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Treasury auctions · 5-Year Note

5-year note auction of 28 July 2010 (new issue)

The 5-year note sold $38.215 billion at a high yield of 1.796% on , with a bid-to-cover ratio of 3.06.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 30 Aug 2007 to 28 Jul 2010
High yield at each 5-year note auction, 28 Aug 2008 to 28 Jul 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, 30 Aug 2007 to 28 Jul 2010
Bid-to-cover ratio at each 5-year note auction, 28 Aug 2008 to 28 Jul 2010

Who bought the 5-year note of 28 Jul 2010

Shares of the competitive bids accepted

  • Indirect bidders 47.3%
  • Direct bidders 11.4%
  • Primary dealers 41.4%
This auction, 28 Jul 2010
  • Indirect bidders 34.6%
  • Direct bidders 10.7%
  • Primary dealers 54.8%
The 5-year note auction before, 23 Jun 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 bidders47.3%
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
1.7963.06
1.9952.58
2.1302.71
2.5402.75
2.6052.55
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

Observed .

Right now

The high yield of 1.796% on 28 July 2010 was the lowest for a 5-year note since 23 December 2008.

The bid-to-cover ratio of 3.06 was the highest for a 5-year note since 30 August 2006, with 46 auctions in between.

The high minus median of 4.6 basis points was the lowest for a 5-year note since 25 November 2008, with 19 auctions in between.

Higher than 1 of the 27 since 24 April 2008

Its own history

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

The direct bidders' share was higher than 19 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 47.3%
  • Direct bidders 11.4%
  • Primary dealers 41.4%

Size

Treasury sold $38.215 billion of the $37 billion offered.

Bids received came to $114.289 billion; the bid-to-cover ratio was 3.06.

Its bid-to-cover of 3.06 compares with the 24 auctions before it: lowest 1.91 on , highest 3.06 on ; 100.0% of the way from the low to the high.

3.06

Low 1.91 Midpoint 2.485 High 3.06

The security5-Year, new issue

Coupon
1.750%
Announced
Issued
Matures

It adds to the debt that matures in July 2015.

Understanding this result

Where it stands today

The high yield was 1.796% at this 5-year note auction, the median yield 1.750% and a bid-to-cover ratio of 3.06.

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$37,000,000,000
Bids received$114,289,498,400
Sold$38,215,003,400
Competitive bids accepted$36,896,905,000
Non-competitive bids accepted$103,150,400
Federal Reserve (SOMA) add-on$1,214,948,000
Foreign and international (FIMA) non-competitive$0
High yield, %1.796
Median rate, %1.750
Low rate, %1.690
Interest rate (coupon), %1.750
Bids at the high rate filled, %26.55
Bid-to-cover ratio3.06
Indirect bidders accepted$17,443,950,000
Direct bidders accepted$4,190,000,000
Primary dealers accepted$15,262,955,000
Indirect bidders' share, % (ours)47.3
Direct bidders' share, % (ours)11.4
Primary dealers' share, % (ours)41.4
High minus median, basis points (ours)4.6
Treasury par yield curve, 5-year point, same day, %1.75
High yield minus that point, basis points (ours)4.6
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 ratio3.062.610 of 1212 of 12
High yield1.7962.43212 of 120 of 12
Indirect bidders' share47.344.45 of 127 of 12
Direct bidders' share11.410.74 of 128 of 12
Primary dealers' share41.443.68 of 124 of 12
High minus median, basis points4.66.812 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 ratio3.06Last 24 auctions0 of 2424 of 242.45
Bid-to-cover ratio3.06Since 24 April 20080 of 2727 of 272.44
Bid-to-cover ratio3.06All 104 since 28 September 19942 of 104101 of 1042.32
High yield1.796Last 24 auctions23 of 241 of 242.392
High yield1.796Since 24 April 200826 of 271 of 272.470
High yield1.796All 200 since 24 January 1991199 of 2001 of 2005.140
Indirect bidders' share47.3Last 24 auctions7 of 2417 of 2440.0
Indirect bidders' share47.3All 27 since 24 April 20087 of 2720 of 2737.2
Direct bidders' share11.4Last 24 auctions5 of 2419 of 242.9
Direct bidders' share11.4All 27 since 24 April 20085 of 2722 of 272.9
Primary dealers' share41.4Last 24 auctions19 of 245 of 2451.3
Primary dealers' share41.4All 27 since 24 April 200822 of 275 of 2754.8
High minus median, basis points4.6Last 24 auctions23 of 241 of 246.8
High minus median, basis points4.6Since 24 April 200825 of 272 of 276.6
High minus median, basis points4.6All 200 since 24 January 199137 of 200163 of 2002.6

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 28 July 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100728_2.pdf. Compiled by 500metrics, "5-year note auction of 28 July 2010 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2010-07-28.

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