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3-year note auction of 7 January 2009 (new issue)

The 3-year note sold $32.484 billion at a high yield of 1.200% on , with a bid-to-cover ratio of 2.21.

Coupon
1.125%
Announced
Issued
Matures

High yield

1.200%

Median yield 1.120%

Bid-to-cover

2.21

▲ +0.06 since 10 Dec

Sold

$32.48 billion

$30 billion offered

Indirect bidders

28.0%

Of competitive bids accepted

The high yield was the lowest for a 3-year note of all 85 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 85 earlier auctions we hold36 auctions from 10 May 1994 to 7 January 2009; the latest at 1.200%.0.0%2.0%4.0%6.0%8.0%199419951996199719982003200420052006200720082009This auction, 1.200%The high yield was the lowest for a 3-year note of all 85 earlier auctions we hold36 auctions from 10 May 1994 to 7 January 2009; the latest at 1.200%.0.0%2.0%4.0%6.0%8.0%199820032004200520062007200820091.200%

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
1.2002.21
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–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.212.318 of 124 of 12
High yield1.2004.51612 of 120 of 12
Indirect bidders' share28.035.72 of 20 of 2
Direct bidders' share1.00.81 of 21 of 2
Primary dealers' share70.963.60 of 22 of 2
High minus median, basis points8.02.01 of 1211 of 12

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

Who bought the 3-year note?

Primary dealers took 70.9% of the competitive bids accepted

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

Primary dealers took 70.9% of the competitive bids acceptedIndirect bidders 28.0%, Direct bidders 1.0%, Primary dealers 70.9%Indirect bidders28.0%35.3%Direct bidders1.0%0.3%Primary dealers70.9%64.5%Primary dealers took 70.9% of the competitive bids acceptedIndirect bidders 28.0%, Direct bidders 1.0%, Primary dealers 70.9%Indirect bidders28.0%35.3%Direct bidders1.0%0.3%Primary dealers70.9%64.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders28.035.3
Direct bidders1.00.3
Primary dealers70.964.5

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$30,000,000,000
Bids received$68,763,334,400
Sold$32,483,572,400
Competitive bids accepted$29,965,038,000
Non-competitive bids accepted$35,015,500
Federal Reserve (SOMA) add-on$2,483,518,900
Foreign and international (FIMA) non-competitive$0
High yield, %1.200
Median rate, %1.120
Low rate, %1.000
Interest rate (coupon), %1.125
Bids at the high rate filled, %47.24
Bid-to-cover ratio2.21
Indirect bidders accepted$8,393,910,000
Direct bidders accepted$312,000,000
Primary dealers accepted$21,259,128,000
Indirect bidders' share, % (ours)28.0
Direct bidders' share, % (ours)1.0
Primary dealers' share, % (ours)70.9
High minus median, basis points (ours)8.0
Treasury par yield curve, 3-year point, same day, %1.15
High yield minus that point, basis points (ours)5.0

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 ratio2.21Since 10 November 20081 of 21 of 22.61
Bid-to-cover ratio2.21All 18 since 6 May 20039 of 189 of 182.21
High yield1.200Last 24 auctions24 of 240 of 244.516
High yield1.200Since 10 November 20082 of 20 of 21.522
High yield1.200All 85 since 5 May 198185 of 850 of 856.540
Indirect bidders' share28.0All 2 since 10 November 20082 of 20 of 235.7
Direct bidders' share1.0All 2 since 10 November 20081 of 21 of 20.8
Primary dealers' share70.9All 2 since 10 November 20080 of 22 of 263.6
High minus median, basis points8.0Last 24 auctions1 of 2423 of 241.9
High minus median, basis points8.0Since 10 November 20081 of 21 of 27.6
High minus median, basis points8.0All 85 since 5 May 19811 of 8584 of 851.0

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 7 January 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090107_2.pdf. Compiled by 500metrics, "3-year note auction of 7 January 2009 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2009-01-07.

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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