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

The 3-year note sold $32 billion at a high yield of 1.298% on , with a bid-to-cover ratio of 3.22.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.298%

Median yield 1.267%

Bid-to-cover

3.22

▲ +0.21 since 8 Feb

Sold

$32.00 billion

$32 billion offered

Indirect bidders

34.4%

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 November 2005 to 8 March 2011; the latest at 1.298%.0.0%2.0%4.0%6.0%200620072008200920102011This auction, 1.298%High yield at the last 36 3-year note auctions36 auctions from 8 November 2005 to 8 March 2011; the latest at 1.298%.0.5%1.0%1.5%2.0%2009201020111.298%

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
1.2983.22
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.223.164 of 128 of 12
High yield1.2981.0414 of 128 of 12
Indirect bidders' share34.440.610 of 122 of 12
Direct bidders' share12.314.17 of 125 of 12
Primary dealers' share53.344.82 of 1210 of 12
High minus median, basis points3.13.88 of 123 of 12

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

Who bought the 3-year note?

Primary dealers took 53.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 February 2011

Primary dealers took 53.3% of the competitive bids acceptedIndirect bidders 34.4%, Direct bidders 12.3%, Primary dealers 53.3%Indirect bidders34.4%27.6%Direct bidders12.3%10.1%Primary dealers53.3%62.3%Primary dealers took 53.3% of the competitive bids acceptedIndirect bidders 34.4%, Direct bidders 12.3%, Primary dealers 53.3%Indirect bidders34.4%27.6%Direct bidders12.3%10.1%Primary dealers53.3%62.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders34.427.6
Direct bidders12.310.1
Primary dealers53.362.3

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$103,014,147,100
Sold$32,000,009,100
Competitive bids accepted$31,889,962,000
Non-competitive bids accepted$60,047,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.298
Median rate, %1.267
Low rate, %1.197
Interest rate (coupon), %1.250
Bids at the high rate filled, %31.72
Bid-to-cover ratio3.22
Indirect bidders accepted$10,958,890,000
Direct bidders accepted$3,933,720,000
Primary dealers accepted$16,997,352,000
Indirect bidders' share, % (ours)34.4
Direct bidders' share, % (ours)12.3
Primary dealers' share, % (ours)53.3
High minus median, basis points (ours)3.1
Treasury par yield curve, 3-year point, same day, %1.27
High yield minus that point, basis points (ours)2.8

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 ratio3.22Last 24 auctions5 of 2419 of 243.00
Bid-to-cover ratio3.22Since 10 November 20085 of 2823 of 282.98
Bid-to-cover ratio3.22All 44 since 6 May 20035 of 4439 of 442.72
High yield1.298Last 24 auctions15 of 249 of 241.394
High yield1.298Since 10 November 200817 of 2811 of 281.394
High yield1.298All 111 since 5 May 1981100 of 11111 of 1115.639
Indirect bidders' share34.4Last 24 auctions22 of 242 of 2443.1
Indirect bidders' share34.4All 28 since 10 November 200825 of 283 of 2841.5
Direct bidders' share12.3Last 24 auctions9 of 2415 of 2410.8
Direct bidders' share12.3All 28 since 10 November 20089 of 2819 of 2810.2
Primary dealers' share53.3Last 24 auctions5 of 2419 of 2441.5
Primary dealers' share53.3All 28 since 10 November 20089 of 2819 of 2844.1
High minus median, basis points3.1Last 24 auctions20 of 243 of 244.4
High minus median, basis points3.1Since 10 November 200824 of 283 of 285.0
High minus median, basis points3.1All 111 since 5 May 198132 of 11177 of 1111.8

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 March 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110308_3.pdf. Compiled by 500metrics, "3-year note auction of 8 March 2011 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2011-03-08.

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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