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Treasury auctions · 5-Year Note

5-year note auction of 25 October 2017 (new issue)

The 5-year note sold $34.85 billion at a high yield of 2.058% on , with a bid-to-cover ratio of 2.44.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 26 May 2015 to 25 Oct 2017
High yield at each 5-year note auction, 28 Oct 2015 to 25 Oct 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, 26 May 2015 to 25 Oct 2017
Bid-to-cover ratio at each 5-year note auction, 28 Oct 2015 to 25 Oct 2017

Who bought the 5-year note of 25 Oct 2017

Shares of the competitive bids accepted

  • Indirect bidders 61.6%
  • Direct bidders 11.0%
  • Primary dealers 27.4%
This auction, 25 Oct 2017
  • Indirect bidders 48.2%
  • Direct bidders 14.1%
  • Primary dealers 37.7%
The 5-year note auction before, 24 Oct 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 bidders61.6%
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
2.0582.44
1.5962.74
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

Observed .

Right now

The high yield of 2.058% on 25 October 2017 was the highest for a 5-year note since 27 April 2011.

Higher than 93 of the 118 since 24 April 2008

Its own history

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

The direct bidders' share was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 61.6%
  • Direct bidders 11.0%
  • Primary dealers 27.4%

Size

Treasury sold $34.85 billion of the $34 billion offered.

Bids received came to $83.92 billion; the bid-to-cover ratio was 2.44.

Its bid-to-cover of 2.44 compares with the 24 auctions before it: lowest 2.27 on , highest 2.91 on ; 26.6% of the way from the low to the high.

2.44

Low 2.27 Midpoint 2.590 High 2.91

The security5-Year, new issue

Coupon
2.000%
Announced
Issued
Matures

It adds to the debt that matures in October 2022.

Understanding this result

Where it stands today

The high yield was 2.058% at this 5-year note auction, the median yield 2.004% and a bid-to-cover ratio of 2.44.

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$83,919,776,900
Sold$34,850,476,900
Competitive bids accepted$33,948,068,000
Non-competitive bids accepted$51,943,400
Federal Reserve (SOMA) add-on$850,465,500
Foreign and international (FIMA) non-competitive$0
High yield, %2.058
Median rate, %2.004
Low rate, %1.950
Interest rate (coupon), %2.000
Bids at the high rate filled, %77.08
Bid-to-cover ratio2.44
Indirect bidders accepted$20,899,368,000
Direct bidders accepted$3,750,000,000
Primary dealers accepted$9,298,700,000
Indirect bidders' share, % (ours)61.6
Direct bidders' share, % (ours)11.0
Primary dealers' share, % (ours)27.4
High minus median, basis points (ours)5.4
Treasury par yield curve, 5-year point, same day, %2.06
High yield minus that point, basis points (ours)-0.2
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 ratio2.442.486 of 125 of 12
High yield2.0581.8800 of 1212 of 12
Indirect bidders' share61.666.98 of 124 of 12
Direct bidders' share11.06.62 of 1210 of 12
Primary dealers' share27.426.05 of 127 of 12
High minus median, basis points5.44.85 of 127 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 ratio2.44Last 24 auctions10 of 2411 of 242.44
Bid-to-cover ratio2.44Since 24 April 200883 of 11831 of 1182.60
Bid-to-cover ratio2.44All 195 since 28 September 1994114 of 19577 of 1952.52
High yield2.058Last 24 auctions0 of 2424 of 241.669
High yield2.058Since 24 April 200825 of 11893 of 1181.588
High yield2.058All 291 since 24 January 1991198 of 29193 of 2913.663
Indirect bidders' share61.6Last 24 auctions12 of 2412 of 2462.4
Indirect bidders' share61.6All 118 since 24 April 200817 of 118101 of 11847.7
Direct bidders' share11.0Last 24 auctions3 of 2421 of 246.9
Direct bidders' share11.0All 118 since 24 April 200834 of 11884 of 1189.4
Primary dealers' share27.4Last 24 auctions14 of 2410 of 2432.7
Primary dealers' share27.4All 118 since 24 April 2008104 of 11814 of 11841.1
High minus median, basis points5.4Last 24 auctions7 of 2417 of 245.0
High minus median, basis points5.4Since 24 April 200836 of 11881 of 1184.6
High minus median, basis points5.4All 291 since 24 January 199141 of 291249 of 2913.1

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 25 October 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20171025_2.pdf. Compiled by 500metrics, "5-year note auction of 25 October 2017 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2017-10-25.

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