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Treasury auctions · 5-Year Note

5-year note auction of 25 October 2023 (new issue)

The 5-year note sold $52 billion at a high yield of 4.899% on , with a bid-to-cover ratio of 2.36.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 28 Oct 2020 to 25 Oct 2023
High yield at each 5-year note auction, 27 Oct 2021 to 25 Oct 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, 28 Oct 2020 to 25 Oct 2023
Bid-to-cover ratio at each 5-year note auction, 27 Oct 2021 to 25 Oct 2023

Who bought the 5-year note of 25 Oct 2023

Shares of the competitive bids accepted

  • Indirect bidders 61.5%
  • Direct bidders 19.1%
  • Primary dealers 19.4%
This auction, 25 Oct 2023
  • Indirect bidders 71.1%
  • Direct bidders 17.6%
  • Primary dealers 11.2%
The 5-year note auction before, 27 Sep 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 bidders61.5%
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
4.8992.36
4.6592.52
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

Observed .

Right now

The high yield of 4.899% on 25 October 2023 was the highest for a 5-year note since 27 June 2007.

The bid-to-cover ratio of 2.36 was the lowest for a 5-year note since 27 September 2022, with 12 auctions in between.

The indirect bidders' share of 61.5% was the lowest for a 5-year note since 27 September 2022, with 12 auctions in between.

Higher than all 185 since 24 April 2008

Its own history

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

The high minus median was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 61.5%
  • Direct bidders 19.1%
  • Primary dealers 19.4%

Size

Treasury sold $52 billion of the $52 billion offered.

Bids received came to $122.956 billion; the bid-to-cover ratio was 2.36.

Its bid-to-cover of 2.36 compares with the 24 auctions before it: lowest 2.27 on , highest 2.64 on ; 24.3% of the way from the low to the high.

2.36

Low 2.27 Midpoint 2.455 High 2.64

The security5-Year, new issue

Coupon
4.875%
Announced
Issued
Matures

It adds to the debt that matures in October 2028.

Understanding this result

Where it stands today

The high yield was 4.899% at this 5-year note auction, the median yield 4.819% and a bid-to-cover ratio of 2.36.

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$52,000,000,000
Bids received$122,956,296,800
Sold$52,000,027,800
Competitive bids accepted$51,790,231,000
Non-competitive bids accepted$209,796,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.899
Median rate, %4.819
Low rate, %4.730
Interest rate (coupon), %4.875
Bids at the high rate filled, %48.22
Bid-to-cover ratio2.36
Indirect bidders accepted$31,856,231,000
Direct bidders accepted$9,884,000,000
Primary dealers accepted$10,050,000,000
Indirect bidders' share, % (ours)61.5
Direct bidders' share, % (ours)19.1
Primary dealers' share, % (ours)19.4
High minus median, basis points (ours)8.0
Treasury par yield curve, 5-year point, same day, %4.89
High yield minus that point, basis points (ours)0.9
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 ratio2.362.5212 of 120 of 12
High yield4.8993.9960 of 1212 of 12
Indirect bidders' share61.568.312 of 120 of 12
Direct bidders' share19.118.22 of 1210 of 12
Primary dealers' share19.413.40 of 1212 of 12
High minus median, basis points8.07.00 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 ratio2.36Last 24 auctions20 of 244 of 242.48
Bid-to-cover ratio2.36Since 24 April 2008145 of 18536 of 1852.51
Bid-to-cover ratio2.36All 262 since 28 September 1994180 of 26278 of 2622.48
High yield4.899Last 24 auctions0 of 2424 of 243.515
High yield4.899Since 24 April 20080 of 185185 of 1851.646
High yield4.899All 358 since 24 January 1991106 of 358252 of 3583.225
Indirect bidders' share61.5Last 24 auctions18 of 246 of 2465.9
Indirect bidders' share61.5All 185 since 24 April 200851 of 185134 of 18556.5
Direct bidders' share19.1Last 24 auctions7 of 2417 of 2418.3
Direct bidders' share19.1All 185 since 24 April 200814 of 185171 of 18510.9
Primary dealers' share19.4Last 24 auctions7 of 2417 of 2416.5
Primary dealers' share19.4All 185 since 24 April 2008165 of 18520 of 18535.3
High minus median, basis points8.0Last 24 auctions3 of 2420 of 247.0
High minus median, basis points8.0Since 24 April 20088 of 185173 of 1854.8
High minus median, basis points8.0All 358 since 24 January 19918 of 358346 of 3583.5

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 25 October 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231025_3.pdf. Compiled by 500metrics, "5-year note auction of 25 October 2023 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2023-10-25.

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