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Treasury auctions · 5-Year Note

5-year note auction of 23 May 2018 (new issue)

The 5-year note sold $42.254 billion at a high yield of 2.864% 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, 26 Aug 2015 to 23 May 2018
High yield at each 5-year note auction, 25 May 2016 to 23 May 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, 26 Aug 2015 to 23 May 2018
Bid-to-cover ratio at each 5-year note auction, 25 May 2016 to 23 May 2018

Who bought the 5-year note of 23 May 2018

Shares of the competitive bids accepted

  • Indirect bidders 56.2%
  • Direct bidders 10.9%
  • Primary dealers 32.9%
This auction, 23 May 2018
  • Indirect bidders 60.2%
  • Direct bidders 13.7%
  • Primary dealers 26.2%
The 5-year note auction before, 25 Apr 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 bidders56.2%
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
2.8642.52
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

Observed .

Right now

The high yield of 2.864% on 23 May 2018 was the highest for a 5-year note since 25 September 2008.

Higher than 117 of the 123 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 18 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 56.2%
  • Direct bidders 10.9%
  • Primary dealers 32.9%

Size

Treasury sold $42.254 billion of the $36 billion offered.

Bids received came to $96.871 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 2.74 on ; 53.2% of the way from the low to the high.

2.52

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 May 2023.

Understanding this result

Where it stands today

The high yield was 2.864% at this 5-year note auction, the median yield 2.820% 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$36,000,000,000
Bids received$96,871,209,500
Sold$42,253,698,300
Competitive bids accepted$35,936,698,800
Non-competitive bids accepted$63,373,900
Federal Reserve (SOMA) add-on$6,253,625,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.864
Median rate, %2.820
Low rate, %2.740
Interest rate (coupon), %2.750
Bids at the high rate filled, %53.76
Bid-to-cover ratio2.52
Indirect bidders accepted$20,194,190,000
Direct bidders accepted$3,904,000,000
Primary dealers accepted$11,838,508,800
Indirect bidders' share, % (ours)56.2
Direct bidders' share, % (ours)10.9
Primary dealers' share, % (ours)32.9
High minus median, basis points (ours)4.4
Treasury par yield curve, 5-year point, same day, %2.83
High yield minus that point, basis points (ours)3.4
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 ratio2.522.504 of 127 of 12
High yield2.8641.8980 of 1212 of 12
Indirect bidders' share56.264.211 of 121 of 12
Direct bidders' share10.99.15 of 127 of 12
Primary dealers' share32.926.12 of 1210 of 12
High minus median, basis points4.44.45 of 125 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 auctions7 of 2416 of 242.46
Bid-to-cover ratio2.52Since 24 April 200873 of 12348 of 1232.59
Bid-to-cover ratio2.52All 200 since 28 September 199497 of 200101 of 2002.51
High yield2.864Last 24 auctions0 of 2424 of 241.853
High yield2.864Since 24 April 20086 of 123117 of 1231.600
High yield2.864All 296 since 24 January 1991174 of 296122 of 2963.618
Indirect bidders' share56.2Last 24 auctions22 of 242 of 2463.4
Indirect bidders' share56.2All 123 since 24 April 200837 of 12386 of 12348.2
Direct bidders' share10.9Last 24 auctions6 of 2418 of 246.9
Direct bidders' share10.9All 123 since 24 April 200841 of 12382 of 1239.4
Primary dealers' share32.9Last 24 auctions8 of 2416 of 2427.8
Primary dealers' share32.9All 123 since 24 April 200897 of 12326 of 12340.5
High minus median, basis points4.4Last 24 auctions14 of 248 of 244.6
High minus median, basis points4.4Since 24 April 200864 of 12356 of 1234.5
High minus median, basis points4.4All 296 since 24 January 199179 of 296212 of 2963.1

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 23 May 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180523_2.pdf. Compiled by 500metrics, "5-year note auction of 23 May 2018 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2018-05-23.

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