500metrics

Treasury auctions · 5-Year Note

5-year note auction of 29 July 2015 (new issue)

The 5-year note sold $35 billion at a high yield of 1.625% on , with a bid-to-cover ratio of 2.58.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 25 Jul 2012 to 29 Jul 2015
High yield at each 5-year note auction, 29 Oct 2013 to 29 Jul 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, 25 Jul 2012 to 29 Jul 2015
Bid-to-cover ratio at each 5-year note auction, 29 Oct 2013 to 29 Jul 2015

Who bought the 5-year note of 29 Jul 2015

Shares of the competitive bids accepted

  • Indirect bidders 67.5%
  • Direct bidders 5.3%
  • Primary dealers 27.2%
This auction, 29 Jul 2015
  • Indirect bidders 56.6%
  • Direct bidders 5.6%
  • Primary dealers 37.9%
The 5-year note auction before, 24 Jun 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 bidders67.5%
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
1.6252.58
1.7102.39
1.5602.46
0.6483.40
1.3802.56
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

Observed .

Right now

The high yield was 1.625% on 29 July 2015, down from 1.710% at the auction before.

The indirect bidders' share of 67.5% was the highest of all 86 earlier 5-year note auctions we hold.

Higher than 45 of the 86 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the indirect bidders' share was higher than all 24.

The high yield was higher than 16 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 67.5%
  • Direct bidders 5.3%
  • Primary dealers 27.2%

Size

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

Bids received came to $90.204 billion; the bid-to-cover ratio was 2.58.

Its bid-to-cover of 2.58 compares with the 24 auctions before it: lowest 2.35 on , highest 3.40 on ; 21.9% of the way from the low to the high.

2.58

Low 2.35 Midpoint 2.875 High 3.40

The security5-Year, new issue

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in July 2020.

Understanding this result

Where it stands today

The high yield was 1.625% at this 5-year note auction, the median yield 1.590% and a bid-to-cover ratio of 2.58.

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$90,204,013,700
Sold$35,000,016,700
Competitive bids accepted$34,855,273,000
Non-competitive bids accepted$44,743,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.625
Median rate, %1.590
Low rate, %1.500
Interest rate (coupon), %1.625
Bids at the high rate filled, %2.98
Bid-to-cover ratio2.58
Indirect bidders accepted$23,522,313,000
Direct bidders accepted$1,847,980,000
Primary dealers accepted$9,484,980,000
Indirect bidders' share, % (ours)67.5
Direct bidders' share, % (ours)5.3
Primary dealers' share, % (ours)27.2
High minus median, basis points (ours)3.5
Treasury par yield curve, 5-year point, same day, %1.62
High yield minus that point, basis points (ours)0.5
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 ratio2.582.523 of 129 of 12
High yield1.6251.5644 of 128 of 12
Indirect bidders' share67.557.50 of 1212 of 12
Direct bidders' share5.39.111 of 121 of 12
Primary dealers' share27.235.211 of 121 of 12
High minus median, basis points3.53.87 of 124 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 ratio2.58Last 24 auctions12 of 2412 of 242.58
Bid-to-cover ratio2.58Since 24 April 200854 of 8630 of 862.70
Bid-to-cover ratio2.58All 163 since 28 September 199476 of 16384 of 1632.55
High yield1.625Last 24 auctions8 of 2416 of 241.564
High yield1.625Since 24 April 200841 of 8645 of 861.598
High yield1.625All 259 since 24 January 1991214 of 25945 of 2594.340
Indirect bidders' share67.5Last 24 auctions0 of 2424 of 2451.7
Indirect bidders' share67.5All 86 since 24 April 20080 of 8686 of 8644.1
Direct bidders' share5.3Last 24 auctions22 of 242 of 249.9
Direct bidders' share5.3All 86 since 24 April 200866 of 8620 of 8610.1
Primary dealers' share27.2Last 24 auctions21 of 243 of 2438.0
Primary dealers' share27.2All 86 since 24 April 200883 of 863 of 8643.5
High minus median, basis points3.5Last 24 auctions11 of 2412 of 243.4
High minus median, basis points3.5Since 24 April 200859 of 8623 of 864.4
High minus median, basis points3.5All 259 since 24 January 199191 of 259163 of 2593.0

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 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150729_2.pdf. Compiled by 500metrics, "5-year note auction of 29 July 2015 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2015-07-29.

Page updated