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3-year note auction of 10 March 2015 (new issue)

The 3-year note sold $24 billion at a high yield of 1.104% on , with a bid-to-cover ratio of 3.33.

Coupon
1.000%
Announced
Issued
Matures

High yield

1.104%

Median yield 1.080%

Bid-to-cover

3.33

▼ −0.01 since 10 Feb

Sold

$24.00 billion

$24 billion offered

Indirect bidders

51.4%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 12 April 2011

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 12 April 201136 auctions from 10 April 2012 to 10 March 2015; the latest at 1.104%.0.2%0.4%0.6%0.8%1.0%1.2%2012201320142015This auction, 1.104%The high yield was the highest for a 3-year note since 12 April 201136 auctions from 10 April 2012 to 10 March 2015; the latest at 1.104%.0.2%0.4%0.6%0.8%1.0%1.2%2013201420151.104%

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
1.1043.33
1.0503.34
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.333.346 of 125 of 12
High yield1.1040.9610 of 1212 of 12
Indirect bidders' share51.435.90 of 1212 of 12
Direct bidders' share8.016.411 of 121 of 12
Primary dealers' share40.547.211 of 121 of 12
High minus median, basis points2.42.46 of 125 of 12

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

  • Indirect bidders' share: Highest for a 3-year note since 6 April 2010 (58 auctions in between).

Who bought the 3-year note?

Indirect bidders took 51.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 February 2015

Indirect bidders took 51.4% of the competitive bids acceptedIndirect bidders 51.4%, Direct bidders 8.0%, Primary dealers 40.5%Indirect bidders51.4%48.9%Direct bidders8.0%7.2%Primary dealers40.5%43.9%Indirect bidders took 51.4% of the competitive bids acceptedIndirect bidders 51.4%, Direct bidders 8.0%, Primary dealers 40.5%Indirect bidders51.4%48.9%Direct bidders8.0%7.2%Primary dealers40.5%43.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.448.9
Direct bidders8.07.2
Primary dealers40.543.9

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$79,915,596,900
Sold$24,000,036,900
Competitive bids accepted$23,812,015,000
Non-competitive bids accepted$88,021,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.104
Median rate, %1.080
Low rate, %0.900
Interest rate (coupon), %1.000
Bids at the high rate filled, %91.74
Bid-to-cover ratio3.33
Indirect bidders accepted$12,245,055,000
Direct bidders accepted$1,915,000,000
Primary dealers accepted$9,651,960,000
Indirect bidders' share, % (ours)51.4
Direct bidders' share, % (ours)8.0
Primary dealers' share, % (ours)40.5
High minus median, basis points (ours)2.4
Treasury par yield curve, 3-year point, same day, %1.10
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 ratio3.33Last 24 auctions12 of 2411 of 243.34
Bid-to-cover ratio3.33Since 10 November 200827 of 7647 of 763.26
Bid-to-cover ratio3.33All 92 since 6 May 200327 of 9263 of 923.22
High yield1.104Last 24 auctions0 of 2424 of 240.848
High yield1.104Since 10 November 200823 of 7653 of 760.878
High yield1.104All 159 since 5 May 1981106 of 15953 of 1592.625
Indirect bidders' share51.4Last 24 auctions0 of 2424 of 2433.8
Indirect bidders' share51.4All 76 since 10 November 20087 of 7669 of 7636.1
Direct bidders' share8.0Last 24 auctions23 of 241 of 2416.4
Direct bidders' share8.0All 76 since 10 November 200859 of 7617 of 7612.5
Primary dealers' share40.5Last 24 auctions23 of 241 of 2447.6
Primary dealers' share40.5All 76 since 10 November 200863 of 7613 of 7649.3
High minus median, basis points2.4Last 24 auctions7 of 2415 of 242.2
High minus median, basis points2.4Since 10 November 200842 of 7630 of 762.6
High minus median, basis points2.4All 159 since 5 May 198160 of 15994 of 1592.0

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 March 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150310_2.pdf. Compiled by 500metrics, "3-year note auction of 10 March 2015 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2015-03-10.

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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