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3-year note auction of 6 October 2009 (new issue)

The 3-year note sold $39.305 billion at a high yield of 1.445% on , with a bid-to-cover ratio of 2.76.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.445%

Median yield 1.387%

Bid-to-cover

2.76

▼ −0.26 since 8 Sep

Sold

$39.31 billion

$39 billion offered

Indirect bidders

49.1%

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 August 1996 to 6 October 2009; the latest at 1.445%.0.0%2.0%4.0%6.0%8.0%199719982003200420052006200720082009This auction, 1.445%High yield at the last 36 3-year note auctions36 auctions from 6 August 1996 to 6 October 2009; the latest at 1.445%.1.0%2.0%3.0%4.0%5.0%200520062007200820091.445%

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
1.4452.76
1.4873.02
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–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.762.644 of 128 of 12
High yield1.4451.4888 of 124 of 12
Indirect bidders' share49.140.33 of 118 of 11
Direct bidders' share10.92.01 of 1110 of 11
Primary dealers' share40.056.69 of 112 of 11
High minus median, basis points5.85.64 of 128 of 12

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

Who bought the 3-year note?

Indirect bidders took 49.1% of the competitive bids accepted

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

Indirect bidders took 49.1% of the competitive bids acceptedIndirect bidders 49.1%, Direct bidders 10.9%, Primary dealers 40.0%Indirect bidders49.1%54.2%Direct bidders10.9%3.3%Primary dealers40.0%42.5%Indirect bidders took 49.1% of the competitive bids acceptedIndirect bidders 49.1%, Direct bidders 10.9%, Primary dealers 40.0%Indirect bidders49.1%54.2%Direct bidders10.9%3.3%Primary dealers40.0%42.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders49.154.2
Direct bidders10.93.3
Primary dealers40.042.5

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$39,000,000,000
Bids received$107,930,245,000
Sold$39,305,007,000
Competitive bids accepted$38,828,362,000
Non-competitive bids accepted$71,644,800
Federal Reserve (SOMA) add-on$305,000,200
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.445
Median rate, %1.387
Low rate, %1.320
Interest rate (coupon), %1.375
Bids at the high rate filled, %61.96
Bid-to-cover ratio2.76
Indirect bidders accepted$19,048,206,000
Direct bidders accepted$4,242,196,000
Primary dealers accepted$15,537,960,000
Indirect bidders' share, % (ours)49.1
Direct bidders' share, % (ours)10.9
Primary dealers' share, % (ours)40.0
High minus median, basis points (ours)5.8
Treasury par yield curve, 3-year point, same day, %1.43
High yield minus that point, basis points (ours)1.5

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 ratio2.76Last 24 auctions5 of 2419 of 242.34
Bid-to-cover ratio2.76Since 10 November 20084 of 117 of 112.66
Bid-to-cover ratio2.76All 27 since 6 May 20035 of 2722 of 272.31
High yield1.445Last 24 auctions20 of 244 of 242.586
High yield1.445Since 10 November 20087 of 114 of 111.487
High yield1.445All 94 since 5 May 198190 of 944 of 946.162
Indirect bidders' share49.1All 11 since 10 November 20083 of 118 of 1140.3
Direct bidders' share10.9All 11 since 10 November 20081 of 1110 of 112.0
Primary dealers' share40.0All 11 since 10 November 20089 of 112 of 1156.6
High minus median, basis points5.8Last 24 auctions4 of 2420 of 243.8
High minus median, basis points5.8Since 10 November 20084 of 117 of 115.7
High minus median, basis points5.8All 94 since 5 May 19815 of 9489 of 941.0

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 6 October 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091006_2.pdf. Compiled by 500metrics, "3-year note auction of 6 October 2009 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2009-10-06.

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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