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

The 3-year note sold $26.035 billion at a high yield of 0.998% on , with a bid-to-cover ratio of 3.18.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.998%

Median yield 0.964%

Bid-to-cover

3.18

▼ −0.24 since 7 Oct

Sold

$26.03 billion

$26 billion offered

Indirect bidders

37.7%

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 December 2011 to 10 November 2014; the latest at 0.998%.0.2%0.4%0.6%0.8%1.0%1.2%201220132014This auction, 0.998%High yield at the last 36 3-year note auctions36 auctions from 12 December 2011 to 10 November 2014; the latest at 0.998%.0.2%0.4%0.6%0.8%1.0%1.2%201320140.998%

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
0.9983.18
0.9943.42
1.0663.17
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.183.3910 of 122 of 12
High yield0.9980.9101 of 1211 of 12
Indirect bidders' share37.733.23 of 129 of 12
Direct bidders' share15.219.210 of 122 of 12
Primary dealers' share47.148.18 of 124 of 12
High minus median, basis points3.42.20 of 1212 of 12

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

  • High minus median, basis points: Highest for a 3-year note since 11 October 2011 (36 auctions in between).

Who bought the 3-year note?

Primary dealers took 47.1% of the competitive bids accepted

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

Primary dealers took 47.1% of the competitive bids acceptedIndirect bidders 37.7%, Direct bidders 15.2%, Primary dealers 47.1%Indirect bidders37.7%35.5%Direct bidders15.2%17.4%Primary dealers47.1%47.0%Primary dealers took 47.1% of the competitive bids acceptedIndirect bidders 37.7%, Direct bidders 15.2%, Primary dealers 47.1%Indirect bidders37.7%35.5%Direct bidders15.2%17.4%Primary dealers47.1%47.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders37.735.5
Direct bidders15.217.4
Primary dealers47.147.0

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$26,000,000,000
Bids received$82,806,180,100
Sold$26,034,729,700
Competitive bids accepted$25,838,249,600
Non-competitive bids accepted$61,783,700
Federal Reserve (SOMA) add-on$34,696,400
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.998
Median rate, %0.964
Low rate, %0.900
Interest rate (coupon), %0.875
Bids at the high rate filled, %31.48
Bid-to-cover ratio3.18
Indirect bidders accepted$9,752,199,600
Direct bidders accepted$3,924,000,000
Primary dealers accepted$12,162,050,000
Indirect bidders' share, % (ours)37.7
Direct bidders' share, % (ours)15.2
Primary dealers' share, % (ours)47.1
High minus median, basis points (ours)3.4
Treasury par yield curve, 3-year point, same day, %1.00
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 ratio3.18Last 24 auctions20 of 244 of 243.37
Bid-to-cover ratio3.18Since 10 November 200846 of 7226 of 723.26
Bid-to-cover ratio3.18All 88 since 6 May 200346 of 8842 of 883.21
High yield0.998Last 24 auctions1 of 2423 of 240.712
High yield0.998Since 10 November 200827 of 7245 of 720.823
High yield0.998All 155 since 5 May 1981110 of 15545 of 1553.199
Indirect bidders' share37.7Last 24 auctions4 of 2420 of 2431.9
Indirect bidders' share37.7All 72 since 10 November 200830 of 7242 of 7235.7
Direct bidders' share15.2Last 24 auctions18 of 246 of 2419.4
Direct bidders' share15.2All 72 since 10 November 200829 of 7243 of 7212.5
Primary dealers' share47.1Last 24 auctions16 of 248 of 2449.3
Primary dealers' share47.1All 72 since 10 November 200844 of 7228 of 7249.7
High minus median, basis points3.4Last 24 auctions0 of 2424 of 242.0
High minus median, basis points3.4Since 10 November 200823 of 7247 of 722.6
High minus median, basis points3.4All 155 since 5 May 198131 of 155122 of 1552.0

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 November 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20141110_3.pdf. Compiled by 500metrics, "3-year note auction of 10 November 2014 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2014-11-10.

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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