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Treasury auctions · 5-Year Note

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

The 5-year note sold $64.908 billion at a high yield of 0.397% on , with a bid-to-cover ratio of 2.38.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 27 Sep 2017 to 23 Nov 2020
High yield at each 5-year note auction, 27 Nov 2018 to 23 Nov 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, 27 Sep 2017 to 23 Nov 2020
Bid-to-cover ratio at each 5-year note auction, 27 Nov 2018 to 23 Nov 2020

Who bought the 5-year note of 23 Nov 2020

Shares of the competitive bids accepted

  • Indirect bidders 56.5%
  • Direct bidders 14.3%
  • Primary dealers 29.2%
This auction, 23 Nov 2020
  • Indirect bidders 61.9%
  • Direct bidders 14.0%
  • Primary dealers 24.1%
The 5-year note auction before, 28 Oct 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 bidders56.5%
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
0.3972.38
0.3302.38
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

Observed .

Right now

The high yield of 0.397% on 23 November 2020 was the highest for a 5-year note since 25 March 2020.

Higher than 7 of the 151 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high minus median was higher than 17 of the 24.

The indirect bidders' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 56.5%
  • Direct bidders 14.3%
  • Primary dealers 29.2%

Size

Treasury sold $64.908 billion of the $57 billion offered.

Bids received came to $143.719 billion; the bid-to-cover ratio was 2.38.

Its bid-to-cover of 2.38 compares with the 24 auctions before it: lowest 2.09 on , highest 2.74 on ; 44.6% of the way from the low to the high.

2.38

Low 2.09 Midpoint 2.415 High 2.74

The security5-Year, new issue

Coupon
0.375%
Announced
Issued
Matures

It adds to the debt that matures in November 2025.

Understanding this result

Where it stands today

The high yield was 0.397% at this 5-year note auction, the median yield 0.349% and a bid-to-cover ratio of 2.38.

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$57,000,000,000
Bids received$143,719,384,700
Sold$64,907,623,700
Competitive bids accepted$56,986,339,000
Non-competitive bids accepted$13,691,100
Federal Reserve (SOMA) add-on$7,907,593,600
Foreign and international (FIMA) non-competitive$0
High yield, %0.397
Median rate, %0.349
Low rate, %0.250
Interest rate (coupon), %0.375
Bids at the high rate filled, %42.65
Bid-to-cover ratio2.38
Indirect bidders accepted$32,175,962,500
Direct bidders accepted$8,163,076,500
Primary dealers accepted$16,647,300,000
Indirect bidders' share, % (ours)56.5
Direct bidders' share, % (ours)14.3
Primary dealers' share, % (ours)29.2
High minus median, basis points (ours)4.8
Treasury par yield curve, 5-year point, same day, %0.39
High yield minus that point, basis points (ours)0.7
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 ratio2.382.508 of 123 of 12
High yield0.3970.3645 of 127 of 12
Indirect bidders' share56.561.711 of 121 of 12
Direct bidders' share14.313.95 of 127 of 12
Primary dealers' share29.223.03 of 129 of 12
High minus median, basis points4.84.63 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 ratio2.38Last 24 auctions15 of 248 of 242.41
Bid-to-cover ratio2.38Since 24 April 2008118 of 15130 of 1512.55
Bid-to-cover ratio2.38All 228 since 28 September 1994150 of 22874 of 2282.49
High yield0.397Last 24 auctions17 of 247 of 241.578
High yield0.397Since 24 April 2008144 of 1517 of 1511.600
High yield0.397All 324 since 24 January 1991317 of 3247 of 3243.280
Indirect bidders' share56.5Last 24 auctions21 of 243 of 2460.0
Indirect bidders' share56.5All 151 since 24 April 200860 of 15191 of 15152.5
Direct bidders' share14.3Last 24 auctions10 of 2414 of 2413.9
Direct bidders' share14.3All 151 since 24 April 200825 of 151126 of 15110.1
Primary dealers' share29.2Last 24 auctions8 of 2416 of 2424.3
Primary dealers' share29.2All 151 since 24 April 2008113 of 15138 of 15138.2
High minus median, basis points4.8Last 24 auctions5 of 2417 of 244.2
High minus median, basis points4.8Since 24 April 200858 of 15189 of 1514.4
High minus median, basis points4.8All 324 since 24 January 199170 of 324250 of 3243.2

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 November 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201123_3.pdf. Compiled by 500metrics, "5-year note auction of 23 November 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2020-11-23.

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