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Treasury auctions · 5-Year Note

5-year note auction of 24 October 2018 (new issue)

The 5-year note sold $39 billion at a high yield of 2.977% on , with a bid-to-cover ratio of 2.30.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 24 Nov 2015 to 24 Oct 2018
High yield at each 5-year note auction, 26 Oct 2016 to 24 Oct 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, 24 Nov 2015 to 24 Oct 2018
Bid-to-cover ratio at each 5-year note auction, 26 Oct 2016 to 24 Oct 2018

Who bought the 5-year note of 24 Oct 2018

Shares of the competitive bids accepted

  • Indirect bidders 59.0%
  • Direct bidders 1.9%
  • Primary dealers 39.1%
This auction, 24 Oct 2018
  • Indirect bidders 57.9%
  • Direct bidders 9.2%
  • Primary dealers 32.9%
The 5-year note auction before, 25 Sep 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 bidders59.0%
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
2.9772.30
2.9972.39
2.7652.49
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

Observed .

Right now

The high yield was 2.977% on 24 October 2018, down from 2.997% at the auction before.

The bid-to-cover ratio of 2.30 was the lowest for a 5-year note since 22 February 2017, with 18 auctions in between.

The direct bidders' share of 1.9% was the lowest for a 5-year note since 29 July 2009, with 112 auctions in between.

Higher than 121 of the 128 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the primary dealers' share was higher than all 24.

The direct bidders' share was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 59.0%
  • Direct bidders 1.9%
  • Primary dealers 39.1%

Size

Treasury sold $39 billion of the $39 billion offered.

Bids received came to $89.827 billion; the bid-to-cover ratio was 2.30.

Its bid-to-cover of 2.30 compares with the 24 auctions before it: lowest 2.29 on , highest 2.74 on ; 2.2% of the way from the low to the high.

2.30

Low 2.29 Midpoint 2.515 High 2.74

The security5-Year, new issue

Coupon
2.875%
Announced
Issued
Matures

It adds to the debt that matures in October 2023.

Understanding this result

Where it stands today

The high yield was 2.977% at this 5-year note auction, the median yield 2.940% and a bid-to-cover ratio of 2.30.

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$39,000,000,000
Bids received$89,826,730,200
Sold$39,000,005,200
Competitive bids accepted$38,858,615,000
Non-competitive bids accepted$41,390,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.977
Median rate, %2.940
Low rate, %2.850
Interest rate (coupon), %2.875
Bids at the high rate filled, %48.65
Bid-to-cover ratio2.30
Indirect bidders accepted$22,928,965,000
Direct bidders accepted$727,000,000
Primary dealers accepted$15,202,650,000
Indirect bidders' share, % (ours)59.0
Direct bidders' share, % (ours)1.9
Primary dealers' share, % (ours)39.1
High minus median, basis points (ours)3.7
Treasury par yield curve, 5-year point, same day, %2.94
High yield minus that point, basis points (ours)3.7
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 ratio2.302.5012 of 120 of 12
High yield2.9772.6881 of 1211 of 12
Indirect bidders' share59.061.88 of 124 of 12
Direct bidders' share1.99.412 of 120 of 12
Primary dealers' share39.127.80 of 1212 of 12
High minus median, basis points3.74.39 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 ratio2.30Last 24 auctions23 of 241 of 242.49
Bid-to-cover ratio2.30Since 24 April 2008114 of 12814 of 1282.58
Bid-to-cover ratio2.30All 205 since 28 September 1994152 of 20553 of 2052.51
High yield2.977Last 24 auctions1 of 2423 of 241.969
High yield2.977Since 24 April 20087 of 128121 of 1281.636
High yield2.977All 301 since 24 January 1991174 of 301127 of 3013.520
Indirect bidders' share59.0Last 24 auctions18 of 246 of 2462.7
Indirect bidders' share59.0All 128 since 24 April 200830 of 12898 of 12849.1
Direct bidders' share1.9Last 24 auctions24 of 240 of 248.6
Direct bidders' share1.9All 128 since 24 April 2008117 of 12811 of 1289.4
Primary dealers' share39.1Last 24 auctions0 of 2424 of 2427.8
Primary dealers' share39.1All 128 since 24 April 200870 of 12858 of 12840.3
High minus median, basis points3.7Last 24 auctions19 of 243 of 244.4
High minus median, basis points3.7Since 24 April 200888 of 12835 of 1284.4
High minus median, basis points3.7All 301 since 24 January 1991118 of 301177 of 3013.1

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 24 October 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20181024_2.pdf. Compiled by 500metrics, "5-year note auction of 24 October 2018 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2018-10-24.

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