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3-year note auction of 6 August 2013 (new issue)

The 3-year note sold $32 billion at a high yield of 0.631% on , with a bid-to-cover ratio of 3.21.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.631%

Median yield 0.614%

Bid-to-cover

3.21

▼ −0.14 since 9 Jul

Sold

$32.00 billion

$32 billion offered

Indirect bidders

41.4%

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 September 2010 to 6 August 2013; the latest at 0.631%.0.0%0.5%1.0%1.5%2010201120122013This auction, 0.631%High yield at the last 36 3-year note auctions36 auctions from 7 September 2010 to 6 August 2013; the latest at 0.631%.0.3%0.4%0.5%0.6%0.7%0.8%201220130.631%

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
0.6313.21
0.7193.35
0.5812.95
0.3543.38
0.3423.24
0.4113.51
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.213.4611 of 121 of 12
High yield0.6310.3781 of 1211 of 12
Indirect bidders' share41.428.60 of 1212 of 12
Direct bidders' share14.019.28 of 124 of 12
Primary dealers' share44.754.012 of 120 of 12
High minus median, basis points1.71.64 of 127 of 12

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

  • Indirect bidders' share: Highest for a 3-year note since 9 August 2011 (23 auctions in between).
  • Primary dealers' share: Lowest for a 3-year note since 8 November 2011 (20 auctions in between).

Who bought the 3-year note?

Primary dealers took 44.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 July 2013

Primary dealers took 44.7% of the competitive bids acceptedIndirect bidders 41.4%, Direct bidders 14.0%, Primary dealers 44.7%Indirect bidders41.4%35.6%Direct bidders14.0%13.0%Primary dealers44.7%51.5%Primary dealers took 44.7% of the competitive bids acceptedIndirect bidders 41.4%, Direct bidders 14.0%, Primary dealers 44.7%Indirect bidders41.4%35.6%Direct bidders14.0%13.0%Primary dealers44.7%51.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders41.435.6
Direct bidders14.013.0
Primary dealers44.751.5

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$102,851,826,900
Sold$32,000,011,900
Competitive bids accepted$31,850,385,000
Non-competitive bids accepted$39,626,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$110,000,000
High yield, %0.631
Median rate, %0.614
Low rate, %0.561
Interest rate (coupon), %0.625
Bids at the high rate filled, %90.49
Bid-to-cover ratio3.21
Indirect bidders accepted$13,176,200,000
Direct bidders accepted$4,447,000,000
Primary dealers accepted$14,227,185,000
Indirect bidders' share, % (ours)41.4
Direct bidders' share, % (ours)14.0
Primary dealers' share, % (ours)44.7
High minus median, basis points (ours)1.7
Treasury par yield curve, 3-year point, same day, %0.62
High yield minus that point, basis points (ours)1.1

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 ratio3.21Last 24 auctions22 of 242 of 243.42
Bid-to-cover ratio3.21Since 10 November 200832 of 5724 of 573.24
Bid-to-cover ratio3.21All 73 since 6 May 200332 of 7340 of 733.10
High yield0.631Last 24 auctions1 of 2423 of 240.374
High yield0.631Since 10 November 200832 of 5725 of 570.790
High yield0.631All 140 since 5 May 1981115 of 14025 of 1404.532
Indirect bidders' share41.4Last 24 auctions1 of 2423 of 2431.9
Indirect bidders' share41.4All 57 since 10 November 200815 of 5742 of 5736.7
Direct bidders' share14.0Last 24 auctions9 of 2415 of 2411.6
Direct bidders' share14.0All 57 since 10 November 200819 of 5738 of 5710.9
Primary dealers' share44.7Last 24 auctions22 of 242 of 2454.1
Primary dealers' share44.7All 57 since 10 November 200840 of 5717 of 5752.7
High minus median, basis points1.7Last 24 auctions12 of 2410 of 241.8
High minus median, basis points1.7Since 10 November 200845 of 5710 of 573.1
High minus median, basis points1.7All 140 since 5 May 198174 of 14063 of 1402.0

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 August 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130806_2.pdf. Compiled by 500metrics, "3-year note auction of 6 August 2013 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2013-08-06.

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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