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3-year note auction of 8 April 2014 (new issue)

The 3-year note sold $30 billion at a high yield of 0.895% on , with a bid-to-cover ratio of 3.36.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.895%

Median yield 0.873%

Bid-to-cover

3.36

▲ +0.11 since 11 Mar

Sold

$30.00 billion

$30 billion offered

Indirect bidders

27.3%

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 10 May 2011 to 8 April 2014; the latest at 0.895%.0.2%0.4%0.6%0.8%1.0%2011201220132014This auction, 0.895%High yield at the last 36 3-year note auctions36 auctions from 10 May 2011 to 8 April 2014; the latest at 0.895%.0.2%0.4%0.6%0.8%1.0%2012201320140.895%

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
0.8953.36
0.8023.25
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.363.274 of 128 of 12
High yield0.8950.6771 of 1211 of 12
Indirect bidders' share27.333.211 of 121 of 12
Direct bidders' share24.015.80 of 1212 of 12
Primary dealers' share48.849.57 of 125 of 12
High minus median, basis points2.22.03 of 128 of 12

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

  • Direct bidders' share: Highest for a 3-year note since 12 February 2013 (13 auctions in between).

Who bought the 3-year note?

Primary dealers took 48.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 March 2014

Primary dealers took 48.8% of the competitive bids acceptedIndirect bidders 27.3%, Direct bidders 24.0%, Primary dealers 48.8%Indirect bidders27.3%29.9%Direct bidders24.0%15.5%Primary dealers48.8%54.6%Primary dealers took 48.8% of the competitive bids acceptedIndirect bidders 27.3%, Direct bidders 24.0%, Primary dealers 48.8%Indirect bidders27.3%29.9%Direct bidders24.0%15.5%Primary dealers48.8%54.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders27.329.9
Direct bidders24.015.5
Primary dealers48.854.6

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$100,829,681,700
Sold$30,000,033,700
Competitive bids accepted$29,856,952,000
Non-competitive bids accepted$43,081,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.895
Median rate, %0.873
Low rate, %0.819
Interest rate (coupon), %0.875
Bids at the high rate filled, %10.58
Bid-to-cover ratio3.36
Indirect bidders accepted$8,138,600,000
Direct bidders accepted$7,155,522,000
Primary dealers accepted$14,562,830,000
Indirect bidders' share, % (ours)27.3
Direct bidders' share, % (ours)24.0
Primary dealers' share, % (ours)48.8
High minus median, basis points (ours)2.2
Treasury par yield curve, 3-year point, same day, %0.88
High yield minus that point, basis points (ours)1.5

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 ratio3.36Last 24 auctions14 of 248 of 243.42
Bid-to-cover ratio3.36Since 10 November 200818 of 6545 of 653.25
Bid-to-cover ratio3.36All 81 since 6 May 200318 of 8161 of 813.20
High yield0.895Last 24 auctions1 of 2423 of 240.411
High yield0.895Since 10 November 200827 of 6538 of 650.765
High yield0.895All 148 since 5 May 1981110 of 14838 of 1484.237
Indirect bidders' share27.3Last 24 auctions18 of 246 of 2430.3
Indirect bidders' share27.3All 65 since 10 November 200859 of 656 of 6536.1
Direct bidders' share24.0Last 24 auctions3 of 2421 of 2415.8
Direct bidders' share24.0All 65 since 10 November 20083 of 6562 of 6511.9
Primary dealers' share48.8Last 24 auctions17 of 247 of 2452.4
Primary dealers' share48.8All 65 since 10 November 200838 of 6527 of 6551.5
High minus median, basis points2.2Last 24 auctions4 of 2418 of 241.8
High minus median, basis points2.2Since 10 November 200840 of 6523 of 652.9
High minus median, basis points2.2All 148 since 5 May 198159 of 14886 of 1482.0

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 8 April 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140408_2.pdf. Compiled by 500metrics, "3-year note auction of 8 April 2014 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2014-04-08.

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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