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Treasury auctions · 5-Year Note

5-year note auction of 25 March 2015 (new issue)

The 5-year note sold $35 billion at a high yield of 1.387% on , with a bid-to-cover ratio of 2.35.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 22 Feb 2012 to 25 Mar 2015
High yield at each 5-year note auction, 27 Mar 2013 to 25 Mar 2015

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, 22 Feb 2012 to 25 Mar 2015
Bid-to-cover ratio at each 5-year note auction, 27 Mar 2013 to 25 Mar 2015

Who bought the 5-year note of 25 Mar 2015

Shares of the competitive bids accepted

  • Indirect bidders 55.7%
  • Direct bidders 4.7%
  • Primary dealers 39.6%
This auction, 25 Mar 2015
  • Indirect bidders 60.1%
  • Direct bidders 7.5%
  • Primary dealers 32.4%
The 5-year note auction before, 25 Feb 2015

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 bidders55.7%
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
1.3872.35
1.4802.54
1.2882.49
1.7392.39
1.5952.91
1.5672.36
1.8002.56
1.6462.81
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

Observed .

Right now

The high yield was 1.387% on 25 March 2015, down from 1.480% at the auction before.

The bid-to-cover ratio of 2.35 was the lowest for a 5-year note since 29 July 2009, with 65 auctions in between.

The direct bidders' share of 4.7% was the lowest for a 5-year note since 26 June 2013, with 18 auctions in between.

Higher than 28 of the 81 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the bid-to-cover ratio was lower than all 24.

The high minus median 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 55.7%
  • Direct bidders 4.7%
  • Primary dealers 39.6%

Size

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

Bids received came to $82.141 billion; the bid-to-cover ratio was 2.35.

Its bid-to-cover of 2.35 compares with the 24 auctions before it: lowest 2.35 on , highest 2.99 on ; 0.0% of the way from the low to the high.

2.35

Low 2.35 Midpoint 2.670 High 2.99

The security5-Year, new issue

Coupon
1.375%
Announced
Issued
Matures

It adds to the debt that matures in March 2020.

Understanding this result

Where it stands today

The high yield was 1.387% at this 5-year note auction, the median yield 1.338% and a bid-to-cover ratio of 2.35.

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$82,141,187,500
Sold$35,000,032,500
Competitive bids accepted$34,864,745,000
Non-competitive bids accepted$35,287,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.387
Median rate, %1.338
Low rate, %1.270
Interest rate (coupon), %1.375
Bids at the high rate filled, %49.67
Bid-to-cover ratio2.35
Indirect bidders accepted$19,415,900,000
Direct bidders accepted$1,647,000,000
Primary dealers accepted$13,801,845,000
Indirect bidders' share, % (ours)55.7
Direct bidders' share, % (ours)4.7
Primary dealers' share, % (ours)39.6
High minus median, basis points (ours)4.9
Treasury par yield curve, 5-year point, same day, %1.41
High yield minus that point, basis points (ours)-2.3
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 ratio2.352.7412 of 120 of 12
High yield1.3871.65811 of 121 of 12
Indirect bidders' share55.751.74 of 128 of 12
Direct bidders' share4.710.212 of 120 of 12
Primary dealers' share39.635.22 of 1210 of 12
High minus median, basis points4.93.40 of 1212 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 ratio2.35Last 24 auctions24 of 240 of 242.73
Bid-to-cover ratio2.35Since 24 April 200869 of 8112 of 812.71
Bid-to-cover ratio2.35All 158 since 28 September 1994104 of 15854 of 1582.56
High yield1.387Last 24 auctions16 of 248 of 241.522
High yield1.387Since 24 April 200853 of 8128 of 811.615
High yield1.387All 254 since 24 January 1991226 of 25428 of 2544.455
Indirect bidders' share55.7Last 24 auctions4 of 2420 of 2450.1
Indirect bidders' share55.7All 81 since 24 April 20087 of 8174 of 8144.0
Direct bidders' share4.7Last 24 auctions23 of 241 of 2410.8
Direct bidders' share4.7All 81 since 24 April 200863 of 8118 of 8110.4
Primary dealers' share39.6Last 24 auctions10 of 2414 of 2438.6
Primary dealers' share39.6All 81 since 24 April 200862 of 8119 of 8144.0
High minus median, basis points4.9Last 24 auctions1 of 2423 of 243.4
High minus median, basis points4.9Since 24 April 200836 of 8145 of 814.6
High minus median, basis points4.9All 254 since 24 January 199147 of 254206 of 2543.0

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 25 March 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150325_2.pdf. Compiled by 500metrics, "5-year note auction of 25 March 2015 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2015-03-25.

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