500metrics

All sources checked Checked

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

The 3-year note sold $27 billion at a high yield of 0.992% on , with a bid-to-cover ratio of 3.38.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.992%

Median yield 0.974%

Bid-to-cover

3.38

▼ −0.03 since 10 Jun

Sold

$27.00 billion

$27 billion offered

Indirect bidders

38.2%

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 9 August 2011 to 8 July 2014; the latest at 0.992%.0.2%0.4%0.6%0.8%1.0%2011201220132014This auction, 0.992%The high yield was the highest for a 3-year note since 10 May 201136 auctions from 9 August 2011 to 8 July 2014; the latest at 0.992%.0.2%0.4%0.6%0.8%1.0%2012201320140.992%

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
0.9923.38
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.383.365 of 127 of 12
High yield0.9920.7590 of 1212 of 12
Indirect bidders' share38.233.23 of 129 of 12
Direct bidders' share12.719.411 of 121 of 12
Primary dealers' share49.148.15 of 127 of 12
High minus median, basis points1.82.29 of 122 of 12

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

Who bought the 3-year note?

Primary dealers took 49.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 June 2014

Primary dealers took 49.1% of the competitive bids acceptedIndirect bidders 38.2%, Direct bidders 12.7%, Primary dealers 49.1%Indirect bidders38.2%26.5%Direct bidders12.7%19.4%Primary dealers49.1%54.1%Primary dealers took 49.1% of the competitive bids acceptedIndirect bidders 38.2%, Direct bidders 12.7%, Primary dealers 49.1%Indirect bidders38.2%26.5%Direct bidders12.7%19.4%Primary dealers49.1%54.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.226.5
Direct bidders12.719.4
Primary dealers49.154.1

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$27,000,000,000
Bids received$91,274,340,300
Sold$27,000,025,300
Competitive bids accepted$26,825,885,000
Non-competitive bids accepted$74,140,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.992
Median rate, %0.974
Low rate, %0.895
Interest rate (coupon), %0.875
Bids at the high rate filled, %5.49
Bid-to-cover ratio3.38
Indirect bidders accepted$10,247,200,000
Direct bidders accepted$3,413,000,000
Primary dealers accepted$13,165,685,000
Indirect bidders' share, % (ours)38.2
Direct bidders' share, % (ours)12.7
Primary dealers' share, % (ours)49.1
High minus median, basis points (ours)1.8
Treasury par yield curve, 3-year point, same day, %0.99
High yield minus that point, basis points (ours)0.2

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 ratio3.38Last 24 auctions13 of 2410 of 243.40
Bid-to-cover ratio3.38Since 10 November 200819 of 6848 of 683.26
Bid-to-cover ratio3.38All 84 since 6 May 200319 of 8464 of 843.21
High yield0.992Last 24 auctions0 of 2424 of 240.606
High yield0.992Since 10 November 200826 of 6842 of 680.794
High yield0.992All 151 since 5 May 1981109 of 15142 of 1513.821
Indirect bidders' share38.2Last 24 auctions3 of 2421 of 2429.8
Indirect bidders' share38.2All 68 since 10 November 200827 of 6841 of 6835.7
Direct bidders' share12.7Last 24 auctions20 of 244 of 2419.4
Direct bidders' share12.7All 68 since 10 November 200832 of 6836 of 6812.0
Primary dealers' share49.1Last 24 auctions15 of 249 of 2450.6
Primary dealers' share49.1All 68 since 10 November 200838 of 6830 of 6851.3
High minus median, basis points1.8Last 24 auctions11 of 2411 of 241.8
High minus median, basis points1.8Since 10 November 200852 of 6814 of 682.6
High minus median, basis points1.8All 151 since 5 May 198179 of 15168 of 1512.0

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 July 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140708_2.pdf. Compiled by 500metrics, "3-year note auction of 8 July 2014 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2014-07-08.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.