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Treasury auctions · 5-Year Note

5-year note auction of 27 March 2013 (new issue)

The 5-year note sold $35 billion at a high yield of 0.760% on , with a bid-to-cover ratio of 2.73.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 28 Apr 2010 to 27 Mar 2013
High yield at each 5-year note auction, 29 Mar 2011 to 27 Mar 2013

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, 28 Apr 2010 to 27 Mar 2013
Bid-to-cover ratio at each 5-year note auction, 29 Mar 2011 to 27 Mar 2013

Who bought the 5-year note of 27 Mar 2013

Shares of the competitive bids accepted

  • Indirect bidders 46.1%
  • Direct bidders 16.8%
  • Primary dealers 37.1%
This auction, 27 Mar 2013
  • Indirect bidders 41.7%
  • Direct bidders 14.3%
  • Primary dealers 44.0%
The 5-year note auction before, 26 Feb 2013

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 bidders46.1%
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
0.7602.73
0.7772.85
0.8892.88
0.7692.72
0.6412.89
0.7742.73
0.6473.06
0.7082.92
0.5842.71
0.7522.61
0.7482.99
0.8873.09
1.0402.85
0.9002.89
0.8993.17
0.8802.86
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

Observed .

Right now

The high yield was 0.760% on 27 March 2013, down from 0.777% at the auction before.

The primary dealers' share of 37.1% was the lowest for a 5-year note since 28 April 2010, with 34 auctions in between.

Higher than 6 of the 59 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the primary dealers' share was lower than all 24.

The direct bidders' share was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 46.1%
  • Direct bidders 16.8%
  • Primary dealers 37.1%

Size

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

Bids received came to $95.441 billion; the bid-to-cover ratio was 2.73.

Its bid-to-cover of 2.73 compares with the 24 auctions before it: lowest 2.59 on , highest 3.20 on ; 23.0% of the way from the low to the high.

2.73

Low 2.59 Midpoint 2.895 High 3.20

The security5-Year, new issue

Coupon
0.750%
Announced
Issued
Matures

It adds to the debt that matures in March 2018.

Understanding this result

Where it stands today

The high yield was 0.760% at this 5-year note auction, the median yield 0.725% and a bid-to-cover ratio of 2.73.

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$95,440,976,100
Sold$35,000,030,600
Competitive bids accepted$34,975,054,500
Non-competitive bids accepted$24,976,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %0.760
Median rate, %0.725
Low rate, %0.684
Interest rate (coupon), %0.750
Bids at the high rate filled, %52.11
Bid-to-cover ratio2.73
Indirect bidders accepted$16,117,165,000
Direct bidders accepted$5,888,422,000
Primary dealers accepted$12,969,467,500
Indirect bidders' share, % (ours)46.1
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)37.1
High minus median, basis points (ours)3.5
Treasury par yield curve, 5-year point, same day, %0.76
High yield minus that point, basis points (ours)0.0
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 ratio2.732.868 of 123 of 12
High yield0.7600.7606 of 126 of 12
Indirect bidders' share46.142.01 of 1211 of 12
Direct bidders' share16.811.22 of 1210 of 12
Primary dealers' share37.145.412 of 120 of 12
High minus median, basis points3.53.66 of 126 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 ratio2.73Last 24 auctions17 of 246 of 242.87
Bid-to-cover ratio2.73Since 24 April 200826 of 5932 of 592.71
Bid-to-cover ratio2.73All 136 since 28 September 199437 of 13697 of 1362.50
High yield0.760Last 24 auctions18 of 246 of 240.894
High yield0.760Since 24 April 200853 of 596 of 591.849
High yield0.760All 232 since 24 January 1991226 of 2326 of 2324.699
Indirect bidders' share46.1Last 24 auctions4 of 2420 of 2442.2
Indirect bidders' share46.1All 59 since 24 April 200814 of 5945 of 5941.8
Direct bidders' share16.8Last 24 auctions2 of 2422 of 2411.2
Direct bidders' share16.8All 59 since 24 April 20082 of 5957 of 599.6
Primary dealers' share37.1Last 24 auctions24 of 240 of 2444.6
Primary dealers' share37.1All 59 since 24 April 200856 of 593 of 5946.8
High minus median, basis points3.5Last 24 auctions15 of 248 of 244.2
High minus median, basis points3.5Since 24 April 200848 of 5910 of 595.2
High minus median, basis points3.5All 232 since 24 January 199180 of 232150 of 2322.9

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 27 March 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130327_1.pdf. Compiled by 500metrics, "5-year note auction of 27 March 2013 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2013-03-27.

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