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Treasury auctions · 5-Year Note

5-year note auction of 28 January 2019 (new issue)

The 5-year note sold $41 billion at a high yield of 2.576% on , with a bid-to-cover ratio of 2.41.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 23 Feb 2016 to 28 Jan 2019
High yield at each 5-year note auction, 22 Feb 2017 to 28 Jan 2019

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 Feb 2016 to 28 Jan 2019
Bid-to-cover ratio at each 5-year note auction, 22 Feb 2017 to 28 Jan 2019

Who bought the 5-year note of 28 Jan 2019

Shares of the competitive bids accepted

  • Indirect bidders 60.2%
  • Direct bidders 15.2%
  • Primary dealers 24.6%
This auction, 28 Jan 2019
  • Indirect bidders 53.6%
  • Direct bidders 9.6%
  • Primary dealers 36.8%
The 5-year note auction before, 26 Dec 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
2.5762.41
2.6522.09
2.8802.49
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

Observed .

Right now

The high yield of 2.576% on 28 January 2019 was the lowest for a 5-year note since 24 January 2018.

The direct bidders' share of 15.2% was the highest for a 5-year note since 26 May 2015, with 47 auctions in between.

Higher than 109 of the 131 since 24 April 2008

Its own history

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

The high yield was higher than 13 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 15.2%
  • Primary dealers 24.6%

Size

Treasury sold $41 billion of the $41 billion offered.

Bids received came to $98.753 billion; the bid-to-cover ratio was 2.41.

Its bid-to-cover of 2.41 compares with the 24 auctions before it: lowest 2.09 on , highest 2.74 on ; 49.2% of the way from the low to the high.

2.41

Low 2.09 Midpoint 2.415 High 2.74

The security5-Year, new issue

Coupon
2.500%
Announced
Issued
Matures

It adds to the debt that matures in January 2024.

Understanding this result

Where it stands today

The high yield was 2.576% at this 5-year note auction, the median yield 2.540% and a bid-to-cover ratio of 2.41.

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$41,000,000,000
Bids received$98,752,971,300
Sold$41,000,065,400
Competitive bids accepted$40,965,284,100
Non-competitive bids accepted$34,781,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.576
Median rate, %2.540
Low rate, %2.470
Interest rate (coupon), %2.500
Bids at the high rate filled, %36.27
Bid-to-cover ratio2.41
Indirect bidders accepted$24,661,640,000
Direct bidders accepted$6,238,000,000
Primary dealers accepted$10,065,644,100
Indirect bidders' share, % (ours)60.2
Direct bidders' share, % (ours)15.2
Primary dealers' share, % (ours)24.6
High minus median, basis points (ours)3.6
Treasury par yield curve, 5-year point, same day, %2.58
High yield minus that point, basis points (ours)-0.4
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 ratio2.412.499 of 123 of 12
High yield2.5762.79011 of 121 of 12
Indirect bidders' share60.260.05 of 127 of 12
Direct bidders' share15.29.40 of 1212 of 12
Primary dealers' share24.628.911 of 121 of 12
High minus median, basis points3.64.09 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 ratio2.41Last 24 auctions16 of 248 of 242.49
Bid-to-cover ratio2.41Since 24 April 200899 of 13131 of 1312.58
Bid-to-cover ratio2.41All 208 since 28 September 1994131 of 20876 of 2082.50
High yield2.576Last 24 auctions11 of 2413 of 242.246
High yield2.576Since 24 April 200822 of 131109 of 1311.670
High yield2.576All 304 since 24 January 1991194 of 304110 of 3043.515
Indirect bidders' share60.2Last 24 auctions14 of 2410 of 2462.7
Indirect bidders' share60.2All 131 since 24 April 200826 of 131105 of 13150.0
Direct bidders' share15.2Last 24 auctions0 of 2424 of 249.0
Direct bidders' share15.2All 131 since 24 April 200811 of 131120 of 1319.4
Primary dealers' share24.6Last 24 auctions18 of 246 of 2427.8
Primary dealers' share24.6All 131 since 24 April 2008123 of 1318 of 13140.3
High minus median, basis points3.6Last 24 auctions20 of 243 of 244.4
High minus median, basis points3.6Since 24 April 200895 of 13135 of 1314.4
High minus median, basis points3.6All 304 since 24 January 1991126 of 304176 of 3043.1

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 28 January 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190128_4.pdf. Compiled by 500metrics, "5-year note auction of 28 January 2019 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2019-01-28.

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