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3-year note auction of 7 September 2010 (new issue)

The 3-year note sold $33.357 billion at a high yield of 0.790% on , with a bid-to-cover ratio of 3.21.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.790%

Median yield 0.746%

Bid-to-cover

3.21

▼ −0.10 since 10 Aug

Sold

$33.36 billion

$33 billion offered

Indirect bidders

42.4%

Of competitive bids accepted

The high yield was the lowest for a 3-year note of all 105 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 105 earlier auctions we hold36 auctions from 10 February 2004 to 7 September 2010; the latest at 0.790%.0.0%2.0%4.0%6.0%2004200520062007200820092010This auction, 0.790%The high yield was the lowest for a 3-year note of all 105 earlier auctions we hold36 auctions from 10 February 2004 to 7 September 2010; the latest at 0.790%.0.0%1.0%2.0%3.0%4.0%5.0%2008200920100.790%

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
0.7903.21
0.8443.31
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.213.124 of 128 of 12
High yield0.7901.40912 of 120 of 12
Indirect bidders' share42.451.09 of 123 of 12
Direct bidders' share11.710.85 of 127 of 12
Primary dealers' share45.938.20 of 1212 of 12
High minus median, basis points4.44.15 of 126 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 (15 auctions in between).

Who bought the 3-year note?

Primary dealers took 45.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 August 2010

Primary dealers took 45.9% of the competitive bids acceptedIndirect bidders 42.4%, Direct bidders 11.7%, Primary dealers 45.9%Indirect bidders42.4%40.5%Direct bidders11.7%15.8%Primary dealers45.9%43.7%Primary dealers took 45.9% of the competitive bids acceptedIndirect bidders 42.4%, Direct bidders 11.7%, Primary dealers 45.9%Indirect bidders42.4%40.5%Direct bidders11.7%15.8%Primary dealers45.9%43.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders42.440.5
Direct bidders11.715.8
Primary dealers45.943.7

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$33,000,000,000
Bids received$106,399,362,100
Sold$33,357,124,900
Competitive bids accepted$32,961,212,800
Non-competitive bids accepted$38,912,000
Federal Reserve (SOMA) add-on$357,000,100
Foreign and international (FIMA) non-competitive$0
High yield, %0.790
Median rate, %0.746
Low rate, %0.691
Interest rate (coupon), %0.750
Bids at the high rate filled, %25.34
Bid-to-cover ratio3.21
Indirect bidders accepted$13,961,620,000
Direct bidders accepted$3,860,487,800
Primary dealers accepted$15,139,105,000
Indirect bidders' share, % (ours)42.4
Direct bidders' share, % (ours)11.7
Primary dealers' share, % (ours)45.9
High minus median, basis points (ours)4.4
Treasury par yield curve, 3-year point, same day, %0.77
High yield minus that point, basis points (ours)2.0

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 ratio3.21Last 24 auctions4 of 2420 of 242.93
Bid-to-cover ratio3.21Since 10 November 20084 of 2218 of 222.94
Bid-to-cover ratio3.21All 38 since 6 May 20034 of 3834 of 382.52
High yield0.790Last 24 auctions24 of 240 of 241.441
High yield0.790Since 10 November 200822 of 220 of 221.428
High yield0.790All 105 since 5 May 1981105 of 1050 of 1055.970
Indirect bidders' share42.4All 22 since 10 November 200813 of 229 of 2245.7
Direct bidders' share11.7All 22 since 10 November 20086 of 2216 of 227.5
Primary dealers' share45.9All 22 since 10 November 20087 of 2215 of 2240.2
High minus median, basis points4.4Last 24 auctions15 of 248 of 245.4
High minus median, basis points4.4Since 10 November 200815 of 226 of 225.6
High minus median, basis points4.4All 105 since 5 May 198118 of 10586 of 1051.2

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 7 September 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100907_3.pdf. Compiled by 500metrics, "3-year note auction of 7 September 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-09-07.

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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