SAE J429 has the following requirements for a Grade 5 fastener:
Medium carbon steel
Carbon content = 0.28-0.55
Phosphorus = 0.030 max
Sulfur = 0.050 max
Quenched & tempered, with a minimum tempering temperature of 427 C (900 F)
There are a number of grades that will meet these requirements, including SAE 1045 and SAE 1541.