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Treasury auctions · 5-Year Note

5-year note auction of 29 July 2014 (new issue)

The 5-year note sold $35.011 billion at a high yield of 1.720% on , with a bid-to-cover ratio of 2.81.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 28 Jun 2011 to 29 Jul 2014
High yield at each 5-year note auction, 29 Aug 2012 to 29 Jul 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, 28 Jun 2011 to 29 Jul 2014
Bid-to-cover ratio at each 5-year note auction, 29 Aug 2012 to 29 Jul 2014

Who bought the 5-year note of 29 Jul 2014

Shares of the competitive bids accepted

  • Indirect bidders 48.2%
  • Direct bidders 25.9%
  • Primary dealers 25.9%
This auction, 29 Jul 2014
  • Indirect bidders 52.5%
  • Direct bidders 9.3%
  • Primary dealers 38.2%
The 5-year note auction before, 25 Jun 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 bidders48.2%
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
1.7202.81
1.6702.74
1.5132.73
1.7322.79
1.7152.99
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

Observed .

Right now

The high yield was 1.720% on 29 July 2014, up from 1.670% at the auction before.

The direct bidders' share of 25.9% was the highest for a 5-year note since 18 December 2012, with 16 auctions in between.

The primary dealers' share of 25.9% was the lowest of all 73 earlier 5-year note auctions we hold.

Higher than 39 of the 73 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 high yield 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 48.2%
  • Direct bidders 25.9%
  • Primary dealers 25.9%

Size

Treasury sold $35.011 billion of the $35 billion offered.

Bids received came to $98.384 billion; the bid-to-cover ratio was 2.81.

Its bid-to-cover of 2.81 compares with the 24 auctions before it: lowest 2.42 on , highest 3.06 on ; 60.9% of the way from the low to the high.

2.81

Low 2.42 Midpoint 2.740 High 3.06

The security5-Year, new issue

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in July 2019.

Understanding this result

Where it stands today

The high yield was 1.720% at this 5-year note auction, the median yield 1.696% and a bid-to-cover ratio of 2.81.

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$98,383,586,300
Sold$35,011,378,300
Competitive bids accepted$34,949,542,000
Non-competitive bids accepted$50,466,200
Federal Reserve (SOMA) add-on$11,370,100
Foreign and international (FIMA) non-competitive$0
High yield, %1.720
Median rate, %1.696
Low rate, %1.609
Interest rate (coupon), %1.625
Bids at the high rate filled, %28.92
Bid-to-cover ratio2.81
Indirect bidders accepted$16,851,294,000
Direct bidders accepted$9,047,000,000
Primary dealers accepted$9,051,248,000
Indirect bidders' share, % (ours)48.2
Direct bidders' share, % (ours)25.9
Primary dealers' share, % (ours)25.9
High minus median, basis points (ours)2.4
Treasury par yield curve, 5-year point, same day, %1.70
High yield minus that point, basis points (ours)2.0
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 ratio2.812.692 of 1210 of 12
High yield1.7201.5221 of 1211 of 12
Indirect bidders' share48.250.27 of 125 of 12
Direct bidders' share25.910.80 of 1212 of 12
Primary dealers' share25.939.112 of 120 of 12
High minus median, basis points2.43.310 of 122 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 ratio2.81Last 24 auctions9 of 2415 of 242.74
Bid-to-cover ratio2.81Since 24 April 200823 of 7349 of 732.71
Bid-to-cover ratio2.81All 150 since 28 September 199431 of 150118 of 1502.56
High yield1.720Last 24 auctions1 of 2423 of 240.967
High yield1.720Since 24 April 200834 of 7339 of 731.615
High yield1.720All 246 since 24 January 1991207 of 24639 of 2464.552
Indirect bidders' share48.2Last 24 auctions7 of 2417 of 2444.3
Indirect bidders' share48.2All 73 since 24 April 200818 of 7355 of 7342.6
Direct bidders' share25.9Last 24 auctions1 of 2423 of 2411.4
Direct bidders' share25.9All 73 since 24 April 20081 of 7372 of 7310.5
Primary dealers' share25.9Last 24 auctions24 of 240 of 2442.0
Primary dealers' share25.9All 73 since 24 April 200873 of 730 of 7344.7
High minus median, basis points2.4Last 24 auctions21 of 243 of 243.3
High minus median, basis points2.4Since 24 April 200869 of 734 of 734.8
High minus median, basis points2.4All 246 since 24 January 1991150 of 24691 of 2463.0

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 29 July 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140729_2.pdf. Compiled by 500metrics, "5-year note auction of 29 July 2014 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2014-07-29.

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