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Treasury auctions · 5-Year Note

5-year note auction of 28 August 2023 (new issue)

The 5-year note sold $50.779 billion at a high yield of 4.400% on , with a bid-to-cover ratio of 2.54.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 26 Aug 2020 to 28 Aug 2023
High yield at each 5-year note auction, 27 Sep 2021 to 28 Aug 2023

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 Aug 2020 to 28 Aug 2023
Bid-to-cover ratio at each 5-year note auction, 27 Sep 2021 to 28 Aug 2023

Who bought the 5-year note of 28 Aug 2023

Shares of the competitive bids accepted

  • Indirect bidders 67.9%
  • Direct bidders 18.3%
  • Primary dealers 13.8%
This auction, 28 Aug 2023
  • Indirect bidders 64.4%
  • Direct bidders 22.1%
  • Primary dealers 13.5%
The 5-year note auction before, 25 Jul 2023

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 bidders67.9%
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
4.4002.54
4.1702.60
4.0192.52
3.7492.58
3.5002.54
3.6652.48
4.1092.48
3.5302.64
3.9732.46
3.9742.39
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

Observed .

Right now

The high yield of 4.400% on 28 August 2023 was the highest for a 5-year note since 26 July 2007.

Higher than all 183 since 24 April 2008

Its own history

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

The bid-to-cover ratio was higher than 19 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 67.9%
  • Direct bidders 18.3%
  • Primary dealers 13.8%

Size

Treasury sold $50.779 billion of the $46 billion offered.

Bids received came to $121.403 billion; the bid-to-cover ratio was 2.54.

Its bid-to-cover of 2.54 compares with the 24 auctions before it: lowest 2.27 on , highest 2.64 on ; 73.0% of the way from the low to the high.

2.54

Low 2.27 Midpoint 2.455 High 2.64

The security5-Year, new issue

Coupon
4.375%
Announced
Issued
Matures

It adds to the debt that matures in August 2028.

Understanding this result

Where it stands today

The high yield was 4.400% at this 5-year note auction, the median yield 4.330% and a bid-to-cover ratio of 2.54.

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$46,000,000,000
Bids received$121,402,759,900
Sold$50,779,277,000
Competitive bids accepted$45,794,512,100
Non-competitive bids accepted$200,589,000
Federal Reserve (SOMA) add-on$4,779,175,900
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %4.400
Median rate, %4.330
Low rate, %4.300
Interest rate (coupon), %4.375
Bids at the high rate filled, %32.63
Bid-to-cover ratio2.54
Indirect bidders accepted$31,103,042,500
Direct bidders accepted$8,359,429,600
Primary dealers accepted$6,332,040,000
Indirect bidders' share, % (ours)67.9
Direct bidders' share, % (ours)18.3
Primary dealers' share, % (ours)13.8
High minus median, basis points (ours)7.0
Treasury par yield curve, 5-year point, same day, %4.38
High yield minus that point, basis points (ours)2.0
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 ratio2.542.483 of 128 of 12
High yield4.4003.9740 of 1212 of 12
Indirect bidders' share67.968.07 of 125 of 12
Direct bidders' share18.318.46 of 126 of 12
Primary dealers' share13.813.65 of 127 of 12
High minus median, basis points7.07.37 of 124 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 ratio2.54Last 24 auctions4 of 2419 of 242.46
Bid-to-cover ratio2.54Since 24 April 200880 of 183100 of 1832.50
Bid-to-cover ratio2.54All 260 since 28 September 1994103 of 260154 of 2602.48
High yield4.400Last 24 auctions0 of 2424 of 243.250
High yield4.400Since 24 April 20080 of 183183 of 1831.625
High yield4.400All 356 since 24 January 1991128 of 356228 of 3563.190
Indirect bidders' share67.9Last 24 auctions7 of 2417 of 2464.6
Indirect bidders' share67.9All 183 since 24 April 200814 of 183169 of 18356.4
Direct bidders' share18.3Last 24 auctions12 of 2412 of 2418.3
Direct bidders' share18.3All 183 since 24 April 200821 of 183162 of 18310.9
Primary dealers' share13.8Last 24 auctions16 of 248 of 2416.9
Primary dealers' share13.8All 183 since 24 April 2008175 of 1838 of 18335.4
High minus median, basis points7.0Last 24 auctions10 of 2413 of 246.9
High minus median, basis points7.0Since 24 April 200822 of 183158 of 1834.7
High minus median, basis points7.0All 356 since 24 January 199122 of 356330 of 3563.5

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 28 August 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230828_4.pdf. Compiled by 500metrics, "5-year note auction of 28 August 2023 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2023-08-28.

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