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Treasury auctions · 5-Year Note

5-year note auction of 28 June 2011 (new issue)

The 5-year note sold $36.127 billion at a high yield of 1.615% on , with a bid-to-cover ratio of 2.59.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 24 Jul 2008 to 28 Jun 2011
High yield at each 5-year note auction, 29 Jul 2009 to 28 Jun 2011

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, 24 Jul 2008 to 28 Jun 2011
Bid-to-cover ratio at each 5-year note auction, 29 Jul 2009 to 28 Jun 2011

Who bought the 5-year note of 28 Jun 2011

Shares of the competitive bids accepted

  • Indirect bidders 37.6%
  • Direct bidders 10.2%
  • Primary dealers 52.1%
This auction, 28 Jun 2011
  • Indirect bidders 47.1%
  • Direct bidders 8.9%
  • Primary dealers 44.0%
The 5-year note auction before, 25 May 2011

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 bidders37.6%
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
1.6152.59
1.8133.20
2.1242.77
2.2602.79
2.1902.69
2.0412.97
2.1492.61
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

Observed .

Right now

The high yield of 1.615% on 28 June 2011 was the lowest for a 5-year note since 23 November 2010.

Higher than 5 of the 38 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the primary dealers' share was higher than 19 of the 24.

The high yield was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 37.6%
  • Direct bidders 10.2%
  • Primary dealers 52.1%

Size

Treasury sold $36.127 billion of the $35 billion offered.

Bids received came to $91.728 billion; the bid-to-cover ratio was 2.59.

Its bid-to-cover of 2.59 compares with the 24 auctions before it: lowest 1.92 on , highest 3.20 on ; 52.3% of the way from the low to the high.

2.59

Low 1.92 Midpoint 2.560 High 3.20

The security5-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in June 2016.

Understanding this result

Where it stands today

The high yield was 1.615% at this 5-year note auction, the median yield 1.550% and a bid-to-cover ratio of 2.59.

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$91,727,962,000
Sold$36,126,842,000
Competitive bids accepted$34,962,151,000
Non-competitive bids accepted$37,884,800
Federal Reserve (SOMA) add-on$1,126,806,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.615
Median rate, %1.550
Low rate, %1.470
Interest rate (coupon), %1.500
Bids at the high rate filled, %35.97
Bid-to-cover ratio2.59
Indirect bidders accepted$13,153,226,000
Direct bidders accepted$3,580,000,000
Primary dealers accepted$18,228,925,000
Indirect bidders' share, % (ours)37.6
Direct bidders' share, % (ours)10.2
Primary dealers' share, % (ours)52.1
High minus median, basis points (ours)6.5
Treasury par yield curve, 5-year point, same day, %1.62
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 ratio2.592.8011 of 121 of 12
High yield1.6151.9048 of 124 of 12
Indirect bidders' share37.641.28 of 124 of 12
Direct bidders' share10.210.16 of 126 of 12
Primary dealers' share52.147.64 of 128 of 12
High minus median, basis points6.55.03 of 129 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 ratio2.59Last 24 auctions17 of 246 of 242.73
Bid-to-cover ratio2.59Since 24 April 200817 of 3820 of 382.58
Bid-to-cover ratio2.59All 115 since 28 September 199439 of 11575 of 1152.40
High yield1.615Last 24 auctions20 of 244 of 242.182
High yield1.615Since 24 April 200833 of 385 of 382.225
High yield1.615All 211 since 24 January 1991206 of 2115 of 2114.904
Indirect bidders' share37.6Last 24 auctions19 of 245 of 2444.4
Indirect bidders' share37.6All 38 since 24 April 200821 of 3817 of 3839.8
Direct bidders' share10.2Last 24 auctions12 of 2412 of 2410.1
Direct bidders' share10.2All 38 since 24 April 200813 of 3825 of 387.5
Primary dealers' share52.1Last 24 auctions5 of 2419 of 2444.4
Primary dealers' share52.1All 38 since 24 April 200818 of 3820 of 3849.6
High minus median, basis points6.5Last 24 auctions10 of 2413 of 246.2
High minus median, basis points6.5Since 24 April 200817 of 3820 of 386.2
High minus median, basis points6.5All 211 since 24 January 199118 of 211192 of 2112.8

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 June 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110628_3.pdf. Compiled by 500metrics, "5-year note auction of 28 June 2011 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2011-06-28.

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