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3-year note auction of 11 May 2010 (new issue)

The 3-year note sold $41.312 billion at a high yield of 1.414% on , with a bid-to-cover ratio of 3.27.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.414%

Median yield 1.370%

Bid-to-cover

3.27

▲ +0.17 since 6 Apr

Sold

$41.31 billion

$38 billion offered

Indirect bidders

50.7%

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 12 May 1998 to 11 May 2010; the latest at 1.414%.0.0%2.0%4.0%6.0%20032004200520062007200820092010This auction, 1.414%High yield at the last 36 3-year note auctions36 auctions from 12 May 1998 to 11 May 2010; the latest at 1.414%.1.0%2.0%3.0%4.0%5.0%20072008200920101.414%

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
1.4143.27
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–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.272.941 of 1211 of 12
High yield1.4141.4809 of 123 of 12
Indirect bidders' share50.752.08 of 124 of 12
Direct bidders' share16.58.81 of 1211 of 12
Primary dealers' share32.738.511 of 121 of 12
High minus median, basis points4.45.69 of 123 of 12

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

Who bought the 3-year note?

Indirect bidders took 50.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 6 April 2010

Indirect bidders took 50.7% of the competitive bids acceptedIndirect bidders 50.7%, Direct bidders 16.5%, Primary dealers 32.7%Indirect bidders50.7%52.2%Direct bidders16.5%10.7%Primary dealers32.7%37.0%Indirect bidders took 50.7% of the competitive bids acceptedIndirect bidders 50.7%, Direct bidders 16.5%, Primary dealers 32.7%Indirect bidders50.7%52.2%Direct bidders16.5%10.7%Primary dealers32.7%37.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders50.752.2
Direct bidders16.510.7
Primary dealers32.737.0

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$38,000,000,000
Bids received$127,428,683,500
Sold$41,311,863,500
Competitive bids accepted$37,773,880,000
Non-competitive bids accepted$226,150,000
Federal Reserve (SOMA) add-on$3,311,833,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.414
Median rate, %1.370
Low rate, %1.307
Interest rate (coupon), %1.375
Bids at the high rate filled, %22.27
Bid-to-cover ratio3.27
Indirect bidders accepted$19,166,800,000
Direct bidders accepted$6,246,000,000
Primary dealers accepted$12,361,080,000
Indirect bidders' share, % (ours)50.7
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)32.7
High minus median, basis points (ours)4.4
Treasury par yield curve, 3-year point, same day, %1.37
High yield minus that point, basis points (ours)4.4

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 ratio3.27Last 24 auctions1 of 2423 of 242.72
Bid-to-cover ratio3.27Since 10 November 20081 of 1817 of 182.82
Bid-to-cover ratio3.27All 34 since 6 May 20031 of 3433 of 342.40
High yield1.414Last 24 auctions18 of 246 of 241.490
High yield1.414Since 10 November 200812 of 186 of 181.459
High yield1.414All 101 since 5 May 198195 of 1016 of 1016.019
Indirect bidders' share50.7All 18 since 10 November 20088 of 1810 of 1846.9
Direct bidders' share16.5All 18 since 10 November 20081 of 1817 of 184.7
Primary dealers' share32.7All 18 since 10 November 200817 of 181 of 1840.2
High minus median, basis points4.4Last 24 auctions15 of 249 of 245.4
High minus median, basis points4.4Since 10 November 200815 of 183 of 185.6
High minus median, basis points4.4All 101 since 5 May 198118 of 10183 of 1011.1

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 May 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100511_2.pdf. Compiled by 500metrics, "3-year note auction of 11 May 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-05-11.

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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