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3-year note auction of 11 February 2014 (new issue)

The 3-year note sold $30 billion at a high yield of 0.715% on , with a bid-to-cover ratio of 3.42.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.715%

Median yield 0.697%

Bid-to-cover

3.42

▲ +0.17 since 7 Jan

Sold

$30.00 billion

$30 billion offered

Indirect bidders

42.0%

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 8 March 2011 to 11 February 2014; the latest at 0.715%.0.3%0.5%0.8%1.0%1.3%1.5%2011201220132014This auction, 0.715%High yield at the last 36 3-year note auctions36 auctions from 8 March 2011 to 11 February 2014; the latest at 0.715%.0.2%0.4%0.6%0.8%1.0%2012201320140.715%

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
0.7153.42
0.7993.25
0.6313.55
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.423.324 of 128 of 12
High yield0.7150.6313 of 129 of 12
Indirect bidders' share42.033.10 of 1212 of 12
Direct bidders' share16.617.86 of 126 of 12
Primary dealers' share41.350.512 of 120 of 12
High minus median, basis points1.81.96 of 125 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 (29 auctions in between).
  • Primary dealers' share: Lowest for a 3-year note since 9 August 2011 (29 auctions in between).

Who bought the 3-year note?

Indirect bidders took 42.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 January 2014

Indirect bidders took 42.0% of the competitive bids acceptedIndirect bidders 42.0%, Direct bidders 16.6%, Primary dealers 41.3%Indirect bidders42.0%28.0%Direct bidders16.6%22.6%Primary dealers41.3%49.4%Indirect bidders took 42.0% of the competitive bids acceptedIndirect bidders 42.0%, Direct bidders 16.6%, Primary dealers 41.3%Indirect bidders42.0%28.0%Direct bidders16.6%22.6%Primary dealers41.3%49.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders42.028.0
Direct bidders16.622.6
Primary dealers41.349.4

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$102,494,375,800
Sold$30,000,052,800
Competitive bids accepted$29,831,677,000
Non-competitive bids accepted$48,375,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$120,000,000
High yield, %0.715
Median rate, %0.697
Low rate, %0.650
Interest rate (coupon), %0.625
Bids at the high rate filled, %30.74
Bid-to-cover ratio3.42
Indirect bidders accepted$12,542,755,000
Direct bidders accepted$4,966,000,000
Primary dealers accepted$12,322,922,000
Indirect bidders' share, % (ours)42.0
Direct bidders' share, % (ours)16.6
Primary dealers' share, % (ours)41.3
High minus median, basis points (ours)1.8
Treasury par yield curve, 3-year point, same day, %0.71
High yield minus that point, basis points (ours)0.5

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 ratio3.42Last 24 auctions12 of 2412 of 243.42
Bid-to-cover ratio3.42Since 10 November 200814 of 6349 of 633.25
Bid-to-cover ratio3.42All 79 since 6 May 200314 of 7965 of 793.15
High yield0.715Last 24 auctions3 of 2421 of 240.402
High yield0.715Since 10 November 200833 of 6330 of 630.765
High yield0.715All 146 since 5 May 1981116 of 14630 of 1464.364
Indirect bidders' share42.0Last 24 auctions0 of 2424 of 2430.3
Indirect bidders' share42.0All 63 since 10 November 200815 of 6348 of 6336.1
Direct bidders' share16.6Last 24 auctions10 of 2414 of 2414.3
Direct bidders' share16.6All 63 since 10 November 200813 of 6350 of 6311.7
Primary dealers' share41.3Last 24 auctions24 of 240 of 2452.9
Primary dealers' share41.3All 63 since 10 November 200850 of 6313 of 6351.5
High minus median, basis points1.8Last 24 auctions10 of 2413 of 241.7
High minus median, basis points1.8Since 10 November 200848 of 6314 of 632.9
High minus median, basis points1.8All 146 since 5 May 198175 of 14668 of 1462.0

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 11 February 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140211_2.pdf. Compiled by 500metrics, "3-year note auction of 11 February 2014 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2014-02-11.

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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