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3-year note auction of 12 July 2010 (new issue)

The 3-year note sold $35.01 billion at a high yield of 1.055% on , with a bid-to-cover ratio of 3.20.

Coupon
1.000%
Announced
Issued
Matures

High yield

1.055%

Median yield 1.019%

Bid-to-cover

3.20

▼ −0.03 since 8 Jun

Sold

$35.01 billion

$35 billion offered

Indirect bidders

40.6%

Of competitive bids accepted

The high yield was the lowest for a 3-year note of all 103 earlier auctions we hold

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note of all 103 earlier auctions we hold36 auctions from 5 August 2003 to 12 July 2010; the latest at 1.055%.1.0%2.0%3.0%4.0%5.0%2004200520062007200820092010This auction, 1.055%The high yield was the lowest for a 3-year note of all 103 earlier auctions we hold36 auctions from 5 August 2003 to 12 July 2010; the latest at 1.055%.1.0%2.0%3.0%4.0%5.0%20072008200920101.055%

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
1.0553.20
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.203.003 of 129 of 12
High yield1.0551.44112 of 120 of 12
Indirect bidders' share40.652.011 of 121 of 12
Direct bidders' share14.310.23 of 129 of 12
Primary dealers' share45.137.40 of 1212 of 12
High minus median, basis points3.65.49 of 123 of 12

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

  • Primary dealers' share: Highest for a 3-year note since 5 May 2009 (13 auctions in between).

Who bought the 3-year note?

Primary dealers took 45.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 June 2010

Primary dealers took 45.1% of the competitive bids acceptedIndirect bidders 40.6%, Direct bidders 14.3%, Primary dealers 45.1%Indirect bidders40.6%46.7%Direct bidders14.3%16.3%Primary dealers45.1%37.0%Primary dealers took 45.1% of the competitive bids acceptedIndirect bidders 40.6%, Direct bidders 14.3%, Primary dealers 45.1%Indirect bidders40.6%46.7%Direct bidders14.3%16.3%Primary dealers45.1%37.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.646.7
Direct bidders14.316.3
Primary dealers45.137.0

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$35,000,000,000
Bids received$111,840,210,100
Sold$35,009,987,100
Competitive bids accepted$34,940,227,000
Non-competitive bids accepted$59,821,700
Federal Reserve (SOMA) add-on$9,938,400
Foreign and international (FIMA) non-competitive$0
High yield, %1.055
Median rate, %1.019
Low rate, %0.947
Interest rate (coupon), %1.000
Bids at the high rate filled, %72.43
Bid-to-cover ratio3.20
Indirect bidders accepted$14,195,529,500
Direct bidders accepted$4,984,150,000
Primary dealers accepted$15,760,547,500
Indirect bidders' share, % (ours)40.6
Direct bidders' share, % (ours)14.3
Primary dealers' share, % (ours)45.1
High minus median, basis points (ours)3.6
Treasury par yield curve, 3-year point, same day, %1.06
High yield minus that point, basis points (ours)-0.5

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 ratio3.20Last 24 auctions3 of 2421 of 242.82
Bid-to-cover ratio3.20Since 10 November 20083 of 2017 of 202.86
Bid-to-cover ratio3.20All 36 since 6 May 20033 of 3633 of 362.42
High yield1.055Last 24 auctions24 of 240 of 241.480
High yield1.055Since 10 November 200820 of 200 of 201.441
High yield1.055All 103 since 5 May 1981103 of 1030 of 1036.005
Indirect bidders' share40.6All 20 since 10 November 200813 of 207 of 2047.9
Direct bidders' share14.3All 20 since 10 November 20084 of 2016 of 206.8
Primary dealers' share45.1All 20 since 10 November 20087 of 2013 of 2039.4
High minus median, basis points3.6Last 24 auctions17 of 247 of 245.4
High minus median, basis points3.6Since 10 November 200817 of 203 of 205.6
High minus median, basis points3.6All 103 since 5 May 198124 of 10379 of 1031.1

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 12 July 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100712_3.pdf. Compiled by 500metrics, "3-year note auction of 12 July 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-07-12.

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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