500metrics

All sources checked Checked

3-year note auction of 7 February 2012 (new issue)

The 3-year note sold $35.902 billion at a high yield of 0.347% on , with a bid-to-cover ratio of 3.30.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.347%

Median yield 0.332%

Bid-to-cover

3.30

▼ −0.43 since 10 Jan

Sold

$35.90 billion

$32 billion offered

Indirect bidders

27.7%

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 10 March 2009 to 7 February 2012; the latest at 0.347%.0.0%0.5%1.0%1.5%2.0%2009201020112012This auction, 0.347%High yield at the last 36 3-year note auctions36 auctions from 10 March 2009 to 7 February 2012; the latest at 0.347%.0.0%0.5%1.0%1.5%2.0%2010201120120.347%

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
0.3473.30
0.3703.73
0.3523.62
0.3793.41
0.5443.30
0.3343.15
0.5003.29
0.6703.22
0.7653.28
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.303.283 of 128 of 12
High yield0.3470.60711 of 121 of 12
Indirect bidders' share27.735.711 of 121 of 12
Direct bidders' share8.510.39 of 123 of 12
Primary dealers' share63.853.80 of 1212 of 12
High minus median, basis points1.53.011 of 120 of 12

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

  • Primary dealers' share: Highest for a 3-year note since 7 January 2009 (36 auctions in between).

Who bought the 3-year note?

Primary dealers took 63.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 January 2012

Primary dealers took 63.8% of the competitive bids acceptedIndirect bidders 27.7%, Direct bidders 8.5%, Primary dealers 63.8%Indirect bidders27.7%38.5%Direct bidders8.5%5.3%Primary dealers63.8%56.1%Primary dealers took 63.8% of the competitive bids acceptedIndirect bidders 27.7%, Direct bidders 8.5%, Primary dealers 63.8%Indirect bidders27.7%38.5%Direct bidders8.5%5.3%Primary dealers63.8%56.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders27.738.5
Direct bidders8.55.3
Primary dealers63.856.1

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$109,580,388,200
Sold$35,901,818,200
Competitive bids accepted$31,962,430,000
Non-competitive bids accepted$37,618,300
Federal Reserve (SOMA) add-on$3,901,769,900
Foreign and international (FIMA) non-competitive$0
High yield, %0.347
Median rate, %0.332
Low rate, %0.250
Interest rate (coupon), %0.250
Bids at the high rate filled, %12.68
Bid-to-cover ratio3.30
Indirect bidders accepted$8,857,000,000
Direct bidders accepted$2,718,170,000
Primary dealers accepted$20,387,260,000
Indirect bidders' share, % (ours)27.7
Direct bidders' share, % (ours)8.5
Primary dealers' share, % (ours)63.8
High minus median, basis points (ours)1.5
Treasury par yield curve, 3-year point, same day, %0.35
High yield minus that point, basis points (ours)-0.3

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 ratio3.30Last 24 auctions4 of 2419 of 243.22
Bid-to-cover ratio3.30Since 10 November 20085 of 3933 of 393.10
Bid-to-cover ratio3.30All 55 since 6 May 20035 of 5549 of 552.95
High yield0.347Last 24 auctions23 of 241 of 240.853
High yield0.347Since 10 November 200838 of 391 of 391.245
High yield0.347All 122 since 5 May 1981121 of 1221 of 1225.020
Indirect bidders' share27.7Last 24 auctions23 of 241 of 2438.6
Indirect bidders' share27.7All 39 since 10 November 200838 of 391 of 3939.1
Direct bidders' share8.5Last 24 auctions21 of 243 of 2411.8
Direct bidders' share8.5All 39 since 10 November 200824 of 3915 of 3910.3
Primary dealers' share63.8Last 24 auctions0 of 2424 of 2447.5
Primary dealers' share63.8All 39 since 10 November 20082 of 3937 of 3945.9
High minus median, basis points1.5Last 24 auctions23 of 240 of 243.2
High minus median, basis points1.5Since 10 November 200838 of 390 of 394.4
High minus median, basis points1.5All 122 since 5 May 198168 of 12253 of 1222.0

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 7 February 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120207_3.pdf. Compiled by 500metrics, "3-year note auction of 7 February 2012 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2012-02-07.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.