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Treasury auctions · 5-Year Note

5-year note auction of 27 June 2022 (new issue)

The 5-year note sold $50.592 billion at a high yield of 3.271% 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, 26 Jun 2019 to 27 Jun 2022
High yield at each 5-year note auction, 27 Jul 2020 to 27 Jun 2022

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 Jun 2019 to 27 Jun 2022
Bid-to-cover ratio at each 5-year note auction, 27 Jul 2020 to 27 Jun 2022

Who bought the 5-year note of 27 Jun 2022

Shares of the competitive bids accepted

  • Indirect bidders 56.5%
  • Direct bidders 19.7%
  • Primary dealers 23.8%
This auction, 27 Jun 2022
  • Indirect bidders 62.9%
  • Direct bidders 20.0%
  • Primary dealers 17.0%
The 5-year note auction before, 25 May 2022

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
3.2712.28
2.7362.44
2.7852.41
2.5432.53
1.8802.49
1.2632.41
1.3192.34
1.1572.55
0.9902.37
0.8312.35
0.7102.36
0.9042.36
0.7882.49
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

Observed .

Right now

The high yield of 3.271% on 27 June 2022 was the highest for a 5-year note since 24 July 2008.

The bid-to-cover ratio of 2.28 was the lowest for a 5-year note since 24 February 2021, with 14 auctions in between.

The high minus median of 9.1 basis points was the highest for a 5-year note since 29 July 2009, with 153 auctions in between.

Higher than 166 of the 169 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high yield and the high minus median were higher than all 24.

The direct bidders' share was higher than 21 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 19.7%
  • Primary dealers 23.8%

Size

Treasury sold $50.592 billion of the $47 billion offered.

Bids received came to $110.855 billion; the bid-to-cover ratio was 2.28.

Its bid-to-cover of 2.28 compares with the 24 auctions before it: lowest 2.24 on , highest 2.71 on ; 8.5% of the way from the low to the high.

2.28

Low 2.24 Midpoint 2.475 High 2.71

The security5-Year, new issue

Coupon
3.250%
Announced
Issued
Matures

It adds to the debt that matures in June 2027.

Understanding this result

Where it stands today

The high yield was 3.271% at this 5-year note auction, the median yield 3.180% 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$47,000,000,000
Bids received$110,854,529,800
Sold$50,592,129,800
Competitive bids accepted$46,888,035,000
Non-competitive bids accepted$111,967,900
Federal Reserve (SOMA) add-on$3,592,126,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.271
Median rate, %3.180
Low rate, %3.120
Interest rate (coupon), %3.250
Bids at the high rate filled, %21.90
Bid-to-cover ratio2.28
Indirect bidders accepted$26,477,435,000
Direct bidders accepted$9,237,000,000
Primary dealers accepted$11,173,600,000
Indirect bidders' share, % (ours)56.5
Direct bidders' share, % (ours)19.7
Primary dealers' share, % (ours)23.8
High minus median, basis points (ours)9.1
Treasury par yield curve, 5-year point, same day, %3.24
High yield minus that point, basis points (ours)3.1
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 ratio2.282.4112 of 120 of 12
High yield3.2711.2100 of 1212 of 12
Indirect bidders' share56.562.811 of 121 of 12
Direct bidders' share19.717.93 of 129 of 12
Primary dealers' share23.820.04 of 128 of 12
High minus median, basis points9.15.50 of 1212 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 241 of 242.38
Bid-to-cover ratio2.28Since 24 April 2008153 of 16914 of 1692.52
Bid-to-cover ratio2.28All 246 since 28 September 1994193 of 24648 of 2462.48
High yield3.271Last 24 auctions0 of 2424 of 240.810
High yield3.271Since 24 April 20083 of 169166 of 1691.580
High yield3.271All 342 since 24 January 1991162 of 342180 of 3423.030
Indirect bidders' share56.5Last 24 auctions22 of 242 of 2460.4
Indirect bidders' share56.5All 169 since 24 April 200876 of 16993 of 16953.9
Direct bidders' share19.7Last 24 auctions3 of 2421 of 2417.0
Direct bidders' share19.7All 169 since 24 April 200810 of 169159 of 16910.7
Primary dealers' share23.8Last 24 auctions13 of 2411 of 2424.1
Primary dealers' share23.8All 169 since 24 April 2008145 of 16924 of 16936.8
High minus median, basis points9.1Last 24 auctions0 of 2424 of 245.0
High minus median, basis points9.1Since 24 April 20083 of 169166 of 1694.6
High minus median, basis points9.1All 342 since 24 January 19913 of 342339 of 3423.4

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 June 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220627_4.pdf. Compiled by 500metrics, "5-year note auction of 27 June 2022 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2022-06-27.

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