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Treasury auctions · 5-Year Note

5-year note auction of 25 April 2018 (new issue)

The 5-year note sold $39.467 billion at a high yield of 2.837% on , with a bid-to-cover ratio of 2.49.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 25 Aug 2015 to 25 Apr 2018
High yield at each 5-year note auction, 26 Apr 2016 to 25 Apr 2018

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 Aug 2015 to 25 Apr 2018
Bid-to-cover ratio at each 5-year note auction, 26 Apr 2016 to 25 Apr 2018

Who bought the 5-year note of 25 Apr 2018

Shares of the competitive bids accepted

  • Indirect bidders 60.2%
  • Direct bidders 13.7%
  • Primary dealers 26.2%
This auction, 25 Apr 2018
  • Indirect bidders 63.5%
  • Direct bidders 8.3%
  • Primary dealers 28.2%
The 5-year note auction before, 27 Mar 2018

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 bidders60.2%
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
2.8372.49
2.6122.50
2.6582.44
2.4342.48
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

Observed .

Right now

The high yield of 2.837% on 25 April 2018 was the highest for a 5-year note since 25 September 2008.

Higher than 116 of the 122 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 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 60.2%
  • Direct bidders 13.7%
  • Primary dealers 26.2%

Size

Treasury sold $39.467 billion of the $35 billion offered.

Bids received came to $91.691 billion; the bid-to-cover ratio was 2.49.

Its bid-to-cover of 2.49 compares with the 24 auctions before it: lowest 2.27 on , highest 2.74 on ; 46.8% of the way from the low to the high.

2.49

Low 2.27 Midpoint 2.505 High 2.74

The security5-Year, new issue

Coupon
2.750%
Announced
Issued
Matures

It adds to the debt that matures in April 2023.

Understanding this result

Where it stands today

The high yield was 2.837% at this 5-year note auction, the median yield 2.800% and a bid-to-cover ratio of 2.49.

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$35,000,000,000
Bids received$91,691,209,000
Sold$39,467,309,000
Competitive bids accepted$34,945,476,000
Non-competitive bids accepted$54,545,200
Federal Reserve (SOMA) add-on$4,467,287,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.837
Median rate, %2.800
Low rate, %2.188
Interest rate (coupon), %2.750
Bids at the high rate filled, %56.70
Bid-to-cover ratio2.49
Indirect bidders accepted$21,024,076,000
Direct bidders accepted$4,780,000,000
Primary dealers accepted$9,141,400,000
Indirect bidders' share, % (ours)60.2
Direct bidders' share, % (ours)13.7
Primary dealers' share, % (ours)26.2
High minus median, basis points (ours)3.7
Treasury par yield curve, 5-year point, same day, %2.84
High yield minus that point, basis points (ours)-0.3
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 ratio2.492.496 of 126 of 12
High yield2.8371.8980 of 1212 of 12
Indirect bidders' share60.265.19 of 123 of 12
Direct bidders' share13.78.81 of 1211 of 12
Primary dealers' share26.226.26 of 126 of 12
High minus median, basis points3.74.511 of 121 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 ratio2.49Last 24 auctions9 of 2414 of 242.44
Bid-to-cover ratio2.49Since 24 April 200877 of 12243 of 1222.59
Bid-to-cover ratio2.49All 199 since 28 September 1994103 of 19994 of 1992.51
High yield2.837Last 24 auctions0 of 2424 of 241.830
High yield2.837Since 24 April 20086 of 122116 of 1221.598
High yield2.837All 295 since 24 January 1991174 of 295121 of 2953.618
Indirect bidders' share60.2Last 24 auctions15 of 249 of 2463.4
Indirect bidders' share60.2All 122 since 24 April 200823 of 12299 of 12248.2
Direct bidders' share13.7Last 24 auctions1 of 2423 of 246.9
Direct bidders' share13.7All 122 since 24 April 200821 of 122101 of 1229.4
Primary dealers' share26.2Last 24 auctions15 of 249 of 2428.7
Primary dealers' share26.2All 122 since 24 April 2008109 of 12213 of 12240.6
High minus median, basis points3.7Last 24 auctions22 of 241 of 244.6
High minus median, basis points3.7Since 24 April 200885 of 12233 of 1224.6
High minus median, basis points3.7All 295 since 24 January 1991115 of 295175 of 2953.1

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 April 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180425_2.pdf. Compiled by 500metrics, "5-year note auction of 25 April 2018 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2018-04-25.

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