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Treasury auctions · 5-Year Note

5-year note auction of 26 February 2024 (new issue)

The 5-year note sold $66.769 billion at a high yield of 4.320% on , with a bid-to-cover ratio of 2.41.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 24 Feb 2021 to 26 Feb 2024
High yield at each 5-year note auction, 28 Mar 2022 to 26 Feb 2024

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, 24 Feb 2021 to 26 Feb 2024
Bid-to-cover ratio at each 5-year note auction, 28 Mar 2022 to 26 Feb 2024

Who bought the 5-year note of 26 Feb 2024

Shares of the competitive bids accepted

  • Indirect bidders 63.5%
  • Direct bidders 19.7%
  • Primary dealers 16.8%
This auction, 26 Feb 2024
  • Indirect bidders 60.9%
  • Direct bidders 18.7%
  • Primary dealers 20.4%
The 5-year note auction before, 24 Jan 2024

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 bidders63.5%
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
4.3202.41
4.0552.31
3.8012.50
4.4202.46
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

Observed .

Right now

The high yield was 4.320% on 26 February 2024, up from 4.055% at the auction before.

Higher than 185 of the 189 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high yield was higher than 20 of the 24.

The bid-to-cover ratio was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 63.5%
  • Direct bidders 19.7%
  • Primary dealers 16.8%

Size

Treasury sold $66.769 billion of the $64 billion offered.

Bids received came to $157.232 billion; the bid-to-cover ratio was 2.41.

Its bid-to-cover of 2.41 compares with the 24 auctions before it: lowest 2.27 on , highest 2.64 on ; 37.8% of the way from the low to the high.

2.41

Low 2.27 Midpoint 2.455 High 2.64

The security5-Year, new issue

Coupon
4.250%
Announced
Issued
Matures

It adds to the debt that matures in February 2029.

Understanding this result

Where it stands today

The high yield was 4.320% at this 5-year note auction, the median yield 4.248% and a bid-to-cover ratio of 2.41.

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$64,000,000,000
Bids received$157,232,464,100
Sold$66,768,916,600
Competitive bids accepted$63,803,007,500
Non-competitive bids accepted$197,040,300
Federal Reserve (SOMA) add-on$2,768,868,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.320
Median rate, %4.248
Low rate, %4.160
Interest rate (coupon), %4.250
Bids at the high rate filled, %89.61
Bid-to-cover ratio2.41
Indirect bidders accepted$40,532,555,000
Direct bidders accepted$12,541,000,000
Primary dealers accepted$10,729,452,500
Indirect bidders' share, % (ours)63.5
Direct bidders' share, % (ours)19.7
Primary dealers' share, % (ours)16.8
High minus median, basis points (ours)7.2
Treasury par yield curve, 5-year point, same day, %4.29
High yield minus that point, basis points (ours)3.0
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 ratio2.412.5110 of 122 of 12
High yield4.3204.0824 of 128 of 12
Indirect bidders' share63.568.310 of 122 of 12
Direct bidders' share19.718.22 of 1210 of 12
Primary dealers' share16.813.63 of 129 of 12
High minus median, basis points7.27.05 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 ratio2.41Last 24 auctions17 of 246 of 242.48
Bid-to-cover ratio2.41Since 24 April 2008128 of 18956 of 1892.50
Bid-to-cover ratio2.41All 266 since 28 September 1994160 of 266101 of 2662.48
High yield4.320Last 24 auctions4 of 2420 of 243.887
High yield4.320Since 24 April 20084 of 189185 of 1891.670
High yield4.320All 362 since 24 January 1991134 of 362228 of 3623.245
Indirect bidders' share63.5Last 24 auctions17 of 247 of 2466.3
Indirect bidders' share63.5All 189 since 24 April 200838 of 189151 of 18956.6
Direct bidders' share19.7Last 24 auctions5 of 2419 of 2418.5
Direct bidders' share19.7All 189 since 24 April 200813 of 189176 of 18911.0
Primary dealers' share16.8Last 24 auctions9 of 2415 of 2415.8
Primary dealers' share16.8All 189 since 24 April 2008174 of 18915 of 18934.1
High minus median, basis points7.2Last 24 auctions12 of 2412 of 247.2
High minus median, basis points7.2Since 24 April 200823 of 189166 of 1894.8
High minus median, basis points7.2All 362 since 24 January 199123 of 362339 of 3623.6

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 February 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240226_3.pdf. Compiled by 500metrics, "5-year note auction of 26 February 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-02-26.

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