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Treasury auctions · 5-Year Note

5-year note auction of 27 September 2016 (new issue)

The 5-year note sold $36.073 billion at a high yield of 1.129% on , with a bid-to-cover ratio of 2.39.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 26 Mar 2014 to 27 Sep 2016
High yield at each 5-year note auction, 29 Oct 2014 to 27 Sep 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, 26 Mar 2014 to 27 Sep 2016
Bid-to-cover ratio at each 5-year note auction, 29 Oct 2014 to 27 Sep 2016

Who bought the 5-year note of 27 Sep 2016

Shares of the competitive bids accepted

  • Indirect bidders 61.4%
  • Direct bidders 4.4%
  • Primary dealers 34.1%
This auction, 27 Sep 2016
  • Indirect bidders 68.7%
  • Direct bidders 6.2%
  • Primary dealers 25.1%
The 5-year note auction before, 24 Aug 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 bidders61.4%
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
1.1292.39
1.1252.54
1.1802.27
1.2182.29
1.3952.60
1.4102.41
1.3352.38
1.1692.44
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

Observed .

Right now

The high yield was 1.129% on 27 September 2016, up from 1.125% at the auction before.

Higher than 28 of the 104 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the indirect bidders' share was higher than 18 of the 24.

The direct bidders' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 61.4%
  • Direct bidders 4.4%
  • Primary dealers 34.1%

Size

Treasury sold $36.073 billion of the $34 billion offered.

Bids received came to $83.362 billion; the bid-to-cover ratio was 2.39.

Its bid-to-cover of 2.39 compares with the 24 auctions before it: lowest 2.27 on , highest 3.40 on ; 10.6% of the way from the low to the high.

2.39

Low 2.27 Midpoint 2.835 High 3.40

The security5-Year, new issue

Coupon
1.125%
Announced
Issued
Matures

It adds to the debt that matures in September 2021.

Understanding this result

Where it stands today

The high yield was 1.129% at this 5-year note auction, the median yield 1.090% and a bid-to-cover ratio of 2.39.

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$34,000,000,000
Bids received$83,361,518,300
Sold$36,072,640,100
Competitive bids accepted$33,962,157,800
Non-competitive bids accepted$37,897,800
Federal Reserve (SOMA) add-on$2,072,584,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.129
Median rate, %1.090
Low rate, %1.030
Interest rate (coupon), %1.125
Bids at the high rate filled, %15.58
Bid-to-cover ratio2.39
Indirect bidders accepted$20,864,287,800
Direct bidders accepted$1,504,276,000
Primary dealers accepted$11,593,594,000
Indirect bidders' share, % (ours)61.4
Direct bidders' share, % (ours)4.4
Primary dealers' share, % (ours)34.1
High minus median, basis points (ours)3.9
Treasury par yield curve, 5-year point, same day, %1.12
High yield minus that point, basis points (ours)0.9
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 ratio2.392.448 of 124 of 12
High yield1.1291.2769 of 123 of 12
Indirect bidders' share61.456.24 of 128 of 12
Direct bidders' share4.49.311 of 121 of 12
Primary dealers' share34.135.06 of 126 of 12
High minus median, basis points3.95.011 of 121 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 ratio2.39Last 24 auctions17 of 246 of 242.49
Bid-to-cover ratio2.39Since 24 April 200883 of 10419 of 1042.62
Bid-to-cover ratio2.39All 181 since 28 September 1994115 of 18164 of 1812.54
High yield1.129Last 24 auctions18 of 246 of 241.391
High yield1.129Since 24 April 200876 of 10428 of 1041.534
High yield1.129All 277 since 24 January 1991249 of 27728 of 2773.993
Indirect bidders' share61.4Last 24 auctions6 of 2418 of 2456.6
Indirect bidders' share61.4All 104 since 24 April 20089 of 10495 of 10445.6
Direct bidders' share4.4Last 24 auctions22 of 242 of 247.5
Direct bidders' share4.4All 104 since 24 April 200884 of 10420 of 1049.9
Primary dealers' share34.1Last 24 auctions13 of 2411 of 2436.9
Primary dealers' share34.1All 104 since 24 April 200887 of 10417 of 10442.2
High minus median, basis points3.9Last 24 auctions17 of 247 of 244.5
High minus median, basis points3.9Since 24 April 200868 of 10435 of 1044.6
High minus median, basis points3.9All 277 since 24 January 199197 of 277178 of 2773.0

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 27 September 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160927_2.pdf. Compiled by 500metrics, "5-year note auction of 27 September 2016 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2016-09-27.

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