500metrics

All sources checked Checked

3-year note auction of 8 May 2012 (new issue)

The 3-year note sold $34.002 billion at a high yield of 0.362% on , with a bid-to-cover ratio of 3.65.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.362%

Median yield 0.340%

Bid-to-cover

3.65

▲ +0.29 since 10 Apr

Sold

$34.00 billion

$32 billion offered

Indirect bidders

35.7%

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 June 2009 to 8 May 2012; the latest at 0.362%.0.0%0.5%1.0%1.5%2.0%2009201020112012This auction, 0.362%High yield at the last 36 3-year note auctions36 auctions from 9 June 2009 to 8 May 2012; the latest at 0.362%.0.0%0.5%1.0%1.5%2010201120120.362%

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
0.3623.65
0.4273.36
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.653.301 of 1211 of 12
High yield0.3620.4429 of 123 of 12
Indirect bidders' share35.736.87 of 125 of 12
Direct bidders' share11.29.03 of 129 of 12
Primary dealers' share53.153.87 of 125 of 12
High minus median, basis points2.22.47 of 125 of 12

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

Who bought the 3-year note?

Primary dealers took 53.1% of the competitive bids accepted

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

Primary dealers took 53.1% of the competitive bids acceptedIndirect bidders 35.7%, Direct bidders 11.2%, Primary dealers 53.1%Indirect bidders35.7%40.0%Direct bidders11.2%7.8%Primary dealers53.1%52.2%Primary dealers took 53.1% of the competitive bids acceptedIndirect bidders 35.7%, Direct bidders 11.2%, Primary dealers 53.1%Indirect bidders35.7%40.0%Direct bidders11.2%7.8%Primary dealers53.1%52.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders35.740.0
Direct bidders11.27.8
Primary dealers53.152.2

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$118,863,586,000
Sold$34,002,103,500
Competitive bids accepted$31,964,617,500
Non-competitive bids accepted$35,557,600
Federal Reserve (SOMA) add-on$2,001,928,400
Foreign and international (FIMA) non-competitive$0
High yield, %0.362
Median rate, %0.340
Low rate, %0.272
Interest rate (coupon), %0.250
Bids at the high rate filled, %66.17
Bid-to-cover ratio3.65
Indirect bidders accepted$11,408,780,000
Direct bidders accepted$3,592,935,000
Primary dealers accepted$16,962,902,500
Indirect bidders' share, % (ours)35.7
Direct bidders' share, % (ours)11.2
Primary dealers' share, % (ours)53.1
High minus median, basis points (ours)2.2
Treasury par yield curve, 3-year point, same day, %0.36
High yield minus that point, basis points (ours)0.2

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 ratio3.65Last 24 auctions1 of 2423 of 243.26
Bid-to-cover ratio3.65Since 10 November 20081 of 4241 of 423.14
Bid-to-cover ratio3.65All 58 since 6 May 20031 of 5857 of 582.98
High yield0.362Last 24 auctions21 of 243 of 240.718
High yield0.362Since 10 November 200839 of 423 of 421.222
High yield0.362All 125 since 5 May 1981122 of 1253 of 1254.898
Indirect bidders' share35.7Last 24 auctions14 of 2410 of 2437.2
Indirect bidders' share35.7All 42 since 10 November 200830 of 4212 of 4238.9
Direct bidders' share11.2Last 24 auctions13 of 2411 of 2411.8
Direct bidders' share11.2All 42 since 10 November 200815 of 4227 of 4210.1
Primary dealers' share53.1Last 24 auctions11 of 2413 of 2452.1
Primary dealers' share53.1All 42 since 10 November 200818 of 4224 of 4250.0
High minus median, basis points2.2Last 24 auctions19 of 245 of 243.0
High minus median, basis points2.2Since 10 November 200837 of 425 of 424.0
High minus median, basis points2.2All 125 since 5 May 198156 of 12568 of 1252.0

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 8 May 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120508_2.pdf. Compiled by 500metrics, "3-year note auction of 8 May 2012 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2012-05-08.

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

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