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Treasury auctions · 5-Year Note

5-year note auction of 27 January 2020 (new issue)

The 5-year note sold $45.234 billion at a high yield of 1.448% on , with a bid-to-cover ratio of 2.33.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 22 Nov 2016 to 27 Jan 2020
High yield at each 5-year note auction, 21 Feb 2018 to 27 Jan 2020

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 Nov 2016 to 27 Jan 2020
Bid-to-cover ratio at each 5-year note auction, 21 Feb 2018 to 27 Jan 2020

Who bought the 5-year note of 27 Jan 2020

Shares of the competitive bids accepted

  • Indirect bidders 60.0%
  • Direct bidders 13.9%
  • Primary dealers 26.1%
This auction, 27 Jan 2020
  • Indirect bidders 62.4%
  • Direct bidders 16.1%
  • Primary dealers 21.5%
The 5-year note auction before, 24 Dec 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 bidders60.0%
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
1.4482.33
1.7562.49
1.5872.50
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

Observed .

Right now

The high yield was 1.448% on 27 January 2020, down from 1.756% at the auction before.

Higher than 48 of the 141 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high minus median was higher than 21 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 60.0%
  • Direct bidders 13.9%
  • Primary dealers 26.1%

Size

Treasury sold $45.234 billion of the $41 billion offered.

Bids received came to $99.736 billion; the bid-to-cover ratio was 2.33.

Its bid-to-cover of 2.33 compares with the 24 auctions before it: lowest 2.09 on , highest 2.74 on ; 36.9% of the way from the low to the high.

2.33

Low 2.09 Midpoint 2.415 High 2.74

The security5-Year, new issue

Coupon
1.375%
Announced
Issued
Matures

It adds to the debt that matures in January 2025.

Understanding this result

Where it stands today

The high yield was 1.448% at this 5-year note auction, the median yield 1.400% and a bid-to-cover ratio of 2.33.

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$99,736,422,000
Sold$45,233,673,600
Competitive bids accepted$40,971,056,600
Non-competitive bids accepted$28,984,700
Federal Reserve (SOMA) add-on$4,233,632,300
Foreign and international (FIMA) non-competitive$0
High yield, %1.448
Median rate, %1.400
Low rate, %1.320
Interest rate (coupon), %1.375
Bids at the high rate filled, %94.84
Bid-to-cover ratio2.33
Indirect bidders accepted$24,596,280,600
Direct bidders accepted$5,699,000,000
Primary dealers accepted$10,675,776,000
Indirect bidders' share, % (ours)60.0
Direct bidders' share, % (ours)13.9
Primary dealers' share, % (ours)26.1
High minus median, basis points (ours)4.8
Treasury par yield curve, 5-year point, same day, %1.44
High yield minus that point, basis points (ours)0.8
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 ratio2.332.419 of 123 of 12
High yield1.4481.80811 of 121 of 12
Indirect bidders' share60.059.85 of 127 of 12
Direct bidders' share13.914.77 of 125 of 12
Primary dealers' share26.123.24 of 128 of 12
High minus median, basis points4.84.22 of 1210 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 ratio2.33Last 24 auctions20 of 244 of 242.46
Bid-to-cover ratio2.33Since 24 April 2008120 of 14120 of 1412.56
Bid-to-cover ratio2.33All 218 since 28 September 1994155 of 21861 of 2182.49
High yield1.448Last 24 auctions23 of 241 of 242.532
High yield1.448Since 24 April 200893 of 14148 of 1411.670
High yield1.448All 314 since 24 January 1991266 of 31448 of 3143.434
Indirect bidders' share60.0Last 24 auctions12 of 2412 of 2460.0
Indirect bidders' share60.0All 141 since 24 April 200833 of 141108 of 14150.6
Direct bidders' share13.9Last 24 auctions8 of 2416 of 2412.1
Direct bidders' share13.9All 141 since 24 April 200826 of 141115 of 1419.6
Primary dealers' share26.1Last 24 auctions13 of 2411 of 2426.6
Primary dealers' share26.1All 141 since 24 April 2008118 of 14123 of 14139.1
High minus median, basis points4.8Last 24 auctions3 of 2421 of 244.2
High minus median, basis points4.8Since 24 April 200855 of 14184 of 1414.4
High minus median, basis points4.8All 314 since 24 January 199167 of 314245 of 3143.2

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 27 January 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200127_4.pdf. Compiled by 500metrics, "5-year note auction of 27 January 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-01-27.

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