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Treasury auctions · 5-Year Note

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

The 5-year note sold $37.955 billion at a high yield of 2.815% on , with a bid-to-cover ratio of 2.61.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 23 Sep 2015 to 25 Jul 2018
High yield at each 5-year note auction, 26 Jul 2016 to 25 Jul 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, 23 Sep 2015 to 25 Jul 2018
Bid-to-cover ratio at each 5-year note auction, 26 Jul 2016 to 25 Jul 2018

Who bought the 5-year note of 25 Jul 2018

Shares of the competitive bids accepted

  • Indirect bidders 67.2%
  • Direct bidders 8.7%
  • Primary dealers 24.1%
This auction, 25 Jul 2018
  • Indirect bidders 62.0%
  • Direct bidders 9.5%
  • Primary dealers 28.5%
The 5-year note auction before, 27 Jun 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 bidders67.2%
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
2.8152.61
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

Observed .

Right now

The high yield was 2.815% on 25 July 2018, up from 2.719% at the auction before.

The high minus median of 3.6 basis points was the lowest for a 5-year note since 24 May 2017, with 12 auctions in between.

Higher than 116 of the 125 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 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 67.2%
  • Direct bidders 8.7%
  • Primary dealers 24.1%

Size

Treasury sold $37.955 billion of the $36 billion offered.

Bids received came to $96.05 billion; the bid-to-cover ratio was 2.61.

Its bid-to-cover of 2.61 compares with the 24 auctions before it: lowest 2.27 on , highest 2.74 on ; 72.3% of the way from the low to the high.

2.61

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 July 2023.

Understanding this result

Where it stands today

The high yield was 2.815% at this 5-year note auction, the median yield 2.779% and a bid-to-cover ratio of 2.61.

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$96,050,286,400
Sold$37,954,982,400
Competitive bids accepted$35,966,433,000
Non-competitive bids accepted$33,701,100
Federal Reserve (SOMA) add-on$1,954,848,300
Foreign and international (FIMA) non-competitive$0
High yield, %2.815
Median rate, %2.779
Low rate, %2.710
Interest rate (coupon), %2.750
Bids at the high rate filled, %71.20
Bid-to-cover ratio2.61
Indirect bidders accepted$24,175,241,000
Direct bidders accepted$3,124,392,000
Primary dealers accepted$8,666,800,000
Indirect bidders' share, % (ours)67.2
Direct bidders' share, % (ours)8.7
Primary dealers' share, % (ours)24.1
High minus median, basis points (ours)3.6
Treasury par yield curve, 5-year point, same day, %2.82
High yield minus that point, basis points (ours)-0.5
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 ratio2.612.511 of 1211 of 12
High yield2.8152.2462 of 1210 of 12
Indirect bidders' share67.262.83 of 129 of 12
Direct bidders' share8.710.29 of 123 of 12
Primary dealers' share24.126.89 of 123 of 12
High minus median, basis points3.64.412 of 120 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 ratio2.61Last 24 auctions3 of 2421 of 242.48
Bid-to-cover ratio2.61Since 24 April 200855 of 12567 of 1252.58
Bid-to-cover ratio2.61All 202 since 28 September 199472 of 202125 of 2022.52
High yield2.815Last 24 auctions2 of 2422 of 241.898
High yield2.815Since 24 April 20089 of 125116 of 1251.615
High yield2.815All 298 since 24 January 1991177 of 298121 of 2983.584
Indirect bidders' share67.2Last 24 auctions7 of 2417 of 2461.8
Indirect bidders' share67.2All 125 since 24 April 20089 of 125116 of 12548.9
Direct bidders' share8.7Last 24 auctions9 of 2415 of 247.7
Direct bidders' share8.7All 125 since 24 April 200871 of 12554 of 1259.5
Primary dealers' share24.1Last 24 auctions20 of 244 of 2428.3
Primary dealers' share24.1All 125 since 24 April 2008119 of 1256 of 12540.5
High minus median, basis points3.6Last 24 auctions23 of 241 of 244.4
High minus median, basis points3.6Since 24 April 200892 of 12533 of 1254.5
High minus median, basis points3.6All 298 since 24 January 1991123 of 298174 of 2983.1

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 July 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180725_2.pdf. Compiled by 500metrics, "5-year note auction of 25 July 2018 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2018-07-25.

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