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Treasury auctions · 5-Year Note

5-year note auction of 22 February 2017 (new issue)

The 5-year note sold $38.715 billion at a high yield of 1.937% on , with a bid-to-cover ratio of 2.29.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 27 Aug 2014 to 22 Feb 2017
High yield at each 5-year note auction, 25 Feb 2015 to 22 Feb 2017

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, 27 Aug 2014 to 22 Feb 2017
Bid-to-cover ratio at each 5-year note auction, 25 Feb 2015 to 22 Feb 2017

Who bought the 5-year note of 22 Feb 2017

Shares of the competitive bids accepted

  • Indirect bidders 58.2%
  • Direct bidders 8.4%
  • Primary dealers 33.3%
This auction, 22 Feb 2017
  • Indirect bidders 63.3%
  • Direct bidders 4.6%
  • Primary dealers 32.1%
The 5-year note auction before, 25 Jan 2017

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 bidders58.2%
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
1.9372.29
1.9882.38
2.0572.72
1.7602.44
1.3032.49
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

Observed .

Right now

The high yield was 1.937% on 22 February 2017, down from 1.988% at the auction before.

The high minus median of 6.7 basis points was the highest for a 5-year note since 23 February 2011, with 74 auctions in between.

Higher than 78 of the 109 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high minus median was higher than all 24.

The high yield was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 58.2%
  • Direct bidders 8.4%
  • Primary dealers 33.3%

Size

Treasury sold $38.715 billion of the $34 billion offered.

Bids received came to $82.653 billion; the bid-to-cover ratio was 2.29.

Its bid-to-cover of 2.29 compares with the 24 auctions before it: lowest 2.27 on , highest 3.27 on ; 2.0% of the way from the low to the high.

2.29

Low 2.27 Midpoint 2.770 High 3.27

The security5-Year, new issue

Coupon
1.875%
Announced
Issued
Matures

It adds to the debt that matures in February 2022.

Understanding this result

Where it stands today

The high yield was 1.937% at this 5-year note auction, the median yield 1.870% and a bid-to-cover ratio of 2.29.

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$82,652,961,600
Sold$38,715,401,600
Competitive bids accepted$33,947,683,000
Non-competitive bids accepted$52,358,900
Federal Reserve (SOMA) add-on$4,715,359,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.937
Median rate, %1.870
Low rate, %1.790
Interest rate (coupon), %1.875
Bids at the high rate filled, %84.24
Bid-to-cover ratio2.29
Indirect bidders accepted$19,761,743,000
Direct bidders accepted$2,864,400,000
Primary dealers accepted$11,321,540,000
Indirect bidders' share, % (ours)58.2
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)33.3
High minus median, basis points (ours)6.7
Treasury par yield curve, 5-year point, same day, %1.92
High yield minus that point, basis points (ours)1.7
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 ratio2.292.4210 of 121 of 12
High yield1.9371.3192 of 1210 of 12
Indirect bidders' share58.262.49 of 123 of 12
Direct bidders' share8.44.82 of 1210 of 12
Primary dealers' share33.333.16 of 126 of 12
High minus median, basis points6.75.00 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 ratio2.29Last 24 auctions22 of 241 of 242.44
Bid-to-cover ratio2.29Since 24 April 200896 of 10912 of 1092.61
Bid-to-cover ratio2.29All 186 since 28 September 1994134 of 18649 of 1862.52
High yield1.937Last 24 auctions2 of 2422 of 241.402
High yield1.937Since 24 April 200831 of 10978 of 1091.539
High yield1.937All 282 since 24 January 1991204 of 28278 of 2823.914
Indirect bidders' share58.2Last 24 auctions12 of 2412 of 2458.1
Indirect bidders' share58.2All 109 since 24 April 200820 of 10989 of 10946.1
Direct bidders' share8.4Last 24 auctions9 of 2415 of 246.5
Direct bidders' share8.4All 109 since 24 April 200865 of 10944 of 1099.6
Primary dealers' share33.3Last 24 auctions15 of 249 of 2435.5
Primary dealers' share33.3All 109 since 24 April 200892 of 10917 of 10941.7
High minus median, basis points6.7Last 24 auctions0 of 2424 of 244.6
High minus median, basis points6.7Since 24 April 200815 of 10994 of 1094.5
High minus median, basis points6.7All 282 since 24 January 199116 of 282266 of 2823.0

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 22 February 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170222_2.pdf. Compiled by 500metrics, "5-year note auction of 22 February 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-02-22.

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