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Treasury auctions · 5-Year Note

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

The 5-year note sold $49.724 billion at a high yield of 0.334% on , with a bid-to-cover ratio of 2.28.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 28 Mar 2017 to 27 May 2020
High yield at each 5-year note auction, 27 Jun 2018 to 27 May 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, 28 Mar 2017 to 27 May 2020
Bid-to-cover ratio at each 5-year note auction, 27 Jun 2018 to 27 May 2020

Who bought the 5-year note of 27 May 2020

Shares of the competitive bids accepted

  • Indirect bidders 57.3%
  • Direct bidders 10.8%
  • Primary dealers 31.8%
This auction, 27 May 2020
  • Indirect bidders 60.4%
  • Direct bidders 20.2%
  • Primary dealers 19.4%
The 5-year note auction before, 27 Apr 2020

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 bidders57.3%
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
0.3342.28
0.3942.74
0.5352.53
1.1502.46
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

Observed .

Right now

The high yield of 0.334% on 27 May 2020 was the lowest of all 318 earlier 5-year note auctions we hold.

Lower than all 145 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high yield was lower than all 24.

The high minus median was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 57.3%
  • Direct bidders 10.8%
  • Primary dealers 31.8%

Size

Treasury sold $49.724 billion of the $45 billion offered.

Bids received came to $107.514 billion; the bid-to-cover ratio was 2.28.

Its bid-to-cover of 2.28 compares with the 24 auctions before it: lowest 2.09 on , highest 2.74 on ; 29.2% of the way from the low to the high.

2.28

Low 2.09 Midpoint 2.415 High 2.74

The security5-Year, new issue

Coupon
0.250%
Announced
Issued
Matures

It adds to the debt that matures in May 2025.

Understanding this result

Where it stands today

The high yield was 0.334% at this 5-year note auction, the median yield 0.280% and a bid-to-cover ratio of 2.28.

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$45,000,000,000
Bids received$107,514,316,500
Sold$49,724,276,500
Competitive bids accepted$44,983,345,000
Non-competitive bids accepted$16,699,800
Federal Reserve (SOMA) add-on$4,724,231,700
Foreign and international (FIMA) non-competitive$0
High yield, %0.334
Median rate, %0.280
Low rate, %0.088
Interest rate (coupon), %0.250
Bids at the high rate filled, %36.96
Bid-to-cover ratio2.28
Indirect bidders accepted$25,793,585,000
Direct bidders accepted$4,872,760,000
Primary dealers accepted$14,317,000,000
Indirect bidders' share, % (ours)57.3
Direct bidders' share, % (ours)10.8
Primary dealers' share, % (ours)31.8
High minus median, basis points (ours)5.4
Treasury par yield curve, 5-year point, same day, %0.34
High yield minus that point, basis points (ours)-0.6
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 ratio2.282.4511 of 121 of 12
High yield0.3341.57812 of 120 of 12
Indirect bidders' share57.360.29 of 123 of 12
Direct bidders' share10.814.111 of 121 of 12
Primary dealers' share31.823.22 of 1210 of 12
High minus median, basis points5.44.52 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 ratio2.28Last 24 auctions22 of 242 of 242.47
Bid-to-cover ratio2.28Since 24 April 2008131 of 14513 of 1452.55
Bid-to-cover ratio2.28All 222 since 28 September 1994171 of 22247 of 2222.49
High yield0.334Last 24 auctions24 of 240 of 242.402
High yield0.334Since 24 April 2008145 of 1450 of 1451.646
High yield0.334All 318 since 24 January 1991318 of 3180 of 3183.395
Indirect bidders' share57.3Last 24 auctions19 of 245 of 2460.1
Indirect bidders' share57.3All 145 since 24 April 200849 of 14596 of 14550.8
Direct bidders' share10.8Last 24 auctions15 of 249 of 2413.1
Direct bidders' share10.8All 145 since 24 April 200856 of 14589 of 1459.9
Primary dealers' share31.8Last 24 auctions6 of 2418 of 2426.1
Primary dealers' share31.8All 145 since 24 April 2008106 of 14539 of 14539.1
High minus median, basis points5.4Last 24 auctions2 of 2422 of 244.2
High minus median, basis points5.4Since 24 April 200838 of 145105 of 1454.4
High minus median, basis points5.4All 318 since 24 January 199143 of 318273 of 3183.2

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 May 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200527_5.pdf. Compiled by 500metrics, "5-year note auction of 27 May 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-05-27.

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