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3-year note auction of 6 November 2012 (new issue)

The 3-year note sold $32 billion at a high yield of 0.392% on , with a bid-to-cover ratio of 3.41.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.392%

Median yield 0.377%

Bid-to-cover

3.41

▼ −0.55 since 9 Oct

Sold

$32.00 billion

$32 billion offered

Indirect bidders

25.1%

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 December 2009 to 6 November 2012; the latest at 0.392%.0.0%0.5%1.0%1.5%2.0%201020112012This auction, 0.392%High yield at the last 36 3-year note auctions36 auctions from 8 December 2009 to 6 November 2012; the latest at 0.392%.0.0%0.5%1.0%1.5%201120120.392%

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
0.3923.41
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.413.529 of 122 of 12
High yield0.3920.3682 of 1210 of 12
Indirect bidders' share25.135.112 of 120 of 12
Direct bidders' share22.39.51 of 1211 of 12
Primary dealers' share52.755.08 of 124 of 12
High minus median, basis points1.51.79 of 121 of 12

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

  • Indirect bidders' share: Lowest of all 48 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Primary dealers took 52.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 October 2012

Primary dealers took 52.7% of the competitive bids acceptedIndirect bidders 25.1%, Direct bidders 22.3%, Primary dealers 52.7%Indirect bidders25.1%28.8%Direct bidders22.3%22.5%Primary dealers52.7%48.7%Primary dealers took 52.7% of the competitive bids acceptedIndirect bidders 25.1%, Direct bidders 22.3%, Primary dealers 52.7%Indirect bidders25.1%28.8%Direct bidders22.3%22.5%Primary dealers52.7%48.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders25.128.8
Direct bidders22.322.5
Primary dealers52.748.7

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$109,217,289,300
Sold$32,000,089,300
Competitive bids accepted$31,855,100,000
Non-competitive bids accepted$44,989,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.392
Median rate, %0.377
Low rate, %0.303
Interest rate (coupon), %0.375
Bids at the high rate filled, %82.78
Bid-to-cover ratio3.41
Indirect bidders accepted$7,982,860,000
Direct bidders accepted$7,088,390,000
Primary dealers accepted$16,783,850,000
Indirect bidders' share, % (ours)25.1
Direct bidders' share, % (ours)22.3
Primary dealers' share, % (ours)52.7
High minus median, basis points (ours)1.5
Treasury par yield curve, 3-year point, same day, %0.41
High yield minus that point, basis points (ours)-1.8

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 ratio3.41Last 24 auctions9 of 2414 of 243.30
Bid-to-cover ratio3.41Since 10 November 20089 of 4838 of 483.22
Bid-to-cover ratio3.41All 64 since 6 May 20039 of 6454 of 643.02
High yield0.392Last 24 auctions13 of 2411 of 240.442
High yield0.392Since 10 November 200837 of 4811 of 481.041
High yield0.392All 131 since 5 May 1981120 of 13111 of 1314.730
Indirect bidders' share25.1Last 24 auctions24 of 240 of 2435.3
Indirect bidders' share25.1All 48 since 10 November 200848 of 480 of 4838.2
Direct bidders' share22.3Last 24 auctions1 of 2423 of 2410.8
Direct bidders' share22.3All 48 since 10 November 20082 of 4846 of 4810.3
Primary dealers' share52.7Last 24 auctions14 of 2410 of 2453.5
Primary dealers' share52.7All 48 since 10 November 200822 of 4826 of 4851.5
High minus median, basis points1.5Last 24 auctions21 of 241 of 242.4
High minus median, basis points1.5Since 10 November 200845 of 481 of 483.4
High minus median, basis points1.5All 131 since 5 May 198175 of 13154 of 1312.0

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 6 November 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20121106_2.pdf. Compiled by 500metrics, "3-year note auction of 6 November 2012 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2012-11-06.

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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