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3-year note auction of 9 October 2012 (new issue)

The 3-year note sold $32 billion at a high yield of 0.346% on , with a bid-to-cover ratio of 3.96.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.346%

Median yield 0.330%

Bid-to-cover

3.96

▲ +0.02 since 11 Sep

Sold

$32.00 billion

$32 billion offered

Indirect bidders

28.8%

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 November 2009 to 9 October 2012; the latest at 0.346%.0.0%0.5%1.0%1.5%2.0%201020112012This auction, 0.346%High yield at the last 36 3-year note auctions36 auctions from 9 November 2009 to 9 October 2012; the latest at 0.346%.0.0%0.5%1.0%1.5%201120120.346%

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
0.3463.96
0.3373.94
0.3703.51
0.3663.52
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.963.520 of 1212 of 12
High yield0.3460.37011 of 121 of 12
Indirect bidders' share28.836.310 of 122 of 12
Direct bidders' share22.58.70 of 1212 of 12
Primary dealers' share48.755.211 of 121 of 12
High minus median, basis points1.61.88 of 123 of 12

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

  • Bid-to-cover ratio: Highest of all 63 earlier 3-year note auctions we hold.
  • Direct bidders' share: Highest for a 3-year note since 12 January 2010 (32 auctions in between).

Who bought the 3-year note?

Primary dealers took 48.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 September 2012

Primary dealers took 48.7% of the competitive bids acceptedIndirect bidders 28.8%, Direct bidders 22.5%, Primary dealers 48.7%Indirect bidders28.8%36.8%Direct bidders22.5%13.4%Primary dealers48.7%49.8%Primary dealers took 48.7% of the competitive bids acceptedIndirect bidders 28.8%, Direct bidders 22.5%, Primary dealers 48.7%Indirect bidders28.8%36.8%Direct bidders22.5%13.4%Primary dealers48.7%49.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders28.836.8
Direct bidders22.513.4
Primary dealers48.749.8

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$126,771,484,700
Sold$32,000,028,700
Competitive bids accepted$31,874,744,000
Non-competitive bids accepted$25,284,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.346
Median rate, %0.330
Low rate, %0.269
Interest rate (coupon), %0.250
Bids at the high rate filled, %33.51
Bid-to-cover ratio3.96
Indirect bidders accepted$9,176,200,000
Direct bidders accepted$7,180,000,000
Primary dealers accepted$15,518,544,000
Indirect bidders' share, % (ours)28.8
Direct bidders' share, % (ours)22.5
Primary dealers' share, % (ours)48.7
High minus median, basis points (ours)1.6
Treasury par yield curve, 3-year point, same day, %0.35
High yield minus that point, basis points (ours)-0.4

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 ratio3.96Last 24 auctions0 of 2424 of 243.30
Bid-to-cover ratio3.96Since 10 November 20080 of 4747 of 473.21
Bid-to-cover ratio3.96All 63 since 6 May 20030 of 6363 of 633.01
High yield0.346Last 24 auctions22 of 242 of 240.478
High yield0.346Since 10 November 200845 of 472 of 471.055
High yield0.346All 130 since 5 May 1981128 of 1302 of 1304.765
Indirect bidders' share28.8Last 24 auctions21 of 243 of 2435.3
Indirect bidders' share28.8All 47 since 10 November 200843 of 474 of 4738.5
Direct bidders' share22.5Last 24 auctions0 of 2424 of 2410.8
Direct bidders' share22.5All 47 since 10 November 20081 of 4746 of 4710.2
Primary dealers' share48.7Last 24 auctions20 of 244 of 2453.8
Primary dealers' share48.7All 47 since 10 November 200827 of 4720 of 4751.9
High minus median, basis points1.6Last 24 auctions20 of 243 of 242.5
High minus median, basis points1.6Since 10 November 200843 of 473 of 473.4
High minus median, basis points1.6All 130 since 5 May 198173 of 13056 of 1302.0

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 9 October 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20121009_3.pdf. Compiled by 500metrics, "3-year note auction of 9 October 2012 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2012-10-09.

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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