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Treasury auctions · 5-Year Note

5-year note auction of 24 February 2010 (new issue)

The 5-year note sold $43.032 billion at a high yield of 2.395% on , with a bid-to-cover ratio of 2.75.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 29 Mar 2007 to 24 Feb 2010
High yield at each 5-year note auction, 28 Feb 2008 to 24 Feb 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, 29 Mar 2007 to 24 Feb 2010
Bid-to-cover ratio at each 5-year note auction, 28 Feb 2008 to 24 Feb 2010

Who bought the 5-year note of 24 Feb 2010

Shares of the competitive bids accepted

  • Indirect bidders 40.3%
  • Direct bidders 12.8%
  • Primary dealers 46.8%
This auction, 24 Feb 2010
  • Indirect bidders 53.0%
  • Direct bidders 7.4%
  • Primary dealers 39.6%
The 5-year note auction before, 27 Jan 2010

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 bidders40.3%
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
2.3952.75
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

Observed .

Right now

The high yield was 2.395% on 24 February 2010, up from 2.370% at the auction before.

The high minus median of 4.7 basis points was the lowest for a 5-year note since 25 November 2008, with 14 auctions in between.

Higher than 10 of the 22 since 24 April 2008

Its own history

The bid-to-cover ratio was higher than 22 of the previous 24 5-year note auctions.

The high minus median was higher than 3 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 40.3%
  • Direct bidders 12.8%
  • Primary dealers 46.8%

Size

Treasury sold $43.032 billion of the $42 billion offered.

Bids received came to $116.422 billion; the bid-to-cover ratio was 2.75.

Its bid-to-cover of 2.75 compares with the 24 auctions before it: lowest 1.65 on , highest 2.81 on ; 94.8% of the way from the low to the high.

2.75

Low 1.65 Midpoint 2.230 High 2.81

The security5-Year, new issue

Coupon
2.375%
Announced
Issued
Matures

It adds to the debt that matures in February 2015.

Understanding this result

Where it stands today

The high yield was 2.395% at this 5-year note auction, the median yield 2.348% and a bid-to-cover ratio of 2.75.

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$116,422,072,400
Sold$43,032,259,900
Competitive bids accepted$41,822,967,500
Non-competitive bids accepted$127,068,100
Federal Reserve (SOMA) add-on$1,032,224,300
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %2.395
Median rate, %2.348
Low rate, %2.280
Interest rate (coupon), %2.375
Bids at the high rate filled, %32.83
Bid-to-cover ratio2.75
Indirect bidders accepted$16,869,207,500
Direct bidders accepted$5,373,195,000
Primary dealers accepted$19,580,565,000
Indirect bidders' share, % (ours)40.3
Direct bidders' share, % (ours)12.8
Primary dealers' share, % (ours)46.8
High minus median, basis points (ours)4.7
Treasury par yield curve, 5-year point, same day, %2.40
High yield minus that point, basis points (ours)-0.5
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 ratio2.752.462 of 1210 of 12
High yield2.3952.3795 of 127 of 12
Indirect bidders' share40.346.99 of 123 of 12
Direct bidders' share12.82.91 of 1211 of 12
Primary dealers' share46.843.65 of 127 of 12
High minus median, basis points4.77.512 of 120 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 ratio2.75Last 24 auctions2 of 2422 of 242.28
Bid-to-cover ratio2.75Since 24 April 20082 of 2220 of 222.30
Bid-to-cover ratio2.75All 99 since 28 September 199410 of 9987 of 992.29
High yield2.395Last 24 auctions14 of 2410 of 242.544
High yield2.395Since 24 April 200812 of 2210 of 222.482
High yield2.395All 195 since 24 January 1991184 of 19511 of 1955.190
Indirect bidders' share40.3All 22 since 24 April 20089 of 2213 of 2235.8
Direct bidders' share12.8All 22 since 24 April 20082 of 2220 of 222.1
Primary dealers' share46.8All 22 since 24 April 200815 of 227 of 2261.3
High minus median, basis points4.7Last 24 auctions21 of 243 of 246.8
High minus median, basis points4.7Since 24 April 200820 of 222 of 227.0
High minus median, basis points4.7All 195 since 24 January 199132 of 195163 of 1952.5

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 February 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100224_2.pdf. Compiled by 500metrics, "5-year note auction of 24 February 2010 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2010-02-24.

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