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3-year note auction of 6 April 2010 (new issue)

The 3-year note sold $42.928 billion at a high yield of 1.776% on , with a bid-to-cover ratio of 3.10.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.776%

Median yield 1.720%

Bid-to-cover

3.10

▼ −0.03 since 9 Mar

Sold

$42.93 billion

$40 billion offered

Indirect bidders

52.2%

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 10 February 1998 to 6 April 2010; the latest at 1.776%.0.0%2.0%4.0%6.0%20032004200520062007200820092010This auction, 1.776%High yield at the last 36 3-year note auctions36 auctions from 10 February 1998 to 6 April 2010; the latest at 1.776%.1.0%2.0%3.0%4.0%5.0%20072008200920101.776%

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
1.7763.10
1.4373.13
1.3772.83
1.4902.98
1.2232.98
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–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.102.862 of 1210 of 12
High yield1.7761.4592 of 1210 of 12
Indirect bidders' share52.251.55 of 127 of 12
Direct bidders' share10.77.53 of 129 of 12
Primary dealers' share37.038.79 of 123 of 12
High minus median, basis points5.65.64 of 126 of 12

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

Who bought the 3-year note?

Indirect bidders took 52.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 March 2010

Indirect bidders took 52.2% of the competitive bids acceptedIndirect bidders 52.2%, Direct bidders 10.7%, Primary dealers 37.0%Indirect bidders52.2%51.8%Direct bidders10.7%10.3%Primary dealers37.0%37.8%Indirect bidders took 52.2% of the competitive bids acceptedIndirect bidders 52.2%, Direct bidders 10.7%, Primary dealers 37.0%Indirect bidders52.2%51.8%Direct bidders10.7%10.3%Primary dealers37.0%37.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders52.251.8
Direct bidders10.710.3
Primary dealers37.037.8

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$126,943,973,300
Sold$42,928,161,200
Competitive bids accepted$39,941,588,000
Non-competitive bids accepted$58,414,700
Federal Reserve (SOMA) add-on$2,928,158,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.776
Median rate, %1.720
Low rate, %1.670
Interest rate (coupon), %1.750
Bids at the high rate filled, %44.71
Bid-to-cover ratio3.10
Indirect bidders accepted$20,868,400,000
Direct bidders accepted$4,293,188,000
Primary dealers accepted$14,780,000,000
Indirect bidders' share, % (ours)52.2
Direct bidders' share, % (ours)10.7
Primary dealers' share, % (ours)37.0
High minus median, basis points (ours)5.6
Treasury par yield curve, 3-year point, same day, %1.74
High yield minus that point, basis points (ours)3.6

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 ratio3.10Last 24 auctions2 of 2422 of 242.66
Bid-to-cover ratio3.10Since 10 November 20082 of 1715 of 172.82
Bid-to-cover ratio3.10All 33 since 6 May 20032 of 3331 of 332.39
High yield1.776Last 24 auctions10 of 2414 of 241.490
High yield1.776Since 10 November 20083 of 1714 of 171.445
High yield1.776All 100 since 5 May 198186 of 10014 of 1006.024
Indirect bidders' share52.2All 17 since 10 November 20085 of 1712 of 1744.8
Direct bidders' share10.7All 17 since 10 November 20083 of 1714 of 173.3
Primary dealers' share37.0All 17 since 10 November 200814 of 173 of 1740.5
High minus median, basis points5.6Last 24 auctions8 of 2414 of 245.3
High minus median, basis points5.6Since 10 November 20088 of 177 of 175.6
High minus median, basis points5.6All 100 since 5 May 19819 of 10089 of 1001.0

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 April 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100406_3.pdf. Compiled by 500metrics, "3-year note auction of 6 April 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-04-06.

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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