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3-year note auction of 10 December 2008 (new issue)

The 3-year note sold $28.842 billion at a high yield of 1.245% on , with a bid-to-cover ratio of 2.15.

Coupon
1.125%
Announced
Issued
Matures

High yield

1.245%

Median yield 1.149%

Bid-to-cover

2.15

▼ −0.92 since 10 Nov

Sold

$28.84 billion

$28 billion offered

Indirect bidders

35.3%

Of competitive bids accepted

The high yield was the lowest for a 3-year note of all 84 earlier auctions we hold

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note of all 84 earlier auctions we hold36 auctions from 8 February 1994 to 10 December 2008; the latest at 1.245%.0.0%2.0%4.0%6.0%8.0%19941995199619971998200320042005200620072008This auction, 1.245%The high yield was the lowest for a 3-year note of all 84 earlier auctions we hold36 auctions from 8 February 1994 to 10 December 2008; the latest at 1.245%.0.0%2.0%4.0%6.0%8.0%19982003200420052006200720081.245%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
1.2452.15
1.8003.07
4.5742.39
4.8002.97
4.6662.27
4.8982.14
4.9952.31
4.5952.03
4.4582.42
4.2042.31
3.8212.38
3.4702.01
2.8422.02
3.1992.08
2.3302.27
2.6252.11
2.4221.32
2.0091.96
5.639–
5.420–
5.768–
6.047–
6.449–
6.005–
5.889–
6.124–
6.400–
5.046–
5.550–
6.019–
6.200–
7.340–
7.420–
6.620–
6.550–
4.830–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.152.318 of 124 of 12
High yield1.2454.51612 of 120 of 12
Indirect bidders' share35.336.11 of 10 of 1
Direct bidders' share0.31.31 of 10 of 1
Primary dealers' share64.562.70 of 11 of 1
High minus median, basis points9.61.90 of 1212 of 12

The table scrolls sideways; the first column stays in place.

  • High minus median, basis points: Highest of all 84 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Primary dealers took 64.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 November 2008

Primary dealers took 64.5% of the competitive bids acceptedIndirect bidders 35.3%, Direct bidders 0.3%, Primary dealers 64.5%Indirect bidders35.3%36.1%Direct bidders0.3%1.3%Primary dealers64.5%62.7%Primary dealers took 64.5% of the competitive bids acceptedIndirect bidders 35.3%, Direct bidders 0.3%, Primary dealers 64.5%Indirect bidders35.3%36.1%Direct bidders0.3%1.3%Primary dealers64.5%62.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders35.336.1
Direct bidders0.31.3
Primary dealers64.562.7

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as3-Year, new issue
Offering amount$28,000,000,000
Bids received$61,116,951,500
Sold$28,841,516,500
Competitive bids accepted$27,943,565,000
Non-competitive bids accepted$56,487,800
Federal Reserve (SOMA) add-on$841,463,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.245
Median rate, %1.149
Low rate, %0.960
Interest rate (coupon), %1.125
Bids at the high rate filled, %64.62
Bid-to-cover ratio2.15
Indirect bidders accepted$9,851,980,000
Direct bidders accepted$71,500,000
Primary dealers accepted$18,020,085,000
Indirect bidders' share, % (ours)35.3
Direct bidders' share, % (ours)0.3
Primary dealers' share, % (ours)64.5
High minus median, basis points (ours)9.6
Treasury par yield curve, 3-year point, same day, %1.21
High yield minus that point, basis points (ours)3.5

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 (3-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 this number cannot tell you

  • 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 longer windows

Each measure against earlier 3-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.15Since 10 November 20081 of 10 of 13.07
Bid-to-cover ratio2.15All 17 since 6 May 20039 of 178 of 172.27
High yield1.245Last 24 auctions24 of 240 of 244.584
High yield1.245Since 10 November 20081 of 10 of 11.800
High yield1.245All 84 since 5 May 198184 of 840 of 846.545
Indirect bidders' share35.3All 1 since 10 November 20081 of 10 of 136.1
Direct bidders' share0.3All 1 since 10 November 20081 of 10 of 11.3
Primary dealers' share64.5All 1 since 10 November 20080 of 11 of 162.7
High minus median, basis points9.6Last 24 auctions0 of 2424 of 241.8
High minus median, basis points9.6Since 10 November 20080 of 11 of 15.7
High minus median, basis points9.6All 84 since 5 May 19810 of 8484 of 841.0

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 10 December 2008. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2008/R_20081210_2.pdf. Compiled by 500metrics, "3-year note auction of 10 December 2008 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2008-12-10.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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