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3-year note auction of 12 August 2014 (new issue)

The 3-year note sold $27 billion at a high yield of 0.924% on , with a bid-to-cover ratio of 3.03.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.924%

Median yield 0.900%

Bid-to-cover

3.03

▼ −0.35 since 8 Jul

Sold

$27.00 billion

$27 billion offered

Indirect bidders

36.2%

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 12 September 2011 to 12 August 2014; the latest at 0.924%.0.2%0.4%0.6%0.8%1.0%2011201220132014This auction, 0.924%High yield at the last 36 3-year note auctions36 auctions from 12 September 2011 to 12 August 2014; the latest at 0.924%.0.2%0.4%0.6%0.8%1.0%201320140.924%

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
0.9243.03
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.033.3712 of 120 of 12
High yield0.9240.8003 of 129 of 12
Indirect bidders' share36.233.24 of 128 of 12
Direct bidders' share19.019.47 of 125 of 12
Primary dealers' share44.848.110 of 122 of 12
High minus median, basis points2.42.12 of 1210 of 12

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

  • Bid-to-cover ratio: Lowest for a 3-year note since 11 June 2013 (13 auctions in between).

Who bought the 3-year note?

Primary dealers took 44.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 July 2014

Primary dealers took 44.8% of the competitive bids acceptedIndirect bidders 36.2%, Direct bidders 19.0%, Primary dealers 44.8%Indirect bidders36.2%38.2%Direct bidders19.0%12.7%Primary dealers44.8%49.1%Primary dealers took 44.8% of the competitive bids acceptedIndirect bidders 36.2%, Direct bidders 19.0%, Primary dealers 44.8%Indirect bidders36.2%38.2%Direct bidders19.0%12.7%Primary dealers44.8%49.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.238.2
Direct bidders19.012.7
Primary dealers44.849.1

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$81,941,973,700
Sold$27,000,030,700
Competitive bids accepted$26,846,357,000
Non-competitive bids accepted$53,673,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.924
Median rate, %0.900
Low rate, %0.833
Interest rate (coupon), %0.875
Bids at the high rate filled, %58.93
Bid-to-cover ratio3.03
Indirect bidders accepted$9,717,872,000
Direct bidders accepted$5,108,000,000
Primary dealers accepted$12,020,485,000
Indirect bidders' share, % (ours)36.2
Direct bidders' share, % (ours)19.0
Primary dealers' share, % (ours)44.8
High minus median, basis points (ours)2.4
Treasury par yield curve, 3-year point, same day, %0.92
High yield minus that point, basis points (ours)0.4

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 ratio3.03Last 24 auctions23 of 241 of 243.39
Bid-to-cover ratio3.03Since 10 November 200851 of 6918 of 693.26
Bid-to-cover ratio3.03All 85 since 6 May 200351 of 8534 of 853.21
High yield0.924Last 24 auctions3 of 2421 of 240.631
High yield0.924Since 10 November 200829 of 6940 of 690.799
High yield0.924All 152 since 5 May 1981112 of 15240 of 1523.646
Indirect bidders' share36.2Last 24 auctions5 of 2419 of 2429.8
Indirect bidders' share36.2All 69 since 10 November 200833 of 6936 of 6935.7
Direct bidders' share19.0Last 24 auctions13 of 2411 of 2419.4
Direct bidders' share19.0All 69 since 10 November 200815 of 6954 of 6912.0
Primary dealers' share44.8Last 24 auctions22 of 242 of 2449.7
Primary dealers' share44.8All 69 since 10 November 200850 of 6919 of 6951.1
High minus median, basis points2.4Last 24 auctions2 of 2421 of 241.8
High minus median, basis points2.4Since 10 November 200837 of 6929 of 692.6
High minus median, basis points2.4All 152 since 5 May 198155 of 15293 of 1522.0

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 August 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140812_2.pdf. Compiled by 500metrics, "3-year note auction of 12 August 2014 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2014-08-12.

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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