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3-year note auction of 11 August 2009 (new issue)

The 3-year note sold $42.715 billion at a high yield of 1.780% on , with a bid-to-cover ratio of 2.89.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.780%

Median yield 1.727%

Bid-to-cover

2.89

▲ +0.27 since 7 Jul

Sold

$42.71 billion

$37 billion offered

Indirect bidders

62.5%

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 6 February 1996 to 11 August 2009; the latest at 1.780%.0.0%2.0%4.0%6.0%8.0%1996199719982003200420052006200720082009This auction, 1.780%High yield at the last 36 3-year note auctions36 auctions from 6 February 1996 to 11 August 2009; the latest at 1.780%.1.0%2.0%3.0%4.0%5.0%2004200520062007200820091.780%

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
1.7802.89
1.5192.62
1.9602.82
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–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.892.522 of 1210 of 12
High yield1.7801.5045 of 127 of 12
Indirect bidders' share62.538.50 of 99 of 9
Direct bidders' share2.01.84 of 95 of 9
Primary dealers' share35.557.99 of 90 of 9
High minus median, basis points5.35.67 of 124 of 12

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

Who bought the 3-year note?

Indirect bidders took 62.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 July 2009

Indirect bidders took 62.5% of the competitive bids acceptedIndirect bidders 62.5%, Direct bidders 2.0%, Primary dealers 35.5%Indirect bidders62.5%54.0%Direct bidders2.0%7.5%Primary dealers35.5%38.5%Indirect bidders took 62.5% of the competitive bids acceptedIndirect bidders 62.5%, Direct bidders 2.0%, Primary dealers 35.5%Indirect bidders62.5%54.0%Direct bidders2.0%7.5%Primary dealers35.5%38.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.554.0
Direct bidders2.07.5
Primary dealers35.538.5

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$37,000,000,000
Bids received$112,706,456,100
Sold$42,714,666,100
Competitive bids accepted$36,745,210,000
Non-competitive bids accepted$204,836,100
Federal Reserve (SOMA) add-on$5,714,620,000
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.780
Median rate, %1.727
Low rate, %1.600
Interest rate (coupon), %1.750
Bids at the high rate filled, %13.08
Bid-to-cover ratio2.89
Indirect bidders accepted$22,956,300,000
Direct bidders accepted$750,270,000
Primary dealers accepted$13,038,640,000
Indirect bidders' share, % (ours)62.5
Direct bidders' share, % (ours)2.0
Primary dealers' share, % (ours)35.5
High minus median, basis points (ours)5.3
Treasury par yield curve, 3-year point, same day, %1.78
High yield minus that point, basis points (ours)0.0

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 ratio2.89Last 24 auctions2 of 2422 of 242.29
Bid-to-cover ratio2.89Since 10 November 20081 of 98 of 92.62
Bid-to-cover ratio2.89All 25 since 6 May 20032 of 2523 of 252.27
High yield1.780Last 24 auctions17 of 247 of 242.734
High yield1.780Since 10 November 20082 of 97 of 91.473
High yield1.780All 92 since 5 May 198185 of 927 of 926.300
Indirect bidders' share62.5All 9 since 10 November 20080 of 99 of 938.5
Direct bidders' share2.0All 9 since 10 November 20084 of 95 of 91.8
Primary dealers' share35.5All 9 since 10 November 20089 of 90 of 957.9
High minus median, basis points5.3Last 24 auctions8 of 2415 of 243.6
High minus median, basis points5.3Since 10 November 20087 of 91 of 95.7
High minus median, basis points5.3All 92 since 5 May 19818 of 9283 of 921.0

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 11 August 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090811_2.pdf. Compiled by 500metrics, "3-year note auction of 11 August 2009 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2009-08-11.

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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