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3-year note auction of 12 March 2012 (new issue)

The 3-year note sold $34.222 billion at a high yield of 0.456% on , with a bid-to-cover ratio of 3.44.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.456%

Median yield 0.436%

Bid-to-cover

3.44

▲ +0.14 since 7 Feb

Sold

$34.22 billion

$32 billion offered

Indirect bidders

34.6%

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 April 2009 to 12 March 2012; the latest at 0.456%.0.0%0.5%1.0%1.5%2.0%2009201020112012This auction, 0.456%High yield at the last 36 3-year note auctions36 auctions from 8 April 2009 to 12 March 2012; the latest at 0.456%.0.0%0.5%1.0%1.5%2.0%2010201120120.456%

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
0.4563.44
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.443.292 of 1210 of 12
High yield0.4560.5227 of 125 of 12
Indirect bidders' share34.635.77 of 125 of 12
Direct bidders' share8.99.98 of 124 of 12
Primary dealers' share56.553.82 of 1210 of 12
High minus median, basis points2.02.89 of 122 of 12

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

Who bought the 3-year note?

Primary dealers took 56.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 February 2012

Primary dealers took 56.5% of the competitive bids acceptedIndirect bidders 34.6%, Direct bidders 8.9%, Primary dealers 56.5%Indirect bidders34.6%27.7%Direct bidders8.9%8.5%Primary dealers56.5%63.8%Primary dealers took 56.5% of the competitive bids acceptedIndirect bidders 34.6%, Direct bidders 8.9%, Primary dealers 56.5%Indirect bidders34.6%27.7%Direct bidders8.9%8.5%Primary dealers56.5%63.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders34.627.7
Direct bidders8.98.5
Primary dealers56.563.8

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$112,171,185,000
Sold$34,221,947,500
Competitive bids accepted$31,966,062,500
Non-competitive bids accepted$33,962,800
Federal Reserve (SOMA) add-on$2,221,922,200
Foreign and international (FIMA) non-competitive$0
High yield, %0.456
Median rate, %0.436
Low rate, %0.358
Interest rate (coupon), %0.375
Bids at the high rate filled, %94.55
Bid-to-cover ratio3.44
Indirect bidders accepted$11,058,400,000
Direct bidders accepted$2,843,000,000
Primary dealers accepted$18,064,662,500
Indirect bidders' share, % (ours)34.6
Direct bidders' share, % (ours)8.9
Primary dealers' share, % (ours)56.5
High minus median, basis points (ours)2.0
Treasury par yield curve, 3-year point, same day, %0.47
High yield minus that point, basis points (ours)-1.4

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 ratio3.44Last 24 auctions2 of 2422 of 243.24
Bid-to-cover ratio3.44Since 10 November 20082 of 4038 of 403.12
Bid-to-cover ratio3.44All 56 since 6 May 20032 of 5654 of 562.96
High yield0.456Last 24 auctions19 of 245 of 240.817
High yield0.456Since 10 November 200835 of 405 of 401.234
High yield0.456All 123 since 5 May 1981118 of 1235 of 1234.995
Indirect bidders' share34.6Last 24 auctions17 of 247 of 2438.2
Indirect bidders' share34.6All 40 since 10 November 200832 of 408 of 4038.9
Direct bidders' share8.9Last 24 auctions20 of 244 of 2411.8
Direct bidders' share8.9All 40 since 10 November 200824 of 4016 of 4010.2
Primary dealers' share56.5Last 24 auctions4 of 2420 of 2450.0
Primary dealers' share56.5All 40 since 10 November 200810 of 4030 of 4047.5
High minus median, basis points2.0Last 24 auctions21 of 242 of 243.1
High minus median, basis points2.0Since 10 November 200837 of 402 of 404.2
High minus median, basis points2.0All 123 since 5 May 198157 of 12358 of 1232.0

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 12 March 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120312_3.pdf. Compiled by 500metrics, "3-year note auction of 12 March 2012 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2012-03-12.

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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