500metrics

Treasury auctions · 5-Year Note

5-year note auction of 26 October 2022 (new issue)

The 5-year note sold $43 billion at a high yield of 4.192% on , with a bid-to-cover ratio of 2.48.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 23 Oct 2019 to 26 Oct 2022
High yield at each 5-year note auction, 28 Oct 2020 to 26 Oct 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, 23 Oct 2019 to 26 Oct 2022
Bid-to-cover ratio at each 5-year note auction, 28 Oct 2020 to 26 Oct 2022

Who bought the 5-year note of 26 Oct 2022

Shares of the competitive bids accepted

  • Indirect bidders 68.0%
  • Direct bidders 15.6%
  • Primary dealers 16.5%
This auction, 26 Oct 2022
  • Indirect bidders 59.6%
  • Direct bidders 18.7%
  • Primary dealers 21.7%
The 5-year note auction before, 27 Sep 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 bidders68.0%
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
4.1922.48
4.2282.27
3.2302.30
2.8602.46
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

Observed .

Right now

The high yield was 4.192% on 26 October 2022, down from 4.228% at the auction before.

The indirect bidders' share of 68.0% was the highest for a 5-year note since 27 September 2017, with 56 auctions in between.

Higher than 172 of the 173 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the indirect bidders' share was higher than all 24.

The high yield was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 68.0%
  • Direct bidders 15.6%
  • Primary dealers 16.5%

Size

Treasury sold $43 billion of the $43 billion offered.

Bids received came to $106.619 billion; the bid-to-cover ratio was 2.48.

Its bid-to-cover of 2.48 compares with the 24 auctions before it: lowest 2.24 on , highest 2.55 on ; 77.4% of the way from the low to the high.

2.48

Low 2.24 Midpoint 2.395 High 2.55

The security5-Year, new issue

Coupon
4.125%
Announced
Issued
Matures

It adds to the debt that matures in October 2027.

Understanding this result

Where it stands today

The high yield was 4.192% at this 5-year note auction, the median yield 4.119% and a bid-to-cover ratio of 2.48.

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$43,000,000,000
Bids received$106,618,676,400
Sold$43,000,006,400
Competitive bids accepted$42,777,382,000
Non-competitive bids accepted$222,624,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.192
Median rate, %4.119
Low rate, %4.050
Interest rate (coupon), %4.125
Bids at the high rate filled, %12.83
Bid-to-cover ratio2.48
Indirect bidders accepted$29,079,052,000
Direct bidders accepted$6,655,500,000
Primary dealers accepted$7,042,830,000
Indirect bidders' share, % (ours)68.0
Direct bidders' share, % (ours)15.6
Primary dealers' share, % (ours)16.5
High minus median, basis points (ours)7.3
Treasury par yield curve, 5-year point, same day, %4.20
High yield minus that point, basis points (ours)-0.8
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 ratio2.482.413 of 129 of 12
High yield4.1922.6401 of 1211 of 12
Indirect bidders' share68.062.10 of 1212 of 12
Direct bidders' share15.618.611 of 121 of 12
Primary dealers' share16.520.011 of 121 of 12
High minus median, basis points7.36.75 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 ratio2.48Last 24 auctions5 of 2419 of 242.38
Bid-to-cover ratio2.48Since 24 April 200896 of 17374 of 1732.50
Bid-to-cover ratio2.48All 250 since 28 September 1994122 of 250124 of 2502.48
High yield4.192Last 24 auctions1 of 2423 of 240.947
High yield4.192Since 24 April 20081 of 173172 of 1731.595
High yield4.192All 346 since 24 January 1991136 of 346210 of 3463.060
Indirect bidders' share68.0Last 24 auctions0 of 2424 of 2460.4
Indirect bidders' share68.0All 173 since 24 April 20087 of 173166 of 17354.3
Direct bidders' share15.6Last 24 auctions18 of 246 of 2417.5
Direct bidders' share15.6All 173 since 24 April 200835 of 173138 of 17310.8
Primary dealers' share16.5Last 24 auctions23 of 241 of 2422.8
Primary dealers' share16.5All 173 since 24 April 2008172 of 1731 of 17336.5
High minus median, basis points7.3Last 24 auctions5 of 2419 of 245.4
High minus median, basis points7.3Since 24 April 200816 of 173157 of 1734.6
High minus median, basis points7.3All 346 since 24 January 199116 of 346330 of 3463.5

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 October 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221026_3.pdf. Compiled by 500metrics, "5-year note auction of 26 October 2022 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2022-10-26.

Page updated