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3-year note auction of 12 January 2015 (new issue)

The 3-year note sold $24 billion at a high yield of 0.926% on , with a bid-to-cover ratio of 3.33.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.926%

Median yield 0.900%

Bid-to-cover

3.33

▲ +0.09 since 9 Dec

Sold

$24.00 billion

$24 billion offered

Indirect bidders

45.8%

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 7 February 2012 to 12 January 2015; the latest at 0.926%.0.2%0.4%0.6%0.8%1.0%1.2%2012201320142015This auction, 0.926%High yield at the last 36 3-year note auctions36 auctions from 7 February 2012 to 12 January 2015; the latest at 0.926%.0.2%0.4%0.6%0.8%1.0%1.2%2013201420150.926%

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
0.9263.33
1.0663.24
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.333.306 of 126 of 12
High yield0.9260.9297 of 125 of 12
Indirect bidders' share45.834.30 of 1212 of 12
Direct bidders' share14.818.210 of 122 of 12
Primary dealers' share39.447.612 of 120 of 12
High minus median, basis points2.62.22 of 129 of 12

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

  • Indirect bidders' share: Highest for a 3-year note since 9 August 2011 (40 auctions in between).
  • Primary dealers' share: Lowest for a 3-year note since 8 June 2010 (54 auctions in between).

Who bought the 3-year note?

Indirect bidders took 45.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 December 2014

Indirect bidders took 45.8% of the competitive bids acceptedIndirect bidders 45.8%, Direct bidders 14.8%, Primary dealers 39.4%Indirect bidders45.8%42.2%Direct bidders14.8%10.1%Primary dealers39.4%47.7%Indirect bidders took 45.8% of the competitive bids acceptedIndirect bidders 45.8%, Direct bidders 14.8%, Primary dealers 39.4%Indirect bidders45.8%42.2%Direct bidders14.8%10.1%Primary dealers39.4%47.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders45.842.2
Direct bidders14.810.1
Primary dealers39.447.7

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$24,000,000,000
Bids received$79,926,050,100
Sold$24,000,082,700
Competitive bids accepted$23,948,532,600
Non-competitive bids accepted$51,550,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %0.926
Median rate, %0.900
Low rate, %0.835
Interest rate (coupon), %0.875
Bids at the high rate filled, %85.18
Bid-to-cover ratio3.33
Indirect bidders accepted$10,964,000,000
Direct bidders accepted$3,554,000,000
Primary dealers accepted$9,430,532,600
Indirect bidders' share, % (ours)45.8
Direct bidders' share, % (ours)14.8
Primary dealers' share, % (ours)39.4
High minus median, basis points (ours)2.6
Treasury par yield curve, 3-year point, same day, %0.91
High yield minus that point, basis points (ours)1.6

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 ratio3.33Last 24 auctions13 of 2411 of 243.36
Bid-to-cover ratio3.33Since 10 November 200826 of 7447 of 743.25
Bid-to-cover ratio3.33All 90 since 6 May 200326 of 9063 of 903.21
High yield0.926Last 24 auctions7 of 2417 of 240.759
High yield0.926Since 10 November 200833 of 7441 of 740.853
High yield0.926All 157 since 5 May 1981116 of 15741 of 1572.842
Indirect bidders' share45.8Last 24 auctions0 of 2424 of 2433.1
Indirect bidders' share45.8All 74 since 10 November 200812 of 7462 of 7435.9
Direct bidders' share14.8Last 24 auctions17 of 247 of 2418.2
Direct bidders' share14.8All 74 since 10 November 200830 of 7444 of 7412.5
Primary dealers' share39.4Last 24 auctions24 of 240 of 2448.3
Primary dealers' share39.4All 74 since 10 November 200864 of 7410 of 7449.5
High minus median, basis points2.6Last 24 auctions2 of 2420 of 242.1
High minus median, basis points2.6Since 10 November 200836 of 7435 of 742.6
High minus median, basis points2.6All 157 since 5 May 198154 of 157100 of 1572.0

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 January 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150112_3.pdf. Compiled by 500metrics, "3-year note auction of 12 January 2015 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2015-01-12.

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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