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Treasury auctions · 5-Year Note

5-year note auction of 26 November 2013 (new issue)

The 5-year note sold $35 billion at a high yield of 1.340% on , with a bid-to-cover ratio of 2.61.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 27 Oct 2010 to 26 Nov 2013
High yield at each 5-year note auction, 20 Dec 2011 to 26 Nov 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, 27 Oct 2010 to 26 Nov 2013
Bid-to-cover ratio at each 5-year note auction, 20 Dec 2011 to 26 Nov 2013

Who bought the 5-year note of 26 Nov 2013

Shares of the competitive bids accepted

  • Indirect bidders 50.0%
  • Direct bidders 10.8%
  • Primary dealers 39.2%
This auction, 26 Nov 2013
  • Indirect bidders 45.9%
  • Direct bidders 12.2%
  • Primary dealers 41.9%
The 5-year note auction before, 29 Oct 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 bidders50.0%
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
1.3402.61
1.3002.65
1.4102.46
1.4842.45
1.0452.79
0.7102.86
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

Observed .

Right now

The high yield was 1.340% on 26 November 2013, up from 1.300% at the auction before.

Higher than 25 of the 65 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high yield was higher than 22 of the 24.

The bid-to-cover ratio was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 50.0%
  • Direct bidders 10.8%
  • Primary dealers 39.2%

Size

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

Bids received came to $91.252 billion; the bid-to-cover ratio was 2.61.

Its bid-to-cover of 2.61 compares with the 24 auctions before it: lowest 2.45 on , highest 3.17 on ; 22.2% of the way from the low to the high.

2.61

Low 2.45 Midpoint 2.810 High 3.17

The security5-Year, new issue

Coupon
1.250%
Announced
Issued
Matures

It adds to the debt that matures in November 2018.

Understanding this result

Where it stands today

The high yield was 1.340% at this 5-year note auction, the median yield 1.308% and a bid-to-cover ratio of 2.61.

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$91,251,586,100
Sold$35,000,099,900
Competitive bids accepted$34,951,213,800
Non-competitive bids accepted$43,886,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %1.340
Median rate, %1.308
Low rate, %1.270
Interest rate (coupon), %1.250
Bids at the high rate filled, %67.41
Bid-to-cover ratio2.61
Indirect bidders accepted$17,476,103,300
Direct bidders accepted$3,777,535,500
Primary dealers accepted$13,697,575,000
Indirect bidders' share, % (ours)50.0
Direct bidders' share, % (ours)10.8
Primary dealers' share, % (ours)39.2
High minus median, basis points (ours)3.2
Treasury par yield curve, 5-year point, same day, %1.34
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 ratio2.612.7610 of 122 of 12
High yield1.3400.7762 of 1210 of 12
Indirect bidders' share50.043.82 of 1210 of 12
Direct bidders' share10.814.99 of 123 of 12
Primary dealers' share39.242.07 of 125 of 12
High minus median, basis points3.23.47 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 ratio2.61Last 24 auctions21 of 242 of 242.86
Bid-to-cover ratio2.61Since 24 April 200839 of 6524 of 652.71
Bid-to-cover ratio2.61All 142 since 28 September 199456 of 14282 of 1422.51
High yield1.340Last 24 auctions2 of 2422 of 240.884
High yield1.340Since 24 April 200840 of 6525 of 651.796
High yield1.340All 238 since 24 January 1991213 of 23825 of 2384.650
Indirect bidders' share50.0Last 24 auctions3 of 2421 of 2443.5
Indirect bidders' share50.0All 65 since 24 April 200810 of 6555 of 6542.1
Direct bidders' share10.8Last 24 auctions14 of 2410 of 2411.8
Direct bidders' share10.8All 65 since 24 April 200827 of 6538 of 6510.2
Primary dealers' share39.2Last 24 auctions19 of 245 of 2442.8
Primary dealers' share39.2All 65 since 24 April 200857 of 658 of 6545.4
High minus median, basis points3.2Last 24 auctions18 of 244 of 243.6
High minus median, basis points3.2Since 24 April 200857 of 656 of 655.0
High minus median, basis points3.2All 238 since 24 January 199193 of 238142 of 2383.0

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 26 November 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131126_2.pdf. Compiled by 500metrics, "5-year note auction of 26 November 2013 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2013-11-26.

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