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3-year note auction of 9 November 2009 (new issue)

The 3-year note sold $44.974 billion at a high yield of 1.404% on , with a bid-to-cover ratio of 3.33.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.404%

Median yield 1.370%

Bid-to-cover

3.33

▲ +0.57 since 6 Oct

Sold

$44.97 billion

$40 billion offered

Indirect bidders

68.5%

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 5 November 1996 to 9 November 2009; the latest at 1.404%.0.0%2.0%4.0%6.0%8.0%199719982003200420052006200720082009This auction, 1.404%High yield at the last 36 3-year note auctions36 auctions from 5 November 1996 to 9 November 2009; the latest at 1.404%.1.0%2.0%3.0%4.0%5.0%200520062007200820091.404%

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
1.4043.33
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–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.332.660 of 1212 of 12
High yield1.4041.4809 of 123 of 12
Indirect bidders' share68.542.00 of 1212 of 12
Direct bidders' share7.52.52 of 1210 of 12
Primary dealers' share23.955.412 of 120 of 12
High minus median, basis points3.45.712 of 120 of 12

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

  • Bid-to-cover ratio: Highest of all 28 earlier 3-year note auctions we hold.
  • Indirect bidders' share: Highest of all 12 earlier 3-year note auctions we hold.
  • Primary dealers' share: Lowest of all 12 earlier 3-year note auctions we hold.
  • High minus median, basis points: Lowest for a 3-year note since 7 May 2007 (12 auctions in between).

Who bought the 3-year note?

Indirect bidders took 68.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 6 October 2009

Indirect bidders took 68.5% of the competitive bids acceptedIndirect bidders 68.5%, Direct bidders 7.5%, Primary dealers 23.9%Indirect bidders68.5%49.1%Direct bidders7.5%10.9%Primary dealers23.9%40.0%Indirect bidders took 68.5% of the competitive bids acceptedIndirect bidders 68.5%, Direct bidders 7.5%, Primary dealers 23.9%Indirect bidders68.5%49.1%Direct bidders7.5%10.9%Primary dealers23.9%40.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.549.1
Direct bidders7.510.9
Primary dealers23.940.0

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$40,000,000,000
Bids received$138,196,709,600
Sold$44,973,709,600
Competitive bids accepted$39,724,600,000
Non-competitive bids accepted$175,856,200
Federal Reserve (SOMA) add-on$4,973,253,400
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.404
Median rate, %1.370
Low rate, %1.250
Interest rate (coupon), %1.375
Bids at the high rate filled, %38.42
Bid-to-cover ratio3.33
Indirect bidders accepted$27,229,900,000
Direct bidders accepted$2,993,000,000
Primary dealers accepted$9,501,700,000
Indirect bidders' share, % (ours)68.5
Direct bidders' share, % (ours)7.5
Primary dealers' share, % (ours)23.9
High minus median, basis points (ours)3.4
Treasury par yield curve, 3-year point, same day, %1.40
High yield minus that point, basis points (ours)0.4

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 ratio3.33Last 24 auctions0 of 2424 of 242.38
Bid-to-cover ratio3.33Since 10 November 20080 of 1212 of 122.66
Bid-to-cover ratio3.33All 28 since 6 May 20030 of 2828 of 282.31
High yield1.404Last 24 auctions21 of 243 of 242.401
High yield1.404Since 10 November 20089 of 123 of 121.480
High yield1.404All 95 since 5 May 198192 of 953 of 956.124
Indirect bidders' share68.5All 12 since 10 November 20080 of 1212 of 1242.0
Direct bidders' share7.5All 12 since 10 November 20082 of 1210 of 122.5
Primary dealers' share23.9All 12 since 10 November 200812 of 120 of 1255.4
High minus median, basis points3.4Last 24 auctions13 of 2411 of 244.8
High minus median, basis points3.4Since 10 November 200812 of 120 of 125.7
High minus median, basis points3.4All 95 since 5 May 198120 of 9575 of 951.0

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 9 November 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091109_3.pdf. Compiled by 500metrics, "3-year note auction of 9 November 2009 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2009-11-09.

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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