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3-year note auction of 12 February 2013 (new issue)

The 3-year note sold $32 billion at a high yield of 0.411% on , with a bid-to-cover ratio of 3.59.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.411%

Median yield 0.395%

Bid-to-cover

3.59

▼ −0.03 since 8 Jan

Sold

$32.00 billion

$32 billion offered

Indirect bidders

18.0%

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 9 March 2010 to 12 February 2013; the latest at 0.411%.0.0%0.5%1.0%1.5%2.0%2010201120122013This auction, 0.411%High yield at the last 36 3-year note auctions36 auctions from 9 March 2010 to 12 February 2013; the latest at 0.411%.0.3%0.5%0.8%1.0%1.3%1.5%2011201220130.411%

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
0.4113.59
0.3853.62
0.3273.36
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.593.524 of 128 of 12
High yield0.4110.3682 of 1210 of 12
Indirect bidders' share18.029.212 of 120 of 12
Direct bidders' share26.911.60 of 1212 of 12
Primary dealers' share55.153.25 of 127 of 12
High minus median, basis points1.61.66 of 124 of 12

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

  • Indirect bidders' share: Lowest of all 51 earlier 3-year note auctions we hold.
  • Direct bidders' share: Highest of all 51 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Primary dealers took 55.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 January 2013

Primary dealers took 55.1% of the competitive bids acceptedIndirect bidders 18.0%, Direct bidders 26.9%, Primary dealers 55.1%Indirect bidders18.0%28.4%Direct bidders26.9%26.4%Primary dealers55.1%45.2%Primary dealers took 55.1% of the competitive bids acceptedIndirect bidders 18.0%, Direct bidders 26.9%, Primary dealers 55.1%Indirect bidders18.0%28.4%Direct bidders26.9%26.4%Primary dealers55.1%45.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders18.028.4
Direct bidders26.926.4
Primary dealers55.145.2

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$114,784,754,700
Sold$32,000,052,200
Competitive bids accepted$31,855,397,500
Non-competitive bids accepted$44,654,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.411
Median rate, %0.395
Low rate, %0.334
Interest rate (coupon), %0.375
Bids at the high rate filled, %31.53
Bid-to-cover ratio3.59
Indirect bidders accepted$5,741,100,000
Direct bidders accepted$8,556,060,000
Primary dealers accepted$17,558,237,500
Indirect bidders' share, % (ours)18.0
Direct bidders' share, % (ours)26.9
Primary dealers' share, % (ours)55.1
High minus median, basis points (ours)1.6
Treasury par yield curve, 3-year point, same day, %0.41
High yield minus that point, basis points (ours)0.1

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 ratio3.59Last 24 auctions6 of 2418 of 243.38
Bid-to-cover ratio3.59Since 10 November 20086 of 5145 of 513.22
Bid-to-cover ratio3.59All 67 since 6 May 20036 of 6761 of 673.06
High yield0.411Last 24 auctions10 of 2414 of 240.386
High yield0.411Since 10 November 200837 of 5114 of 511.000
High yield0.411All 134 since 5 May 1981120 of 13414 of 1344.683
Indirect bidders' share18.0Last 24 auctions24 of 240 of 2434.4
Indirect bidders' share18.0All 51 since 10 November 200851 of 510 of 5137.8
Direct bidders' share26.9Last 24 auctions0 of 2424 of 2410.8
Direct bidders' share26.9All 51 since 10 November 20080 of 5151 of 5110.6
Primary dealers' share55.1Last 24 auctions9 of 2415 of 2453.5
Primary dealers' share55.1All 51 since 10 November 200816 of 5135 of 5151.9
High minus median, basis points1.6Last 24 auctions17 of 245 of 242.0
High minus median, basis points1.6Since 10 November 200844 of 515 of 513.3
High minus median, basis points1.6All 134 since 5 May 198174 of 13458 of 1342.0

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 February 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130212_3.pdf. Compiled by 500metrics, "3-year note auction of 12 February 2013 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2013-02-12.

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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