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Treasury auctions · 5-Year Note

5-year note auction of 23 October 2019 (new issue)

The 5-year note sold $45.287 billion at a high yield of 1.570% 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, 24 Aug 2016 to 23 Oct 2019
High yield at each 5-year note auction, 24 Oct 2017 to 23 Oct 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, 24 Aug 2016 to 23 Oct 2019
Bid-to-cover ratio at each 5-year note auction, 24 Oct 2017 to 23 Oct 2019

Who bought the 5-year note of 23 Oct 2019

Shares of the competitive bids accepted

  • Indirect bidders 65.7%
  • Direct bidders 11.5%
  • Primary dealers 22.8%
This auction, 23 Oct 2019
  • Indirect bidders 58.8%
  • Direct bidders 14.2%
  • Primary dealers 27.0%
The 5-year note auction before, 25 Sep 2019

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 bidders65.7%
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
1.5702.41
1.6002.32
1.3652.48
1.8242.26
1.7912.35
2.3152.44
2.4892.40
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

Observed .

Right now

The high yield was 1.570% on 23 October 2019, down from 1.600% at the auction before.

Higher than 58 of the 138 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the indirect bidders' share was higher than 19 of the 24.

The high yield 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 65.7%
  • Direct bidders 11.5%
  • Primary dealers 22.8%

Size

Treasury sold $45.287 billion of the $41 billion offered.

Bids received came to $102.914 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
1.500%
Announced
Issued
Matures

It adds to the debt that matures in October 2024.

Understanding this result

Where it stands today

The high yield was 1.570% at this 5-year note auction, the median yield 1.528% 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$102,913,660,300
Sold$45,286,741,200
Competitive bids accepted$40,965,995,900
Non-competitive bids accepted$34,178,500
Federal Reserve (SOMA) add-on$4,286,566,800
Foreign and international (FIMA) non-competitive$0
High yield, %1.570
Median rate, %1.528
Low rate, %1.360
Interest rate (coupon), %1.500
Bids at the high rate filled, %41.35
Bid-to-cover ratio2.41
Indirect bidders accepted$26,912,267,100
Direct bidders accepted$4,720,966,300
Primary dealers accepted$9,332,762,500
Indirect bidders' share, % (ours)65.7
Direct bidders' share, % (ours)11.5
Primary dealers' share, % (ours)22.8
High minus median, basis points (ours)4.2
Treasury par yield curve, 5-year point, same day, %1.58
High yield minus that point, basis points (ours)-1.0
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 ratio2.412.404 of 127 of 12
High yield1.5702.53211 of 121 of 12
Indirect bidders' share65.758.91 of 1211 of 12
Direct bidders' share11.514.07 of 125 of 12
Primary dealers' share22.825.910 of 122 of 12
High minus median, basis points4.23.95 of 127 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 247 of 242.48
Bid-to-cover ratio2.41Since 24 April 2008101 of 13835 of 1382.56
Bid-to-cover ratio2.41All 215 since 28 September 1994133 of 21580 of 2152.49
High yield1.570Last 24 auctions23 of 241 of 242.532
High yield1.570Since 24 April 200880 of 13858 of 1381.690
High yield1.570All 311 since 24 January 1991253 of 31158 of 3113.440
Indirect bidders' share65.7Last 24 auctions5 of 2419 of 2460.0
Indirect bidders' share65.7All 138 since 24 April 200812 of 138126 of 13850.3
Direct bidders' share11.5Last 24 auctions11 of 2413 of 2411.0
Direct bidders' share11.5All 138 since 24 April 200839 of 13899 of 1389.6
Primary dealers' share22.8Last 24 auctions21 of 243 of 2426.6
Primary dealers' share22.8All 138 since 24 April 2008132 of 1386 of 13839.4
High minus median, basis points4.2Last 24 auctions11 of 2411 of 244.2
High minus median, basis points4.2Since 24 April 200875 of 13856 of 1384.4
High minus median, basis points4.2All 311 since 24 January 199193 of 311211 of 3113.2

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 October 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191023_2.pdf. Compiled by 500metrics, "5-year note auction of 23 October 2019 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2019-10-23.

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