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3-year note auction of 8 June 2010 (new issue)

The 3-year note sold $36.208 billion at a high yield of 1.220% on , with a bid-to-cover ratio of 3.23.

Coupon
1.125%
Announced
Issued
Matures

High yield

1.220%

Median yield 1.189%

Bid-to-cover

3.23

▼ −0.04 since 11 May

Sold

$36.21 billion

$36 billion offered

Indirect bidders

46.7%

Of competitive bids accepted

The high yield was the lowest for a 3-year note since 7 January 2009

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note since 7 January 200936 auctions from 6 May 2003 to 8 June 2010; the latest at 1.220%.1.0%2.0%3.0%4.0%5.0%20032004200520062007200820092010This auction, 1.220%The high yield was the lowest for a 3-year note since 7 January 200936 auctions from 6 May 2003 to 8 June 2010; the latest at 1.220%.1.0%2.0%3.0%4.0%5.0%20072008200920101.220%

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
1.2203.23
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.232.982 of 1210 of 12
High yield1.2201.46612 of 120 of 12
Indirect bidders' share46.752.010 of 122 of 12
Direct bidders' share16.310.22 of 1210 of 12
Primary dealers' share37.038.28 of 124 of 12
High minus median, basis points3.15.612 of 120 of 12

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

  • High minus median, basis points: Lowest for a 3-year note since 7 May 2007 (19 auctions in between).

Who bought the 3-year note?

Indirect bidders took 46.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 May 2010

Indirect bidders took 46.7% of the competitive bids acceptedIndirect bidders 46.7%, Direct bidders 16.3%, Primary dealers 37.0%Indirect bidders46.7%50.7%Direct bidders16.3%16.5%Primary dealers37.0%32.7%Indirect bidders took 46.7% of the competitive bids acceptedIndirect bidders 46.7%, Direct bidders 16.3%, Primary dealers 37.0%Indirect bidders46.7%50.7%Direct bidders16.3%16.5%Primary dealers37.0%32.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.750.7
Direct bidders16.316.5
Primary dealers37.032.7

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$36,000,000,000
Bids received$116,508,383,000
Sold$36,207,773,000
Competitive bids accepted$35,923,890,000
Non-competitive bids accepted$76,111,500
Federal Reserve (SOMA) add-on$207,771,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.220
Median rate, %1.189
Low rate, %1.098
Interest rate (coupon), %1.125
Bids at the high rate filled, %58.71
Bid-to-cover ratio3.23
Indirect bidders accepted$16,780,662,500
Direct bidders accepted$5,856,387,500
Primary dealers accepted$13,286,840,000
Indirect bidders' share, % (ours)46.7
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)37.0
High minus median, basis points (ours)3.1
Treasury par yield curve, 3-year point, same day, %1.21
High yield minus that point, basis points (ours)1.0

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 ratio3.23Last 24 auctions2 of 2422 of 242.79
Bid-to-cover ratio3.23Since 10 November 20082 of 1917 of 192.83
Bid-to-cover ratio3.23All 35 since 6 May 20032 of 3533 of 352.42
High yield1.220Last 24 auctions23 of 241 of 241.488
High yield1.220Since 10 November 200818 of 191 of 191.445
High yield1.220All 102 since 5 May 1981101 of 1021 of 1026.012
Indirect bidders' share46.7All 19 since 10 November 200810 of 199 of 1949.1
Direct bidders' share16.3All 19 since 10 November 20082 of 1917 of 196.1
Primary dealers' share37.0All 19 since 10 November 200815 of 194 of 1940.0
High minus median, basis points3.1Last 24 auctions19 of 245 of 245.4
High minus median, basis points3.1Since 10 November 200819 of 190 of 195.6
High minus median, basis points3.1All 102 since 5 May 198127 of 10274 of 1021.1

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 8 June 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100608_3.pdf. Compiled by 500metrics, "3-year note auction of 8 June 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-06-08.

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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