500metrics

Treasury auctions · 5-Year Note

5-year note auction of 23 November 2010 (new issue)

The 5-year note sold $36.379 billion at a high yield of 1.411% on , with a bid-to-cover ratio of 2.65.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 27 Dec 2007 to 23 Nov 2010
High yield at each 5-year note auction, 25 Nov 2008 to 23 Nov 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, 27 Dec 2007 to 23 Nov 2010
Bid-to-cover ratio at each 5-year note auction, 25 Nov 2008 to 23 Nov 2010

Who bought the 5-year note of 23 Nov 2010

Shares of the competitive bids accepted

  • Indirect bidders 31.5%
  • Direct bidders 15.6%
  • Primary dealers 52.9%
This auction, 23 Nov 2010
  • Indirect bidders 39.5%
  • Direct bidders 11.7%
  • Primary dealers 48.8%
The 5-year note auction before, 27 Oct 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 bidders31.5%
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
1.4112.65
1.3302.82
1.2602.96
1.3742.83
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

Observed .

Right now

The high yield was 1.411% on 23 November 2010, up from 1.330% at the auction before.

The indirect bidders' share of 31.5% was the lowest for a 5-year note since 28 April 2009, with 18 auctions in between.

The direct bidders' share of 15.6% was the highest of all 31 earlier 5-year note auctions we hold.

Higher than 3 of the 31 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the direct bidders' share was higher than all 24.

The primary dealers' share was higher than 16 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 31.5%
  • Direct bidders 15.6%
  • Primary dealers 52.9%

Size

Treasury sold $36.379 billion of the $35 billion offered.

Bids received came to $94.156 billion; the bid-to-cover ratio was 2.65.

Its bid-to-cover of 2.65 compares with the 24 auctions before it: lowest 1.92 on , highest 3.06 on ; 64.0% of the way from the low to the high.

2.65

Low 1.92 Midpoint 2.490 High 3.06

The security5-Year, new issue

Coupon
1.375%
Announced
Issued
Matures

It adds to the debt that matures in November 2015.

Understanding this result

Where it stands today

The high yield was 1.411% at this 5-year note auction, the median yield 1.365% and a bid-to-cover ratio of 2.65.

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$35,000,000,000
Bids received$94,156,395,100
Sold$36,379,135,100
Competitive bids accepted$34,898,865,000
Non-competitive bids accepted$51,145,500
Federal Reserve (SOMA) add-on$1,379,124,600
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.411
Median rate, %1.365
Low rate, %1.300
Interest rate (coupon), %1.375
Bids at the high rate filled, %6.37
Bid-to-cover ratio2.65
Indirect bidders accepted$10,992,100,000
Direct bidders accepted$5,442,025,000
Primary dealers accepted$18,464,740,000
Indirect bidders' share, % (ours)31.5
Direct bidders' share, % (ours)15.6
Primary dealers' share, % (ours)52.9
High minus median, basis points (ours)4.6
Treasury par yield curve, 5-year point, same day, %1.40
High yield minus that point, basis points (ours)1.1
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 ratio2.652.789 of 123 of 12
High yield1.4112.1529 of 123 of 12
Indirect bidders' share31.545.612 of 120 of 12
Direct bidders' share15.611.10 of 1212 of 12
Primary dealers' share52.942.21 of 1211 of 12
High minus median, basis points4.65.69 of 122 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 ratio2.65Last 24 auctions9 of 2415 of 242.58
Bid-to-cover ratio2.65Since 24 April 20089 of 3122 of 312.48
Bid-to-cover ratio2.65All 108 since 28 September 199424 of 10884 of 1082.35
High yield1.411Last 24 auctions21 of 243 of 242.152
High yield1.411Since 24 April 200828 of 313 of 312.388
High yield1.411All 204 since 24 January 1991201 of 2043 of 2044.980
Indirect bidders' share31.5Last 24 auctions21 of 243 of 2444.1
Indirect bidders' share31.5All 31 since 24 April 200822 of 319 of 3139.7
Direct bidders' share15.6Last 24 auctions0 of 2424 of 247.5
Direct bidders' share15.6All 31 since 24 April 20080 of 3131 of 312.9
Primary dealers' share52.9Last 24 auctions8 of 2416 of 2445.6
Primary dealers' share52.9All 31 since 24 April 200815 of 3116 of 3149.6
High minus median, basis points4.6Last 24 auctions20 of 243 of 246.6
High minus median, basis points4.6Since 24 April 200826 of 314 of 316.5
High minus median, basis points4.6All 204 since 24 January 199138 of 204165 of 2042.6

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 23 November 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20101123_2.pdf. Compiled by 500metrics, "5-year note auction of 23 November 2010 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2010-11-23.

Page updated