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

The 3-year note sold $32.465 billion at a high yield of 0.862% on , with a bid-to-cover ratio of 2.91.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.862%

Median yield 0.818%

Bid-to-cover

2.91

▼ −0.35 since 8 Nov

Sold

$32.47 billion

$32 billion offered

Indirect bidders

36.7%

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 8 February 2005 to 7 December 2010; the latest at 0.862%.0.0%2.0%4.0%6.0%200520062007200820092010This auction, 0.862%High yield at the last 36 3-year note auctions36 auctions from 8 February 2005 to 7 December 2010; the latest at 0.862%.0.5%1.0%1.5%2.0%200920100.862%

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
0.8622.91
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.913.1611 of 121 of 12
High yield0.8621.2228 of 124 of 12
Indirect bidders' share36.744.510 of 122 of 12
Direct bidders' share18.012.91 of 1211 of 12
Primary dealers' share45.438.73 of 129 of 12
High minus median, basis points4.43.73 of 127 of 12

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

Who bought the 3-year note?

Primary dealers took 45.4% of the competitive bids accepted

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

Primary dealers took 45.4% of the competitive bids acceptedIndirect bidders 36.7%, Direct bidders 18.0%, Primary dealers 45.4%Indirect bidders36.7%35.0%Direct bidders18.0%13.9%Primary dealers45.4%51.1%Primary dealers took 45.4% of the competitive bids acceptedIndirect bidders 36.7%, Direct bidders 18.0%, Primary dealers 45.4%Indirect bidders36.7%35.0%Direct bidders18.0%13.9%Primary dealers45.4%51.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.735.0
Direct bidders18.013.9
Primary dealers45.451.1

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$93,471,392,400
Sold$32,465,482,400
Competitive bids accepted$31,969,090,000
Non-competitive bids accepted$30,937,800
Federal Reserve (SOMA) add-on$465,454,600
Foreign and international (FIMA) non-competitive$0
High yield, %0.862
Median rate, %0.818
Low rate, %0.728
Interest rate (coupon), %0.750
Bids at the high rate filled, %67.03
Bid-to-cover ratio2.91
Indirect bidders accepted$11,718,000,000
Direct bidders accepted$5,746,000,000
Primary dealers accepted$14,505,090,000
Indirect bidders' share, % (ours)36.7
Direct bidders' share, % (ours)18.0
Primary dealers' share, % (ours)45.4
High minus median, basis points (ours)4.4
Treasury par yield curve, 3-year point, same day, %0.87
High yield minus that point, basis points (ours)-0.8

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 ratio2.91Last 24 auctions13 of 2411 of 242.96
Bid-to-cover ratio2.91Since 10 November 200814 of 2511 of 252.98
Bid-to-cover ratio2.91All 41 since 6 May 200315 of 4126 of 412.66
High yield0.862Last 24 auctions20 of 244 of 241.409
High yield0.862Since 10 November 200821 of 254 of 251.414
High yield0.862All 108 since 5 May 1981104 of 1084 of 1085.828
Indirect bidders' share36.7Last 24 auctions20 of 244 of 2444.3
Indirect bidders' share36.7All 25 since 10 November 200820 of 255 of 2543.8
Direct bidders' share18.0Last 24 auctions1 of 2423 of 2410.2
Direct bidders' share18.0All 25 since 10 November 20081 of 2524 of 2510.1
Primary dealers' share45.4Last 24 auctions9 of 2415 of 2441.5
Primary dealers' share45.4All 25 since 10 November 200810 of 2515 of 2542.5
High minus median, basis points4.4Last 24 auctions14 of 248 of 245.3
High minus median, basis points4.4Since 10 November 200815 of 258 of 255.3
High minus median, basis points4.4All 108 since 5 May 198118 of 10888 of 1081.8

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 December 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20101207_3.pdf. Compiled by 500metrics, "3-year note auction of 7 December 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-12-07.

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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