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Treasury auctions · 5-Year Note

5-year note auction of 23 September 2020 (new issue)

The 5-year note sold $60.256 billion at a high yield of 0.275% on , with a bid-to-cover ratio of 2.52.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 26 Jul 2017 to 23 Sep 2020
High yield at each 5-year note auction, 25 Sep 2018 to 23 Sep 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, 26 Jul 2017 to 23 Sep 2020
Bid-to-cover ratio at each 5-year note auction, 25 Sep 2018 to 23 Sep 2020

Who bought the 5-year note of 23 Sep 2020

Shares of the competitive bids accepted

  • Indirect bidders 61.9%
  • Direct bidders 17.4%
  • Primary dealers 20.7%
This auction, 23 Sep 2020
  • Indirect bidders 66.2%
  • Direct bidders 15.9%
  • Primary dealers 17.8%
The 5-year note auction before, 26 Aug 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 bidders61.9%
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
0.2752.52
0.2982.71
0.2882.32
0.3302.58
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

Observed .

Right now

The high yield of 0.275% on 23 September 2020 was the lowest of all 322 earlier 5-year note auctions we hold.

Lower than all 149 since 24 April 2008

Its own history

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

The direct bidders' share was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 61.9%
  • Direct bidders 17.4%
  • Primary dealers 20.7%

Size

Treasury sold $60.256 billion of the $53 billion offered.

Bids received came to $140.92 billion; the bid-to-cover ratio was 2.52.

Its bid-to-cover of 2.52 compares with the 24 auctions before it: lowest 2.09 on , highest 2.74 on ; 66.2% of the way from the low to the high.

2.52

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 September 2025.

Understanding this result

Where it stands today

The high yield was 0.275% at this 5-year note auction, the median yield 0.240% and a bid-to-cover ratio of 2.52.

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$53,000,000,000
Bids received$140,919,837,200
Sold$60,256,032,200
Competitive bids accepted$52,978,600,000
Non-competitive bids accepted$13,779,800
Federal Reserve (SOMA) add-on$7,255,952,400
Foreign and international (FIMA) non-competitive$7,700,000
High yield, %0.275
Median rate, %0.240
Low rate, %0.080
Interest rate (coupon), %0.250
Bids at the high rate filled, %4.59
Bid-to-cover ratio2.52
Indirect bidders accepted$32,810,405,000
Direct bidders accepted$9,214,000,000
Primary dealers accepted$10,954,195,000
Indirect bidders' share, % (ours)61.9
Direct bidders' share, % (ours)17.4
Primary dealers' share, % (ours)20.7
High minus median, basis points (ours)3.5
Treasury par yield curve, 5-year point, same day, %0.28
High yield minus that point, basis points (ours)-0.5
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 ratio2.522.484 of 128 of 12
High yield0.2750.84212 of 120 of 12
Indirect bidders' share61.961.05 of 127 of 12
Direct bidders' share17.413.71 of 1211 of 12
Primary dealers' share20.724.410 of 122 of 12
High minus median, basis points3.54.811 of 121 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 ratio2.52Last 24 auctions5 of 2419 of 242.42
Bid-to-cover ratio2.52Since 24 April 200879 of 14967 of 1492.55
Bid-to-cover ratio2.52All 226 since 28 September 1994103 of 226120 of 2262.49
High yield0.275Last 24 auctions24 of 240 of 241.678
High yield0.275Since 24 April 2008149 of 1490 of 1491.615
High yield0.275All 322 since 24 January 1991322 of 3220 of 3223.324
Indirect bidders' share61.9Last 24 auctions7 of 2417 of 2460.0
Indirect bidders' share61.9All 149 since 24 April 200827 of 149122 of 14952.1
Direct bidders' share17.4Last 24 auctions4 of 2420 of 2413.6
Direct bidders' share17.4All 149 since 24 April 20089 of 149140 of 14910.0
Primary dealers' share20.7Last 24 auctions21 of 243 of 2424.7
Primary dealers' share20.7All 149 since 24 April 2008145 of 1494 of 14938.8
High minus median, basis points3.5Last 24 auctions19 of 244 of 244.3
High minus median, basis points3.5Since 24 April 2008111 of 14932 of 1494.4
High minus median, basis points3.5All 322 since 24 January 1991143 of 322172 of 3223.2

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 September 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200923_3.pdf. Compiled by 500metrics, "5-year note auction of 23 September 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-09-23.

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