 of 9889 of 982.29
High yield2.370Last 24 auctions16 of 248 of 242.630
High yield2.370Since 24 April 200813 of 218 of 212.494
High yield2.370All 194 since 24 January 1991185 of 1949 of 1945.195
Indirect bidders' share53.0All 21 since 24 April 20084 of 2117 of 2134.9
Direct bidders' share7.4All 21 since 24 April 20084 of 2117 of 211.8
Primary dealers' share39.6All 21 since 24 April 200819 of 212 of 2161.6
High minus median, basis points5.0Last 24 auctions18 of 245 of 246.8
High minus median, basis points5.0Since 24 April 200817 of 213 of 217.1
High minus median, basis points5.0All 194 since 24 January 199123 of 194165 of 1942.5

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 27 January 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100127_1.pdf. Compiled by 500metrics, "5-year note auction of 27 January 2010 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2010-01-27.

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