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

The 3-year note sold $34.26 billion at a high yield of 0.387% on , with a bid-to-cover ratio of 3.53.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.387%

Median yield 0.374%

Bid-to-cover

3.53

▼ −0.12 since 8 May

Sold

$34.26 billion

$32 billion offered

Indirect bidders

27.0%

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 7 July 2009 to 12 June 2012; the latest at 0.387%.0.0%0.5%1.0%1.5%2.0%2009201020112012This auction, 0.387%High yield at the last 36 3-year note auctions36 auctions from 7 July 2009 to 12 June 2012; the latest at 0.387%.0.0%0.5%1.0%1.5%2010201120120.387%

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
0.3873.53
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.533.333 of 129 of 12
High yield0.3870.4036 of 126 of 12
Indirect bidders' share27.036.812 of 120 of 12
Direct bidders' share12.09.02 of 1210 of 12
Primary dealers' share60.953.81 of 1211 of 12
High minus median, basis points1.32.312 of 120 of 12

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

  • Indirect bidders' share: Lowest of all 43 earlier 3-year note auctions we hold.
  • High minus median, basis points: Lowest for a 3-year note since 6 February 2007 (44 auctions in between).

Who bought the 3-year note?

Primary dealers took 60.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 May 2012

Primary dealers took 60.9% of the competitive bids acceptedIndirect bidders 27.0%, Direct bidders 12.0%, Primary dealers 60.9%Indirect bidders27.0%35.7%Direct bidders12.0%11.2%Primary dealers60.9%53.1%Primary dealers took 60.9% of the competitive bids acceptedIndirect bidders 27.0%, Direct bidders 12.0%, Primary dealers 60.9%Indirect bidders27.0%35.7%Direct bidders12.0%11.2%Primary dealers60.9%53.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders27.035.7
Direct bidders12.011.2
Primary dealers60.953.1

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$115,315,142,800
Sold$34,259,567,800
Competitive bids accepted$31,972,625,000
Non-competitive bids accepted$27,586,000
Federal Reserve (SOMA) add-on$2,259,356,800
Foreign and international (FIMA) non-competitive$0
High yield, %0.387
Median rate, %0.374
Low rate, %0.295
Interest rate (coupon), %0.375
Bids at the high rate filled, %52.25
Bid-to-cover ratio3.53
Indirect bidders accepted$8,647,200,000
Direct bidders accepted$3,851,112,500
Primary dealers accepted$19,474,312,500
Indirect bidders' share, % (ours)27.0
Direct bidders' share, % (ours)12.0
Primary dealers' share, % (ours)60.9
High minus median, basis points (ours)1.3
Treasury par yield curve, 3-year point, same day, %0.41
High yield minus that point, basis points (ours)-2.3

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 ratio3.53Last 24 auctions3 of 2421 of 243.27
Bid-to-cover ratio3.53Since 10 November 20083 of 4340 of 433.15
Bid-to-cover ratio3.53All 59 since 6 May 20033 of 5956 of 592.98
High yield0.387Last 24 auctions18 of 246 of 240.622
High yield0.387Since 10 November 200837 of 436 of 431.220
High yield0.387All 126 since 5 May 1981120 of 1266 of 1264.864
Indirect bidders' share27.0Last 24 auctions24 of 240 of 2436.2
Indirect bidders' share27.0All 43 since 10 November 200843 of 430 of 4338.7
Direct bidders' share12.0Last 24 auctions10 of 2414 of 2411.5
Direct bidders' share12.0All 43 since 10 November 200813 of 4330 of 4310.1
Primary dealers' share60.9Last 24 auctions2 of 2422 of 2452.6
Primary dealers' share60.9All 43 since 10 November 20085 of 4338 of 4351.1
High minus median, basis points1.3Last 24 auctions24 of 240 of 243.0
High minus median, basis points1.3Since 10 November 200843 of 430 of 433.8
High minus median, basis points1.3All 126 since 5 May 198173 of 12653 of 1262.0

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 June 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120612_2.pdf. Compiled by 500metrics, "3-year note auction of 12 June 2012 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2012-06-12.

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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