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Treasury auctions · 5-Year Note

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

The 5-year note sold $37.457 billion at a high yield of 1.884% 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, 29 Jan 2015 to 26 Jul 2017
High yield at each 5-year note auction, 29 Jul 2015 to 26 Jul 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 Jan 2015 to 26 Jul 2017
Bid-to-cover ratio at each 5-year note auction, 29 Jul 2015 to 26 Jul 2017

Who bought the 5-year note of 26 Jul 2017

Shares of the competitive bids accepted

  • Indirect bidders 69.8%
  • Direct bidders 6.2%
  • Primary dealers 24.1%
This auction, 26 Jul 2017
  • Indirect bidders 65.2%
  • Direct bidders 9.2%
  • Primary dealers 25.6%
The 5-year note auction before, 27 Jun 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 bidders69.8%
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
1.8842.58
1.8282.33
1.8312.67
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

Observed .

Right now

The high yield was 1.884% on 26 July 2017, up from 1.828% at the auction before.

Higher than 81 of the 114 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the indirect bidders' share was higher than 23 of the 24.

The primary dealers' share 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 69.8%
  • Direct bidders 6.2%
  • Primary dealers 24.1%

Size

Treasury sold $37.457 billion of the $34 billion offered.

Bids received came to $91.048 billion; the bid-to-cover ratio was 2.58.

Its bid-to-cover of 2.58 compares with the 24 auctions before it: lowest 2.27 on , highest 3.01 on ; 41.9% of the way from the low to the high.

2.58

Low 2.27 Midpoint 2.640 High 3.01

The security5-Year, new issue

Coupon
1.875%
Announced
Issued
Matures

It adds to the debt that matures in July 2022.

Understanding this result

Where it stands today

The high yield was 1.884% at this 5-year note auction, the median yield 1.840% 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$34,000,000,000
Bids received$91,047,660,000
Sold$37,457,038,900
Competitive bids accepted$33,962,774,900
Non-competitive bids accepted$37,326,800
Federal Reserve (SOMA) add-on$3,456,937,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.884
Median rate, %1.840
Low rate, %1.770
Interest rate (coupon), %1.875
Bids at the high rate filled, %12.57
Bid-to-cover ratio2.58
Indirect bidders accepted$23,692,184,400
Direct bidders accepted$2,100,000,000
Primary dealers accepted$8,170,590,500
Indirect bidders' share, % (ours)69.8
Direct bidders' share, % (ours)6.2
Primary dealers' share, % (ours)24.1
High minus median, basis points (ours)4.4
Treasury par yield curve, 5-year point, same day, %1.83
High yield minus that point, basis points (ours)5.4
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 ratio2.582.382 of 1210 of 12
High yield1.8841.8304 of 128 of 12
Indirect bidders' share69.862.41 of 1211 of 12
Direct bidders' share6.24.83 of 129 of 12
Primary dealers' share24.132.711 of 121 of 12
High minus median, basis points4.45.08 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 auctions5 of 2419 of 242.44
Bid-to-cover ratio2.58Since 24 April 200861 of 11450 of 1142.60
Bid-to-cover ratio2.58All 191 since 28 September 199483 of 191104 of 1912.51
High yield1.884Last 24 auctions4 of 2420 of 241.441
High yield1.884Since 24 April 200833 of 11481 of 1141.570
High yield1.884All 287 since 24 January 1991206 of 28781 of 2873.731
Indirect bidders' share69.8Last 24 auctions1 of 2423 of 2459.8
Indirect bidders' share69.8All 114 since 24 April 20081 of 114113 of 11447.2
Direct bidders' share6.2Last 24 auctions12 of 2412 of 246.5
Direct bidders' share6.2All 114 since 24 April 200879 of 11435 of 1149.4
Primary dealers' share24.1Last 24 auctions21 of 243 of 2433.4
Primary dealers' share24.1All 114 since 24 April 2008111 of 1143 of 11441.4
High minus median, basis points4.4Last 24 auctions17 of 247 of 245.0
High minus median, basis points4.4Since 24 April 200861 of 11452 of 1144.6
High minus median, basis points4.4All 287 since 24 January 199176 of 287208 of 2873.1

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 July 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170726_2.pdf. Compiled by 500metrics, "5-year note auction of 26 July 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-07-26.

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