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Treasury auctions · 2-Year Note, reopening

5-year note auction of 23 February 2016 (reopening)

The 5-year note sold $34.714 billion at a high yield of 0.752% on , with a bid-to-cover ratio of 2.91.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 29 May 2013 to 23 Feb 2016
High yield at each 5-year note auction, 26 Feb 2014 to 23 Feb 2016

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, 29 May 2013 to 23 Feb 2016
Bid-to-cover ratio at each 5-year note auction, 26 Feb 2014 to 23 Feb 2016

Who bought the 5-year note of 23 Feb 2016

Shares of the competitive bids accepted

  • Indirect bidders 55.8%
  • Direct bidders 10.8%
  • Primary dealers 33.4%
This auction, 23 Feb 2016
  • Indirect bidders 53.5%
  • Direct bidders 8.6%
  • Primary dealers 37.8%
The 5-year note auction before, 27 Jan 2016

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 bidders55.8%
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
0.7522.91
1.4962.44
1.7852.32
1.6702.52
0.8243.01
1.4152.43
1.4672.57
0.6993.27
1.4632.34
0.6633.16
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

Observed .

Right now

The high yield of 0.752% on 23 February 2016 was the lowest for a 5-year note since 22 September 2015.

Higher than 9 of the 96 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the bid-to-cover ratio was higher than 19 of the 24.

The high yield was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 55.8%
  • Direct bidders 10.8%
  • Primary dealers 33.4%

Size

Treasury sold $34.714 billion of the $26 billion offered.

Bids received came to $84.292 billion; the bid-to-cover ratio was 2.91.

Its bid-to-cover of 2.91 compares with the 24 auctions before it: lowest 2.32 on , highest 3.40 on ; 54.6% of the way from the low to the high.

2.91

Low 2.32 Midpoint 2.860 High 3.40

The security2-Year, reopening

Coupon
0.750%
Announced
Issued
Matures

It adds to the debt that matures in February 2018.

Understanding this result

Where it stands today

The high yield was 0.752% at this 5-year note auction, the median yield 0.710% and a bid-to-cover ratio of 2.91.

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 (2-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 as2-Year, reopening
Offering amount$26,000,000,000
Bids received$84,291,662,100
Sold$34,713,862,100
Competitive bids accepted$25,827,900,000
Non-competitive bids accepted$172,124,800
Federal Reserve (SOMA) add-on$8,713,837,300
Foreign and international (FIMA) non-competitive$0
High yield, %0.752
Median rate, %0.710
Low rate, %0.660
Interest rate (coupon), %0.750
Bids at the high rate filled, %7.46
Bid-to-cover ratio2.91
Indirect bidders accepted$14,405,900,000
Direct bidders accepted$2,789,000,000
Primary dealers accepted$8,633,000,000
Indirect bidders' share, % (ours)55.8
Direct bidders' share, % (ours)10.8
Primary dealers' share, % (ours)33.4
High minus median, basis points (ours)4.2
Treasury par yield curve, 2-year point, same day, %0.76
High yield minus that point, basis points (ours)-0.8
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 ratio2.912.493 of 129 of 12
High yield0.7521.48210 of 122 of 12
Indirect bidders' share55.855.16 of 126 of 12
Direct bidders' share10.89.33 of 129 of 12
Primary dealers' share33.437.58 of 124 of 12
High minus median, basis points4.24.15 of 126 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 ratio2.91Last 24 auctions4 of 2419 of 242.55
Bid-to-cover ratio2.91Since 24 April 200817 of 9678 of 962.65
Bid-to-cover ratio2.91All 173 since 28 September 199421 of 173150 of 1732.55
High yield0.752Last 24 auctions21 of 243 of 241.528
High yield0.752Since 24 April 200886 of 969 of 961.576
High yield0.752All 269 since 24 January 1991259 of 2699 of 2694.223
Indirect bidders' share55.8Last 24 auctions11 of 2413 of 2454.6
Indirect bidders' share55.8All 96 since 24 April 200814 of 9682 of 9644.9
Direct bidders' share10.8Last 24 auctions6 of 2418 of 249.4
Direct bidders' share10.8All 96 since 24 April 200837 of 9659 of 9610.1
Primary dealers' share33.4Last 24 auctions15 of 249 of 2436.9
Primary dealers' share33.4All 96 since 24 April 200885 of 9611 of 9642.8
High minus median, basis points4.2Last 24 auctions7 of 2416 of 243.6
High minus median, basis points4.2Since 24 April 200850 of 9642 of 964.4
High minus median, basis points4.2All 269 since 24 January 199168 of 269197 of 2693.0

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 23 February 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160223_2.pdf. Compiled by 500metrics, "5-year note auction of 23 February 2016 (reopening)", https://500metrics.com/treasury/auctions/5-year-note/2016-02-23.

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