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Treasury auctions · 5-Year Note

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

The 5-year note sold $67 billion at a high yield of 4.235% 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 Mar 2021 to 26 Mar 2024
High yield at each 5-year note auction, 28 Mar 2022 to 26 Mar 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 Mar 2021 to 26 Mar 2024
Bid-to-cover ratio at each 5-year note auction, 28 Mar 2022 to 26 Mar 2024

Who bought the 5-year note of 26 Mar 2024

Shares of the competitive bids accepted

  • Indirect bidders 70.5%
  • Direct bidders 16.8%
  • Primary dealers 12.7%
This auction, 26 Mar 2024
  • Indirect bidders 63.5%
  • Direct bidders 19.7%
  • Primary dealers 16.8%
The 5-year note auction before, 26 Feb 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 bidders70.5%
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
4.2352.41
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

Observed .

Right now

The high yield was 4.235% on 26 March 2024, down from 4.320% at the auction before.

The high minus median of 4.7 basis points was the lowest for a 5-year note since 27 October 2021, with 27 auctions in between.

Higher than 185 of the 190 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high minus median was lower than all 24.

The indirect bidders' share 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 70.5%
  • Direct bidders 16.8%
  • Primary dealers 12.7%

Size

Treasury sold $67 billion of the $67 billion offered.

Bids received came to $161.526 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
4.125%
Announced
Issued
Matures

It adds to the debt that matures in March 2029.

Understanding this result

Where it stands today

The high yield was 4.235% at this 5-year note auction, the median yield 4.188% 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$67,000,000,000
Bids received$161,526,139,600
Sold$67,000,049,700
Competitive bids accepted$66,825,255,100
Non-competitive bids accepted$174,794,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.235
Median rate, %4.188
Low rate, %4.110
Interest rate (coupon), %4.125
Bids at the high rate filled, %81.56
Bid-to-cover ratio2.41
Indirect bidders accepted$47,080,593,000
Direct bidders accepted$11,236,606,100
Primary dealers accepted$8,508,056,000
Indirect bidders' share, % (ours)70.5
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)12.7
High minus median, basis points (ours)4.7
Treasury par yield curve, 5-year point, same day, %4.22
High yield minus that point, basis points (ours)1.5
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 ratio2.412.519 of 122 of 12
High yield4.2354.1125 of 127 of 12
Indirect bidders' share70.568.03 of 129 of 12
Direct bidders' share16.818.211 of 121 of 12
Primary dealers' share12.713.79 of 123 of 12
High minus median, basis points4.77.012 of 120 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 auctions16 of 246 of 242.47
Bid-to-cover ratio2.41Since 24 April 2008128 of 19056 of 1902.50
Bid-to-cover ratio2.41All 267 since 28 September 1994160 of 267101 of 2672.48
High yield4.235Last 24 auctions5 of 2419 of 243.974
High yield4.235Since 24 April 20085 of 190185 of 1901.690
High yield4.235All 363 since 24 January 1991139 of 363224 of 3633.260
Indirect bidders' share70.5Last 24 auctions4 of 2420 of 2465.9
Indirect bidders' share70.5All 190 since 24 April 20085 of 190185 of 19056.6
Direct bidders' share16.8Last 24 auctions20 of 244 of 2418.6
Direct bidders' share16.8All 190 since 24 April 200841 of 190149 of 19011.0
Primary dealers' share12.7Last 24 auctions19 of 245 of 2416.5
Primary dealers' share12.7All 190 since 24 April 2008185 of 1905 of 19034.0
High minus median, basis points4.7Last 24 auctions24 of 240 of 247.2
High minus median, basis points4.7Since 24 April 200898 of 19089 of 1904.8
High minus median, basis points4.7All 363 since 24 January 1991110 of 363250 of 3633.6

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 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240326_2.pdf. Compiled by 500metrics, "5-year note auction of 26 March 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-03-26.

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