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Treasury auctions · 5-Year Note

5-year note auction of 26 April 2021 (new issue)

The 5-year note sold $72.649 billion at a high yield of 0.849% on , with a bid-to-cover ratio of 2.31.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 27 Mar 2018 to 26 Apr 2021
High yield at each 5-year note auction, 26 Jun 2019 to 26 Apr 2021

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 Mar 2018 to 26 Apr 2021
Bid-to-cover ratio at each 5-year note auction, 26 Jun 2019 to 26 Apr 2021

Who bought the 5-year note of 26 Apr 2021

Shares of the competitive bids accepted

  • Indirect bidders 57.9%
  • Direct bidders 17.5%
  • Primary dealers 24.6%
This auction, 26 Apr 2021
  • Indirect bidders 58.1%
  • Direct bidders 16.6%
  • Primary dealers 25.3%
The 5-year note auction before, 24 Mar 2021

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 bidders57.9%
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
0.8492.31
0.8502.36
0.6212.24
0.4242.34
0.3942.39
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

Observed .

Right now

The high yield was 0.849% on 26 April 2021, down from 0.850% at the auction before.

Higher than 28 of the 156 since 24 April 2008

Its own history

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

The bid-to-cover ratio 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 57.9%
  • Direct bidders 17.5%
  • Primary dealers 24.6%

Size

Treasury sold $72.649 billion of the $61 billion offered.

Bids received came to $152.703 billion; the bid-to-cover ratio was 2.31.

Its bid-to-cover of 2.31 compares with the 24 auctions before it: lowest 2.24 on , highest 2.74 on ; 14.0% of the way from the low to the high.

2.31

Low 2.24 Midpoint 2.490 High 2.74

The security5-Year, new issue

Coupon
0.750%
Announced
Issued
Matures

It adds to the debt that matures in April 2026.

Understanding this result

Where it stands today

The high yield was 0.849% at this 5-year note auction, the median yield 0.800% and a bid-to-cover ratio of 2.31.

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$61,000,000,000
Bids received$152,703,230,300
Sold$72,649,342,300
Competitive bids accepted$60,852,802,000
Non-competitive bids accepted$42,218,100
Federal Reserve (SOMA) add-on$11,649,322,200
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %0.849
Median rate, %0.800
Low rate, %0.720
Interest rate (coupon), %0.750
Bids at the high rate filled, %88.02
Bid-to-cover ratio2.31
Indirect bidders accepted$35,251,722,000
Direct bidders accepted$10,653,010,000
Primary dealers accepted$14,948,070,000
Indirect bidders' share, % (ours)57.9
Direct bidders' share, % (ours)17.5
Primary dealers' share, % (ours)24.6
High minus median, basis points (ours)4.9
Treasury par yield curve, 5-year point, same day, %0.85
High yield minus that point, basis points (ours)-0.1
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 ratio2.312.3810 of 122 of 12
High yield0.8490.3641 of 1211 of 12
Indirect bidders' share57.959.38 of 124 of 12
Direct bidders' share17.515.12 of 1210 of 12
Primary dealers' share24.625.17 of 125 of 12
High minus median, basis points4.94.64 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 ratio2.31Last 24 auctions21 of 243 of 242.40
Bid-to-cover ratio2.31Since 24 April 2008137 of 15619 of 1562.54
Bid-to-cover ratio2.31All 233 since 28 September 1994174 of 23358 of 2332.49
High yield0.849Last 24 auctions12 of 2412 of 240.736
High yield0.849Since 24 April 2008128 of 15628 of 1561.596
High yield0.849All 329 since 24 January 1991301 of 32928 of 3293.220
Indirect bidders' share57.9Last 24 auctions16 of 248 of 2459.8
Indirect bidders' share57.9All 156 since 24 April 200854 of 156102 of 15652.8
Direct bidders' share17.5Last 24 auctions5 of 2419 of 2414.4
Direct bidders' share17.5All 156 since 24 April 200810 of 156146 of 15610.3
Primary dealers' share24.6Last 24 auctions12 of 2412 of 2424.5
Primary dealers' share24.6All 156 since 24 April 2008136 of 15620 of 15637.8
High minus median, basis points4.9Last 24 auctions6 of 2417 of 244.5
High minus median, basis points4.9Since 24 April 200858 of 15695 of 1564.4
High minus median, basis points4.9All 329 since 24 January 199169 of 329256 of 3293.3

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 26 April 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210426_4.pdf. Compiled by 500metrics, "5-year note auction of 26 April 2021 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2021-04-26.

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