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3-year note auction of 10 June 2014 (new issue)

The 3-year note sold $28 billion at a high yield of 0.930% on , with a bid-to-cover ratio of 3.41.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.930%

Median yield 0.905%

Bid-to-cover

3.41

▲ +0.01 since 6 May

Sold

$28.00 billion

$28 billion offered

Indirect bidders

26.5%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 10 May 2011

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 10 May 201136 auctions from 12 July 2011 to 10 June 2014; the latest at 0.930%.0.2%0.4%0.6%0.8%1.0%2011201220132014This auction, 0.930%The high yield was the highest for a 3-year note since 10 May 201136 auctions from 12 July 2011 to 10 June 2014; the latest at 0.930%.0.2%0.4%0.6%0.8%1.0%2012201320140.930%

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
0.9303.41
0.9283.40
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.413.323 of 129 of 12
High yield0.9300.7170 of 1212 of 12
Indirect bidders' share26.533.212 of 120 of 12
Direct bidders' share19.418.06 of 126 of 12
Primary dealers' share54.148.12 of 1210 of 12
High minus median, basis points2.52.11 of 1211 of 12

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

  • Indirect bidders' share: Lowest for a 3-year note since 9 April 2013 (13 auctions in between).

Who bought the 3-year note?

Primary dealers took 54.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 6 May 2014

Primary dealers took 54.1% of the competitive bids acceptedIndirect bidders 26.5%, Direct bidders 19.4%, Primary dealers 54.1%Indirect bidders26.5%28.1%Direct bidders19.4%24.5%Primary dealers54.1%47.4%Primary dealers took 54.1% of the competitive bids acceptedIndirect bidders 26.5%, Direct bidders 19.4%, Primary dealers 54.1%Indirect bidders26.5%28.1%Direct bidders19.4%24.5%Primary dealers54.1%47.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders26.528.1
Direct bidders19.424.5
Primary dealers54.147.4

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$28,000,000,000
Bids received$95,597,178,400
Sold$28,000,115,900
Competitive bids accepted$27,842,337,500
Non-competitive bids accepted$47,778,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$110,000,000
High yield, %0.930
Median rate, %0.905
Low rate, %0.830
Interest rate (coupon), %0.875
Bids at the high rate filled, %9.97
Bid-to-cover ratio3.41
Indirect bidders accepted$7,370,040,000
Direct bidders accepted$5,401,447,500
Primary dealers accepted$15,070,850,000
Indirect bidders' share, % (ours)26.5
Direct bidders' share, % (ours)19.4
Primary dealers' share, % (ours)54.1
High minus median, basis points (ours)2.5
Treasury par yield curve, 3-year point, same day, %0.93
High yield minus that point, basis points (ours)0.0

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 ratio3.41Last 24 auctions11 of 2412 of 243.40
Bid-to-cover ratio3.41Since 10 November 200815 of 6750 of 673.25
Bid-to-cover ratio3.41All 83 since 6 May 200315 of 8366 of 833.21
High yield0.930Last 24 auctions0 of 2424 of 240.496
High yield0.930Since 10 November 200826 of 6741 of 670.790
High yield0.930All 150 since 5 May 1981109 of 15041 of 1504.012
Indirect bidders' share26.5Last 24 auctions19 of 245 of 2429.8
Indirect bidders' share26.5All 67 since 10 November 200862 of 675 of 6735.7
Direct bidders' share19.4Last 24 auctions12 of 2412 of 2418.0
Direct bidders' share19.4All 67 since 10 November 200814 of 6753 of 6712.0
Primary dealers' share54.1Last 24 auctions9 of 2415 of 2450.6
Primary dealers' share54.1All 67 since 10 November 200823 of 6744 of 6751.1
High minus median, basis points2.5Last 24 auctions1 of 2423 of 241.8
High minus median, basis points2.5Since 10 November 200836 of 6731 of 672.7
High minus median, basis points2.5All 150 since 5 May 198154 of 15096 of 1502.0

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 10 June 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140610_2.pdf. Compiled by 500metrics, "3-year note auction of 10 June 2014 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2014-06-10.

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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