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Treasury auctions · 5-Year Note

5-year note auction of 22 November 2011 (new issue)

The 5-year note sold $36.586 billion at a high yield of 0.937% on , with a bid-to-cover ratio of 3.15.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 23 Dec 2008 to 22 Nov 2011
High yield at each 5-year note auction, 24 Nov 2009 to 22 Nov 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, 23 Dec 2008 to 22 Nov 2011
Bid-to-cover ratio at each 5-year note auction, 24 Nov 2009 to 22 Nov 2011

Who bought the 5-year note of 22 Nov 2011

Shares of the competitive bids accepted

  • Indirect bidders 45.3%
  • Direct bidders 9.6%
  • Primary dealers 45.1%
This auction, 22 Nov 2011
  • Indirect bidders 49.3%
  • Direct bidders 10.4%
  • Primary dealers 40.3%
The 5-year note auction before, 26 Oct 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 bidders45.3%
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
0.9373.15
1.0552.90
1.0153.04
1.0292.71
1.5802.62
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

Observed .

Right now

The high yield of 0.937% on 22 November 2011 was the lowest of all 216 earlier 5-year note auctions we hold.

Lower than all 43 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high yield was lower than all 24.

The bid-to-cover ratio was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 45.3%
  • Direct bidders 9.6%
  • Primary dealers 45.1%

Size

Treasury sold $36.586 billion of the $35 billion offered.

Bids received came to $111.803 billion; the bid-to-cover ratio was 3.15.

Its bid-to-cover of 3.15 compares with the 24 auctions before it: lowest 2.55 on , highest 3.20 on ; 92.3% of the way from the low to the high.

3.15

Low 2.55 Midpoint 2.875 High 3.20

The security5-Year, new issue

Coupon
0.875%
Announced
Issued
Matures

It adds to the debt that matures in November 2016.

Understanding this result

Where it stands today

The high yield was 0.937% at this 5-year note auction, the median yield 0.900% and a bid-to-cover ratio of 3.15.

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$111,802,670,100
Sold$36,585,896,100
Competitive bids accepted$34,965,926,000
Non-competitive bids accepted$34,146,300
Federal Reserve (SOMA) add-on$1,585,823,800
Foreign and international (FIMA) non-competitive$0
High yield, %0.937
Median rate, %0.900
Low rate, %0.819
Interest rate (coupon), %0.875
Bids at the high rate filled, %59.91
Bid-to-cover ratio3.15
Indirect bidders accepted$15,855,452,500
Direct bidders accepted$3,341,968,500
Primary dealers accepted$15,768,505,000
Indirect bidders' share, % (ours)45.3
Direct bidders' share, % (ours)9.6
Primary dealers' share, % (ours)45.1
High minus median, basis points (ours)3.7
Treasury par yield curve, 5-year point, same day, %0.91
High yield minus that point, basis points (ours)2.7
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 ratio3.152.741 of 1211 of 12
High yield0.9371.71412 of 120 of 12
Indirect bidders' share45.341.13 of 129 of 12
Direct bidders' share9.610.89 of 123 of 12
Primary dealers' share45.147.68 of 124 of 12
High minus median, basis points3.75.29 of 123 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 ratio3.15Last 24 auctions1 of 2423 of 242.76
Bid-to-cover ratio3.15Since 24 April 20081 of 4342 of 432.59
Bid-to-cover ratio3.15All 120 since 28 September 19942 of 120118 of 1202.45
High yield0.937Last 24 auctions24 of 240 of 242.018
High yield0.937Since 24 April 200843 of 430 of 432.149
High yield0.937All 216 since 24 January 1991216 of 2160 of 2164.842
Indirect bidders' share45.3Last 24 auctions9 of 2415 of 2442.3
Indirect bidders' share45.3All 43 since 24 April 200813 of 4330 of 4340.0
Direct bidders' share9.6Last 24 auctions17 of 247 of 2411.0
Direct bidders' share9.6All 43 since 24 April 200819 of 4324 of 438.7
Primary dealers' share45.1Last 24 auctions12 of 2412 of 2444.9
Primary dealers' share45.1All 43 since 24 April 200827 of 4316 of 4348.8
High minus median, basis points3.7Last 24 auctions21 of 243 of 245.3
High minus median, basis points3.7Since 24 April 200838 of 435 of 436.1
High minus median, basis points3.7All 216 since 24 January 199168 of 216147 of 2162.8

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 22 November 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20111122_2.pdf. Compiled by 500metrics, "5-year note auction of 22 November 2011 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2011-11-22.

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