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Treasury auctions · 5-Year Note

5-year note auction of 27 September 2017 (new issue)

The 5-year note sold $38.229 billion at a high yield of 1.911% on , with a bid-to-cover ratio of 2.52.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 25 Mar 2015 to 27 Sep 2017
High yield at each 5-year note auction, 28 Oct 2015 to 27 Sep 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, 25 Mar 2015 to 27 Sep 2017
Bid-to-cover ratio at each 5-year note auction, 28 Oct 2015 to 27 Sep 2017

Who bought the 5-year note of 27 Sep 2017

Shares of the competitive bids accepted

  • Indirect bidders 69.6%
  • Direct bidders 7.1%
  • Primary dealers 23.3%
This auction, 27 Sep 2017
  • Indirect bidders 69.1%
  • Direct bidders 13.5%
  • Primary dealers 17.5%
The 5-year note auction before, 28 Aug 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 bidders69.6%
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
1.9112.52
1.7422.58
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

Observed .

Right now

The high yield of 1.911% on 27 September 2017 was the highest for a 5-year note since 28 March 2017.

Higher than 83 of the 116 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the indirect bidders' share was higher than 22 of the 24.

The primary dealers' share 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 69.6%
  • Direct bidders 7.1%
  • Primary dealers 23.3%

Size

Treasury sold $38.229 billion of the $34 billion offered.

Bids received came to $89.779 billion; the bid-to-cover ratio was 2.52.

Its bid-to-cover of 2.52 compares with the 24 auctions before it: lowest 2.27 on , highest 3.01 on ; 33.8% of the way from the low to the high.

2.52

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 September 2022.

Understanding this result

Where it stands today

The high yield was 1.911% at this 5-year note auction, the median yield 1.865% and a bid-to-cover ratio of 2.52.

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$89,779,452,500
Sold$38,229,432,500
Competitive bids accepted$33,896,178,000
Non-competitive bids accepted$103,874,300
Federal Reserve (SOMA) add-on$4,229,380,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.911
Median rate, %1.865
Low rate, %1.771
Interest rate (coupon), %1.875
Bids at the high rate filled, %56.36
Bid-to-cover ratio2.52
Indirect bidders accepted$23,603,198,000
Direct bidders accepted$2,391,000,000
Primary dealers accepted$7,901,980,000
Indirect bidders' share, % (ours)69.6
Direct bidders' share, % (ours)7.1
Primary dealers' share, % (ours)23.3
High minus median, basis points (ours)4.6
Treasury par yield curve, 5-year point, same day, %1.91
High yield minus that point, basis points (ours)0.1
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 ratio2.522.424 of 128 of 12
High yield1.9111.8534 of 128 of 12
Indirect bidders' share69.664.22 of 1210 of 12
Direct bidders' share7.15.14 of 128 of 12
Primary dealers' share23.329.210 of 122 of 12
High minus median, basis points4.64.76 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 ratio2.52Last 24 auctions8 of 2415 of 242.44
Bid-to-cover ratio2.52Since 24 April 200872 of 11643 of 1162.60
Bid-to-cover ratio2.52All 193 since 28 September 199496 of 19396 of 1932.52
High yield1.911Last 24 auctions4 of 2420 of 241.583
High yield1.911Since 24 April 200833 of 11683 of 1161.576
High yield1.911All 289 since 24 January 1991206 of 28983 of 2893.705
Indirect bidders' share69.6Last 24 auctions2 of 2422 of 2460.6
Indirect bidders' share69.6All 116 since 24 April 20082 of 116114 of 11647.4
Direct bidders' share7.1Last 24 auctions12 of 2412 of 247.0
Direct bidders' share7.1All 116 since 24 April 200877 of 11639 of 1169.4
Primary dealers' share23.3Last 24 auctions20 of 244 of 2433.3
Primary dealers' share23.3All 116 since 24 April 2008112 of 1164 of 11641.3
High minus median, basis points4.6Last 24 auctions14 of 2410 of 245.0
High minus median, basis points4.6Since 24 April 200855 of 11658 of 1164.6
High minus median, basis points4.6All 289 since 24 January 199167 of 289219 of 2893.1

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 27 September 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170927_2.pdf. Compiled by 500metrics, "5-year note auction of 27 September 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-09-27.

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