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

The 3-year note sold $30 billion at a high yield of 0.644% on , with a bid-to-cover ratio of 3.46.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.644%

Median yield 0.621%

Bid-to-cover

3.46

▲ +0.41 since 8 Oct

Sold

$30.00 billion

$30 billion offered

Indirect bidders

33.3%

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 December 2010 to 12 November 2013; the latest at 0.644%.0.0%0.5%1.0%1.5%201120122013This auction, 0.644%High yield at the last 36 3-year note auctions36 auctions from 7 December 2010 to 12 November 2013; the latest at 0.644%.0.2%0.4%0.6%0.8%1.0%201220130.644%

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
0.6443.46
0.7103.05
0.9133.29
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.463.363 of 129 of 12
High yield0.6440.4113 of 129 of 12
Indirect bidders' share33.329.63 of 129 of 12
Direct bidders' share19.419.97 of 125 of 12
Primary dealers' share47.353.08 of 124 of 12
High minus median, basis points2.31.62 of 1210 of 12

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

Who bought the 3-year note?

Primary dealers took 47.3% of the competitive bids accepted

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

Primary dealers took 47.3% of the competitive bids acceptedIndirect bidders 33.3%, Direct bidders 19.4%, Primary dealers 47.3%Indirect bidders33.3%34.4%Direct bidders19.4%19.7%Primary dealers47.3%45.8%Primary dealers took 47.3% of the competitive bids acceptedIndirect bidders 33.3%, Direct bidders 19.4%, Primary dealers 47.3%Indirect bidders33.3%34.4%Direct bidders19.4%19.7%Primary dealers47.3%45.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders33.334.4
Direct bidders19.419.7
Primary dealers47.345.8

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$30,000,000,000
Bids received$103,672,881,800
Sold$30,000,106,800
Competitive bids accepted$29,867,225,000
Non-competitive bids accepted$32,881,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.644
Median rate, %0.621
Low rate, %0.550
Interest rate (coupon), %0.625
Bids at the high rate filled, %85.86
Bid-to-cover ratio3.46
Indirect bidders accepted$9,937,000,000
Direct bidders accepted$5,807,000,000
Primary dealers accepted$14,123,225,000
Indirect bidders' share, % (ours)33.3
Direct bidders' share, % (ours)19.4
Primary dealers' share, % (ours)47.3
High minus median, basis points (ours)2.3
Treasury par yield curve, 3-year point, same day, %0.65
High yield minus that point, basis points (ours)-0.6

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 ratio3.46Last 24 auctions11 of 2413 of 243.42
Bid-to-cover ratio3.46Since 10 November 200811 of 6049 of 603.24
Bid-to-cover ratio3.46All 76 since 6 May 200311 of 7665 of 763.12
High yield0.644Last 24 auctions3 of 2421 of 240.382
High yield0.644Since 10 November 200834 of 6026 of 600.778
High yield0.644All 143 since 5 May 1981117 of 14326 of 1434.460
Indirect bidders' share33.3Last 24 auctions10 of 2414 of 2431.9
Indirect bidders' share33.3All 60 since 10 November 200842 of 6018 of 6036.4
Direct bidders' share19.4Last 24 auctions9 of 2415 of 2413.7
Direct bidders' share19.4All 60 since 10 November 200810 of 6050 of 6011.2
Primary dealers' share47.3Last 24 auctions19 of 245 of 2453.6
Primary dealers' share47.3All 60 since 10 November 200836 of 6024 of 6052.1
High minus median, basis points2.3Last 24 auctions4 of 2420 of 241.7
High minus median, basis points2.3Since 10 November 200839 of 6021 of 603.0
High minus median, basis points2.3All 143 since 5 May 198158 of 14385 of 1432.0

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 November 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131112_3.pdf. Compiled by 500metrics, "3-year note auction of 12 November 2013 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2013-11-12.

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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