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3-year note auction of 8 February 2011 (new issue)

The 3-year note sold $32.734 billion at a high yield of 1.349% on , with a bid-to-cover ratio of 3.01.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.349%

Median yield 1.308%

Bid-to-cover

3.01

▼ −0.05 since 11 Jan

Sold

$32.73 billion

$32 billion offered

Indirect bidders

27.6%

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 August 2005 to 8 February 2011; the latest at 1.349%.0.0%2.0%4.0%6.0%200620072008200920102011This auction, 1.349%High yield at the last 36 3-year note auctions36 auctions from 8 August 2005 to 8 February 2011; the latest at 1.349%.0.5%1.0%1.5%2.0%2009201020111.349%

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
1.3493.01
1.0273.06
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.013.169 of 123 of 12
High yield1.3491.0414 of 128 of 12
Indirect bidders' share27.641.512 of 120 of 12
Direct bidders' share10.114.111 of 121 of 12
Primary dealers' share62.344.10 of 1212 of 12
High minus median, basis points4.14.06 of 126 of 12

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

  • Indirect bidders' share: Lowest of all 27 earlier 3-year note auctions we hold.
  • Primary dealers' share: Highest for a 3-year note since 7 January 2009 (24 auctions in between).

Who bought the 3-year note?

Primary dealers took 62.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 January 2011

Primary dealers took 62.3% of the competitive bids acceptedIndirect bidders 27.6%, Direct bidders 10.1%, Primary dealers 62.3%Indirect bidders27.6%39.4%Direct bidders10.1%16.2%Primary dealers62.3%44.5%Primary dealers took 62.3% of the competitive bids acceptedIndirect bidders 27.6%, Direct bidders 10.1%, Primary dealers 62.3%Indirect bidders27.6%39.4%Direct bidders10.1%16.2%Primary dealers62.3%44.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders27.639.4
Direct bidders10.116.2
Primary dealers62.344.5

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$97,161,987,300
Sold$32,734,227,300
Competitive bids accepted$31,928,640,000
Non-competitive bids accepted$66,360,600
Federal Reserve (SOMA) add-on$734,226,700
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %1.349
Median rate, %1.308
Low rate, %1.243
Interest rate (coupon), %1.250
Bids at the high rate filled, %23.20
Bid-to-cover ratio3.01
Indirect bidders accepted$8,808,800,000
Direct bidders accepted$3,229,000,000
Primary dealers accepted$19,890,840,000
Indirect bidders' share, % (ours)27.6
Direct bidders' share, % (ours)10.1
Primary dealers' share, % (ours)62.3
High minus median, basis points (ours)4.1
Treasury par yield curve, 3-year point, same day, %1.40
High yield minus that point, basis points (ours)-5.1

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 ratio3.01Last 24 auctions11 of 2413 of 242.98
Bid-to-cover ratio3.01Since 10 November 200812 of 2715 of 272.98
Bid-to-cover ratio3.01All 43 since 6 May 200312 of 4331 of 432.67
High yield1.349Last 24 auctions15 of 249 of 241.409
High yield1.349Since 10 November 200816 of 2711 of 271.404
High yield1.349All 110 since 5 May 198199 of 11011 of 1105.704
Indirect bidders' share27.6Last 24 auctions24 of 240 of 2444.3
Indirect bidders' share27.6All 27 since 10 November 200827 of 270 of 2742.4
Direct bidders' share10.1Last 24 auctions14 of 2410 of 2410.8
Direct bidders' share10.1All 27 since 10 November 200814 of 2713 of 2710.3
Primary dealers' share62.3Last 24 auctions0 of 2424 of 2441.5
Primary dealers' share62.3All 27 since 10 November 20083 of 2724 of 2743.7
High minus median, basis points4.1Last 24 auctions16 of 248 of 244.5
High minus median, basis points4.1Since 10 November 200819 of 278 of 275.3
High minus median, basis points4.1All 110 since 5 May 198123 of 11087 of 1101.8

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 8 February 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110208_3.pdf. Compiled by 500metrics, "3-year note auction of 8 February 2011 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2011-02-08.

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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