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Treasury auctions · 5-Year Note

5-year note auction of 28 May 2024 (new issue)

The 5-year note sold $74.156 billion at a high yield of 4.553% on , with a bid-to-cover ratio of 2.30.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 26 May 2021 to 28 May 2024
High yield at each 5-year note auction, 27 Jun 2022 to 28 May 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, 26 May 2021 to 28 May 2024
Bid-to-cover ratio at each 5-year note auction, 27 Jun 2022 to 28 May 2024

Who bought the 5-year note of 28 May 2024

Shares of the competitive bids accepted

  • Indirect bidders 65.0%
  • Direct bidders 15.4%
  • Primary dealers 19.5%
This auction, 28 May 2024
  • Indirect bidders 65.7%
  • Direct bidders 19.2%
  • Primary dealers 15.0%
The 5-year note auction before, 24 Apr 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 bidders65.0%
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
4.5532.30
4.6592.39
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

Observed .

Right now

The high yield was 4.553% on 28 May 2024, down from 4.659% at the auction before.

The bid-to-cover ratio of 2.30 was the lowest for a 5-year note since 27 September 2022, with 19 auctions in between.

Higher than 189 of the 192 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the high yield was higher than 21 of the 24.

The direct bidders' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 65.0%
  • Direct bidders 15.4%
  • Primary dealers 19.5%

Size

Treasury sold $74.156 billion of the $70 billion offered.

Bids received came to $164.835 billion; the bid-to-cover ratio was 2.30.

Its bid-to-cover of 2.30 compares with the 24 auctions before it: lowest 2.27 on , highest 2.64 on ; 8.1% of the way from the low to the high.

2.30

Low 2.27 Midpoint 2.455 High 2.64

The security5-Year, new issue

Coupon
4.500%
Announced
Issued
Matures

It adds to the debt that matures in May 2029.

Understanding this result

Where it stands today

The high yield was 4.553% at this 5-year note auction, the median yield 4.480% and a bid-to-cover ratio of 2.30.

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$70,000,000,000
Bids received$164,834,676,800
Sold$74,155,764,000
Competitive bids accepted$69,825,542,200
Non-competitive bids accepted$174,484,200
Federal Reserve (SOMA) add-on$4,155,737,600
Foreign and international (FIMA) non-competitive$0
High yield, %4.553
Median rate, %4.480
Low rate, %4.380
Interest rate (coupon), %4.500
Bids at the high rate filled, %96.34
Bid-to-cover ratio2.30
Indirect bidders accepted$45,411,962,200
Direct bidders accepted$10,783,000,000
Primary dealers accepted$13,630,580,000
Indirect bidders' share, % (ours)65.0
Direct bidders' share, % (ours)15.4
Primary dealers' share, % (ours)19.5
High minus median, basis points (ours)7.3
Treasury par yield curve, 5-year point, same day, %4.56
High yield minus that point, basis points (ours)-0.7
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 ratio2.302.4812 of 120 of 12
High yield4.5534.2783 of 129 of 12
Indirect bidders' share65.066.88 of 124 of 12
Direct bidders' share15.418.511 of 121 of 12
Primary dealers' share19.513.91 of 1211 of 12
High minus median, basis points7.36.82 of 1210 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 ratio2.30Last 24 auctions21 of 242 of 242.46
Bid-to-cover ratio2.30Since 24 April 2008170 of 19220 of 1922.50
Bid-to-cover ratio2.30All 269 since 28 September 1994208 of 26959 of 2692.48
High yield4.553Last 24 auctions3 of 2421 of 244.037
High yield4.553Since 24 April 20083 of 192189 of 1921.712
High yield4.553All 365 since 24 January 1991126 of 365239 of 3653.271
Indirect bidders' share65.0Last 24 auctions15 of 249 of 2466.3
Indirect bidders' share65.0All 192 since 24 April 200833 of 192159 of 19256.8
Direct bidders' share15.4Last 24 auctions22 of 242 of 2418.4
Direct bidders' share15.4All 192 since 24 April 200853 of 192139 of 19211.0
Primary dealers' share19.5Last 24 auctions4 of 2420 of 2415.0
Primary dealers' share19.5All 192 since 24 April 2008166 of 19226 of 19233.7
High minus median, basis points7.3Last 24 auctions9 of 2413 of 247.1
High minus median, basis points7.3Since 24 April 200821 of 192169 of 1924.8
High minus median, basis points7.3All 365 since 24 January 199121 of 365342 of 3653.6

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 28 May 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240528_5.pdf. Compiled by 500metrics, "5-year note auction of 28 May 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2024-05-28.

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