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Treasury auctions · 5-Year Note

5-year note auction of 26 April 2017 (new issue)

The 5-year note sold $38.641 billion at a high yield of 1.875% on , with a bid-to-cover ratio of 2.34.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 29 Oct 2014 to 26 Apr 2017
High yield at each 5-year note auction, 28 Apr 2015 to 26 Apr 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, 29 Oct 2014 to 26 Apr 2017
Bid-to-cover ratio at each 5-year note auction, 28 Apr 2015 to 26 Apr 2017

Who bought the 5-year note of 26 Apr 2017

Shares of the competitive bids accepted

  • Indirect bidders 57.3%
  • Direct bidders 5.3%
  • Primary dealers 37.4%
This auction, 26 Apr 2017
  • Indirect bidders 68.9%
  • Direct bidders 4.8%
  • Primary dealers 26.4%
The 5-year note auction before, 28 Mar 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 bidders57.3%
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
1.8752.34
1.9502.37
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

Observed .

Right now

The high yield was 1.875% on 26 April 2017, down from 1.950% at the auction before.

Higher than 78 of the 111 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high yield was higher than 20 of the 24.

The bid-to-cover ratio was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 57.3%
  • Direct bidders 5.3%
  • Primary dealers 37.4%

Size

Treasury sold $38.641 billion of the $34 billion offered.

Bids received came to $84.072 billion; the bid-to-cover ratio was 2.34.

Its bid-to-cover of 2.34 compares with the 24 auctions before it: lowest 2.27 on , highest 3.27 on ; 7.0% of the way from the low to the high.

2.34

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 April 2022.

Understanding this result

Where it stands today

The high yield was 1.875% at this 5-year note auction, the median yield 1.820% and a bid-to-cover ratio of 2.34.

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$84,072,217,800
Sold$38,640,885,200
Competitive bids accepted$33,963,391,400
Non-competitive bids accepted$37,002,500
Federal Reserve (SOMA) add-on$4,640,491,300
Foreign and international (FIMA) non-competitive$0
High yield, %1.875
Median rate, %1.820
Low rate, %1.730
Interest rate (coupon), %1.875
Bids at the high rate filled, %36.18
Bid-to-cover ratio2.34
Indirect bidders accepted$19,459,144,000
Direct bidders accepted$1,796,090,000
Primary dealers accepted$12,708,157,400
Indirect bidders' share, % (ours)57.3
Direct bidders' share, % (ours)5.3
Primary dealers' share, % (ours)37.4
High minus median, basis points (ours)5.5
Treasury par yield curve, 5-year point, same day, %1.84
High yield minus that point, basis points (ours)3.5
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 ratio2.342.409 of 123 of 12
High yield1.8751.4024 of 128 of 12
Indirect bidders' share57.362.410 of 122 of 12
Direct bidders' share5.34.74 of 128 of 12
Primary dealers' share37.432.72 of 1210 of 12
High minus median, basis points5.55.03 of 129 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 ratio2.34Last 24 auctions19 of 244 of 242.44
Bid-to-cover ratio2.34Since 24 April 200894 of 11116 of 1112.61
Bid-to-cover ratio2.34All 188 since 28 September 1994129 of 18858 of 1882.52
High yield1.875Last 24 auctions4 of 2420 of 241.402
High yield1.875Since 24 April 200833 of 11178 of 1111.560
High yield1.875All 284 since 24 January 1991206 of 28478 of 2843.896
Indirect bidders' share57.3Last 24 auctions13 of 2411 of 2458.6
Indirect bidders' share57.3All 111 since 24 April 200822 of 11189 of 11147.1
Direct bidders' share5.3Last 24 auctions14 of 2410 of 247.0
Direct bidders' share5.3All 111 since 24 April 200881 of 11130 of 1119.5
Primary dealers' share37.4Last 24 auctions8 of 2416 of 2434.8
Primary dealers' share37.4All 111 since 24 April 200878 of 11133 of 11141.6
High minus median, basis points5.5Last 24 auctions5 of 2418 of 245.0
High minus median, basis points5.5Since 24 April 200831 of 11177 of 1114.6
High minus median, basis points5.5All 284 since 24 January 199135 of 284245 of 2843.0

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 26 April 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170426_2.pdf. Compiled by 500metrics, "5-year note auction of 26 April 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-04-26.

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