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

The 3-year note sold $32.858 billion at a high yield of 0.575% on , with a bid-to-cover ratio of 3.26.

Coupon
0.500%
Announced
Issued
Matures

High yield

0.575%

Median yield 0.548%

Bid-to-cover

3.26

▲ +0.31 since 12 Oct

Sold

$32.86 billion

$32 billion offered

Indirect bidders

35.0%

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 9 August 2004 to 8 November 2010; the latest at 0.575%.0.0%2.0%4.0%6.0%200520062007200820092010This auction, 0.575%High yield at the last 36 3-year note auctions36 auctions from 9 August 2004 to 8 November 2010; the latest at 0.575%.0.5%1.0%1.5%2.0%200920100.575%

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
0.5753.26
0.5692.95
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.263.163 of 129 of 12
High yield0.5751.30011 of 121 of 12
Indirect bidders' share35.048.711 of 121 of 12
Direct bidders' share13.911.85 of 127 of 12
Primary dealers' share51.138.21 of 1211 of 12
High minus median, basis points2.73.712 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 (24 auctions in between).

Who bought the 3-year note?

Primary dealers took 51.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 12 October 2010

Primary dealers took 51.1% of the competitive bids acceptedIndirect bidders 35.0%, Direct bidders 13.9%, Primary dealers 51.1%Indirect bidders35.0%29.0%Direct bidders13.9%11.9%Primary dealers51.1%59.1%Primary dealers took 51.1% of the competitive bids acceptedIndirect bidders 35.0%, Direct bidders 13.9%, Primary dealers 51.1%Indirect bidders35.0%29.0%Direct bidders13.9%11.9%Primary dealers51.1%59.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders35.029.0
Direct bidders13.911.9
Primary dealers51.159.1

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$32,000,000,000
Bids received$105,183,941,800
Sold$32,858,259,800
Competitive bids accepted$31,950,518,000
Non-competitive bids accepted$49,680,400
Federal Reserve (SOMA) add-on$858,061,400
Foreign and international (FIMA) non-competitive$0
High yield, %0.575
Median rate, %0.548
Low rate, %0.470
Interest rate (coupon), %0.500
Bids at the high rate filled, %40.86
Bid-to-cover ratio3.26
Indirect bidders accepted$11,186,490,000
Direct bidders accepted$4,443,128,000
Primary dealers accepted$16,320,900,000
Indirect bidders' share, % (ours)35.0
Direct bidders' share, % (ours)13.9
Primary dealers' share, % (ours)51.1
High minus median, basis points (ours)2.7
Treasury par yield curve, 3-year point, same day, %0.59
High yield minus that point, basis points (ours)-1.5

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 ratio3.26Last 24 auctions3 of 2421 of 242.96
Bid-to-cover ratio3.26Since 10 November 20083 of 2421 of 242.96
Bid-to-cover ratio3.26All 40 since 6 May 20033 of 4037 of 402.64
High yield0.575Last 24 auctions23 of 241 of 241.416
High yield0.575Since 10 November 200823 of 241 of 241.416
High yield0.575All 107 since 5 May 1981106 of 1071 of 1075.889
Indirect bidders' share35.0All 24 since 10 November 200822 of 242 of 2444.3
Direct bidders' share13.9All 24 since 10 November 20086 of 2418 of 248.8
Primary dealers' share51.1All 24 since 10 November 20088 of 2416 of 2441.5
High minus median, basis points2.7Last 24 auctions24 of 240 of 245.4
High minus median, basis points2.7Since 10 November 200824 of 240 of 245.4
High minus median, basis points2.7All 107 since 5 May 198141 of 10765 of 1071.7

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 November 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20101108_3.pdf. Compiled by 500metrics, "3-year note auction of 8 November 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-11-08.

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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