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3-year note auction of 5 May 2009 (new issue)

The 3-year note sold $41.191 billion at a high yield of 1.473% on , with a bid-to-cover ratio of 2.66.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.473%

Median yield 1.420%

Bid-to-cover

2.66

▲ +0.24 since 8 Apr

Sold

$41.19 billion

$35 billion offered

Indirect bidders

37.3%

Of competitive bids accepted

High yield at the last 36 3-year note auctions

High yield at each 3-year note auction, %

High yield at the last 36 3-year note auctions36 auctions from 9 May 1995 to 5 May 2009; the latest at 1.473%.0.0%2.0%4.0%6.0%8.0%19951996199719982003200420052006200720082009This auction, 1.473%High yield at the last 36 3-year note auctions36 auctions from 9 May 1995 to 5 May 2009; the latest at 1.473%.0.0%2.0%4.0%6.0%20032004200520062007200820091.473%

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
1.4732.66
1.3852.42
1.4892.26
1.4192.67
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–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.293 of 129 of 12
High yield1.4733.1878 of 124 of 12
Indirect bidders' share37.337.33 of 63 of 6
Direct bidders' share6.11.20 of 66 of 6
Primary dealers' share56.660.65 of 61 of 6
High minus median, basis points5.33.65 of 127 of 12

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

Who bought the 3-year note?

Primary dealers took 56.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 April 2009

Primary dealers took 56.6% of the competitive bids acceptedIndirect bidders 37.3%, Direct bidders 6.1%, Primary dealers 56.6%Indirect bidders37.3%38.5%Direct bidders6.1%3.0%Primary dealers56.6%58.5%Primary dealers took 56.6% of the competitive bids acceptedIndirect bidders 37.3%, Direct bidders 6.1%, Primary dealers 56.6%Indirect bidders37.3%38.5%Direct bidders6.1%3.0%Primary dealers56.6%58.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders37.338.5
Direct bidders6.13.0
Primary dealers56.658.5

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$35,000,000,000
Bids received$99,236,119,200
Sold$41,191,369,200
Competitive bids accepted$34,795,260,000
Non-competitive bids accepted$204,770,300
Federal Reserve (SOMA) add-on$6,191,338,900
Foreign and international (FIMA) non-competitive$0
High yield, %1.473
Median rate, %1.420
Low rate, %1.260
Interest rate (coupon), %1.375
Bids at the high rate filled, %43.00
Bid-to-cover ratio2.66
Indirect bidders accepted$12,968,510,000
Direct bidders accepted$2,118,000,000
Primary dealers accepted$19,708,750,000
Indirect bidders' share, % (ours)37.3
Direct bidders' share, % (ours)6.1
Primary dealers' share, % (ours)56.6
High minus median, basis points (ours)5.3
Treasury par yield curve, 3-year point, same day, %1.46
High yield minus that point, basis points (ours)1.3

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 ratio2.66Since 10 November 20082 of 64 of 62.34
Bid-to-cover ratio2.66All 22 since 6 May 20033 of 2219 of 222.26
High yield1.473Last 24 auctions20 of 244 of 243.334
High yield1.473Since 10 November 20082 of 64 of 61.402
High yield1.473All 89 since 5 May 198185 of 894 of 896.420
Indirect bidders' share37.3All 6 since 10 November 20083 of 63 of 637.3
Direct bidders' share6.1All 6 since 10 November 20080 of 66 of 61.2
Primary dealers' share56.6All 6 since 10 November 20085 of 61 of 660.6
High minus median, basis points5.3Last 24 auctions6 of 2418 of 242.8
High minus median, basis points5.3Since 10 November 20085 of 61 of 66.4
High minus median, basis points5.3All 89 since 5 May 19816 of 8983 of 891.0

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 5 May 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090505_3.pdf. Compiled by 500metrics, "3-year note auction of 5 May 2009 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2009-05-05.

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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