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3-year note auction of 10 May 2011 (new issue)

The 3-year note sold $32 billion at a high yield of 1.000% on , with a bid-to-cover ratio of 3.29.

Coupon
1.000%
Announced
Issued
Matures

High yield

1.000%

Median yield 0.968%

Bid-to-cover

3.29

▲ +0.04 since 12 Apr

Sold

$32.00 billion

$32 billion offered

Indirect bidders

32.7%

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 9 May 2006 to 10 May 2011; the latest at 1.000%.0.0%2.0%4.0%6.0%200620072008200920102011This auction, 1.000%High yield at the last 36 3-year note auctions36 auctions from 9 May 2006 to 10 May 2011; the latest at 1.000%.0.5%1.0%1.5%2.0%2009201020111.000%

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
1.0003.29
1.2803.25
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.293.221 of 1211 of 12
High yield1.0001.0417 of 125 of 12
Indirect bidders' share32.738.010 of 122 of 12
Direct bidders' share15.314.15 of 127 of 12
Primary dealers' share51.945.74 of 128 of 12
High minus median, basis points3.23.46 of 126 of 12

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

Who bought the 3-year note?

Primary dealers took 51.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 12 April 2011

Primary dealers took 51.9% of the competitive bids acceptedIndirect bidders 32.7%, Direct bidders 15.3%, Primary dealers 51.9%Indirect bidders32.7%33.7%Direct bidders15.3%8.9%Primary dealers51.9%57.4%Primary dealers took 51.9% of the competitive bids acceptedIndirect bidders 32.7%, Direct bidders 15.3%, Primary dealers 51.9%Indirect bidders32.7%33.7%Direct bidders15.3%8.9%Primary dealers51.9%57.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders32.733.7
Direct bidders15.38.9
Primary dealers51.957.4

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$105,257,874,700
Sold$32,000,041,500
Competitive bids accepted$31,974,166,800
Non-competitive bids accepted$25,874,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.000
Median rate, %0.968
Low rate, %0.882
Interest rate (coupon), %1.000
Bids at the high rate filled, %20.92
Bid-to-cover ratio3.29
Indirect bidders accepted$10,463,520,000
Direct bidders accepted$4,907,928,800
Primary dealers accepted$16,602,718,000
Indirect bidders' share, % (ours)32.7
Direct bidders' share, % (ours)15.3
Primary dealers' share, % (ours)51.9
High minus median, basis points (ours)3.2
Treasury par yield curve, 3-year point, same day, %1.03
High yield minus that point, basis points (ours)-3.0

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 ratio3.29Last 24 auctions2 of 2422 of 243.04
Bid-to-cover ratio3.29Since 10 November 20082 of 3028 of 303.00
Bid-to-cover ratio3.29All 46 since 6 May 20032 of 4644 of 462.79
High yield1.000Last 24 auctions19 of 245 of 241.363
High yield1.000Since 10 November 200825 of 305 of 301.381
High yield1.000All 113 since 5 May 1981108 of 1135 of 1135.550
Indirect bidders' share32.7Last 24 auctions22 of 242 of 2443.1
Indirect bidders' share32.7All 30 since 10 November 200827 of 303 of 3040.6
Direct bidders' share15.3Last 24 auctions7 of 2417 of 2411.3
Direct bidders' share15.3All 30 since 10 November 20087 of 3023 of 3010.2
Primary dealers' share51.9Last 24 auctions5 of 2419 of 2441.5
Primary dealers' share51.9All 30 since 10 November 200811 of 3019 of 3044.8
High minus median, basis points3.2Last 24 auctions18 of 246 of 244.4
High minus median, basis points3.2Since 10 November 200824 of 306 of 304.5
High minus median, basis points3.2All 113 since 5 May 198132 of 11381 of 1132.0

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 10 May 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110510_2.pdf. Compiled by 500metrics, "3-year note auction of 10 May 2011 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2011-05-10.

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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