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Treasury auctions · 5-Year Note

5-year note auction of 26 February 2014 (new issue)

The 5-year note sold $35.098 billion at a high yield of 1.530% on , with a bid-to-cover ratio of 2.98.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 26 Jan 2011 to 26 Feb 2014
High yield at each 5-year note auction, 28 Mar 2012 to 26 Feb 2014

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, 26 Jan 2011 to 26 Feb 2014
Bid-to-cover ratio at each 5-year note auction, 28 Mar 2012 to 26 Feb 2014

Who bought the 5-year note of 26 Feb 2014

Shares of the competitive bids accepted

  • Indirect bidders 50.7%
  • Direct bidders 9.2%
  • Primary dealers 40.2%
This auction, 26 Feb 2014
  • Indirect bidders 44.6%
  • Direct bidders 10.7%
  • Primary dealers 44.7%
The 5-year note auction before, 30 Jan 2014

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 bidders50.7%
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
1.5302.98
1.5722.59
1.6002.42
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

Observed .

Right now

The high yield was 1.530% on 26 February 2014, down from 1.572% at the auction before.

The bid-to-cover ratio of 2.98 was the highest for a 5-year note since 26 September 2012, with 14 auctions in between.

The high minus median of 2.2 basis points was the lowest for a 5-year note since 25 November 2008, with 60 auctions in between.

Higher than 30 of the 68 since 24 April 2008

Its own history

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

The high yield 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 50.7%
  • Direct bidders 9.2%
  • Primary dealers 40.2%

Size

Treasury sold $35.098 billion of the $35 billion offered.

Bids received came to $104.302 billion; the bid-to-cover ratio was 2.98.

Its bid-to-cover of 2.98 compares with the 24 auctions before it: lowest 2.42 on , highest 3.17 on ; 74.7% of the way from the low to the high.

2.98

Low 2.42 Midpoint 2.795 High 3.17

The security5-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in February 2019.

Understanding this result

Where it stands today

The high yield was 1.530% at this 5-year note auction, the median yield 1.508% and a bid-to-cover ratio of 2.98.

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$104,301,855,700
Sold$35,098,371,700
Competitive bids accepted$34,936,216,000
Non-competitive bids accepted$56,830,200
Federal Reserve (SOMA) add-on$98,325,500
Foreign and international (FIMA) non-competitive$7,000,000
High yield, %1.530
Median rate, %1.508
Low rate, %1.450
Interest rate (coupon), %1.500
Bids at the high rate filled, %61.52
Bid-to-cover ratio2.98
Indirect bidders accepted$17,695,488,000
Direct bidders accepted$3,213,000,000
Primary dealers accepted$14,027,728,000
Indirect bidders' share, % (ours)50.7
Direct bidders' share, % (ours)9.2
Primary dealers' share, % (ours)40.2
High minus median, basis points (ours)2.2
Treasury par yield curve, 5-year point, same day, %1.50
High yield minus that point, basis points (ours)3.0
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 ratio2.982.680 of 1212 of 12
High yield1.5301.1722 of 1210 of 12
Indirect bidders' share50.744.32 of 1210 of 12
Direct bidders' share9.213.110 of 122 of 12
Primary dealers' share40.242.27 of 125 of 12
High minus median, basis points2.23.412 of 120 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 ratio2.98Last 24 auctions4 of 2420 of 242.82
Bid-to-cover ratio2.98Since 24 April 20088 of 6860 of 682.70
Bid-to-cover ratio2.98All 145 since 28 September 199411 of 145134 of 1452.51
High yield1.530Last 24 auctions2 of 2422 of 240.884
High yield1.530Since 24 April 200838 of 6830 of 681.608
High yield1.530All 241 since 24 January 1991211 of 24130 of 2414.622
Indirect bidders' share50.7Last 24 auctions2 of 2422 of 2443.0
Indirect bidders' share50.7All 68 since 24 April 20088 of 6860 of 6842.2
Direct bidders' share9.2Last 24 auctions19 of 245 of 2411.6
Direct bidders' share9.2All 68 since 24 April 200839 of 6829 of 6810.5
Primary dealers' share40.2Last 24 auctions18 of 246 of 2443.3
Primary dealers' share40.2All 68 since 24 April 200858 of 6810 of 6845.4
High minus median, basis points2.2Last 24 auctions24 of 240 of 243.6
High minus median, basis points2.2Since 24 April 200867 of 681 of 685.0
High minus median, basis points2.2All 241 since 24 January 1991157 of 24181 of 2413.0

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 February 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140226_2.pdf. Compiled by 500metrics, "5-year note auction of 26 February 2014 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2014-02-26.

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