500metrics

Treasury auctions · 5-Year Note

5-year note auction of 27 June 2018 (new issue)

The 5-year note sold $40.483 billion at a high yield of 2.719% on , with a bid-to-cover ratio of 2.55.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 22 Sep 2015 to 27 Jun 2018
High yield at each 5-year note auction, 26 Jul 2016 to 27 Jun 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, 22 Sep 2015 to 27 Jun 2018
Bid-to-cover ratio at each 5-year note auction, 26 Jul 2016 to 27 Jun 2018

Who bought the 5-year note of 27 Jun 2018

Shares of the competitive bids accepted

  • Indirect bidders 62.0%
  • Direct bidders 9.5%
  • Primary dealers 28.5%
This auction, 27 Jun 2018
  • Indirect bidders 56.2%
  • Direct bidders 10.9%
  • Primary dealers 32.9%
The 5-year note auction before, 23 May 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 bidders62.0%
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
2.7192.55
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

Observed .

Right now

The high yield was 2.719% on 27 June 2018, down from 2.864% at the auction before.

Higher than 115 of the 124 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high yield was higher than 22 of the 24.

The high minus median 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 62.0%
  • Direct bidders 9.5%
  • Primary dealers 28.5%

Size

Treasury sold $40.483 billion of the $36 billion offered.

Bids received came to $96.12 billion; the bid-to-cover ratio was 2.55.

Its bid-to-cover of 2.55 compares with the 24 auctions before it: lowest 2.27 on , highest 2.74 on ; 59.6% of the way from the low to the high.

2.55

Low 2.27 Midpoint 2.505 High 2.74

The security5-Year, new issue

Coupon
2.625%
Announced
Issued
Matures

It adds to the debt that matures in June 2023.

Understanding this result

Where it stands today

The high yield was 2.719% at this 5-year note auction, the median yield 2.680% and a bid-to-cover ratio of 2.55.

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$96,120,100,300
Sold$40,483,394,000
Competitive bids accepted$35,963,725,700
Non-competitive bids accepted$36,395,800
Federal Reserve (SOMA) add-on$4,483,272,500
Foreign and international (FIMA) non-competitive$0
High yield, %2.719
Median rate, %2.680
Low rate, %2.600
Interest rate (coupon), %2.625
Bids at the high rate filled, %83.93
Bid-to-cover ratio2.55
Indirect bidders accepted$22,307,609,500
Direct bidders accepted$3,415,000,000
Primary dealers accepted$10,241,116,200
Indirect bidders' share, % (ours)62.0
Direct bidders' share, % (ours)9.5
Primary dealers' share, % (ours)28.5
High minus median, basis points (ours)3.9
Treasury par yield curve, 5-year point, same day, %2.71
High yield minus that point, basis points (ours)0.9
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 ratio2.552.514 of 128 of 12
High yield2.7191.9842 of 1210 of 12
Indirect bidders' share62.064.27 of 125 of 12
Direct bidders' share9.510.06 of 126 of 12
Primary dealers' share28.526.13 of 129 of 12
High minus median, basis points3.94.410 of 122 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 ratio2.55Last 24 auctions6 of 2418 of 242.48
Bid-to-cover ratio2.55Since 24 April 200870 of 12453 of 1242.58
Bid-to-cover ratio2.55All 201 since 28 September 199493 of 201107 of 2012.51
High yield2.719Last 24 auctions2 of 2422 of 241.880
High yield2.719Since 24 April 20089 of 124115 of 1241.608
High yield2.719All 297 since 24 January 1991178 of 297119 of 2973.617
Indirect bidders' share62.0Last 24 auctions12 of 2412 of 2462.4
Indirect bidders' share62.0All 124 since 24 April 200819 of 124105 of 12448.6
Direct bidders' share9.5Last 24 auctions7 of 2417 of 247.7
Direct bidders' share9.5All 124 since 24 April 200861 of 12463 of 1249.4
Primary dealers' share28.5Last 24 auctions11 of 2413 of 2427.8
Primary dealers' share28.5All 124 since 24 April 2008105 of 12419 of 12440.5
High minus median, basis points3.9Last 24 auctions20 of 243 of 244.5
High minus median, basis points3.9Since 24 April 200884 of 12438 of 1244.5
High minus median, basis points3.9All 297 since 24 January 1991113 of 297181 of 2973.1

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 June 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180627_2.pdf. Compiled by 500metrics, "5-year note auction of 27 June 2018 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2018-06-27.

Page updated