500metrics

All sources checked Checked

3-year note auction of 7 April 2015 (new issue)

The 3-year note sold $24 billion at a high yield of 0.865% on , with a bid-to-cover ratio of 3.25.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.865%

Median yield 0.835%

Bid-to-cover

3.25

▼ −0.08 since 10 Mar

Sold

$24.00 billion

$24 billion offered

Indirect bidders

49.4%

Of competitive bids accepted

The high yield was the lowest for a 3-year note since 11 March 2014

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note since 11 March 201436 auctions from 8 May 2012 to 7 April 2015; the latest at 0.865%.0.2%0.4%0.6%0.8%1.0%1.2%2012201320142015This auction, 0.865%The high yield was the lowest for a 3-year note since 11 March 201436 auctions from 8 May 2012 to 7 April 2015; the latest at 0.865%.0.2%0.4%0.6%0.8%1.0%1.2%2013201420150.865%

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
0.8653.25
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.253.348 of 124 of 12
High yield0.8650.99312 of 120 of 12
Indirect bidders' share49.437.01 of 1211 of 12
Direct bidders' share11.116.39 of 123 of 12
Primary dealers' share39.547.111 of 121 of 12
High minus median, basis points3.02.42 of 129 of 12

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

Who bought the 3-year note?

Indirect bidders took 49.4% of the competitive bids accepted

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

Indirect bidders took 49.4% of the competitive bids acceptedIndirect bidders 49.4%, Direct bidders 11.1%, Primary dealers 39.5%Indirect bidders49.4%51.4%Direct bidders11.1%8.0%Primary dealers39.5%40.5%Indirect bidders took 49.4% of the competitive bids acceptedIndirect bidders 49.4%, Direct bidders 11.1%, Primary dealers 39.5%Indirect bidders49.4%51.4%Direct bidders11.1%8.0%Primary dealers39.5%40.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders49.451.4
Direct bidders11.18.0
Primary dealers39.540.5

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$78,059,926,600
Sold$24,000,006,600
Competitive bids accepted$23,787,644,000
Non-competitive bids accepted$62,362,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$150,000,000
High yield, %0.865
Median rate, %0.835
Low rate, %0.700
Interest rate (coupon), %0.750
Bids at the high rate filled, %68.36
Bid-to-cover ratio3.25
Indirect bidders accepted$11,756,284,000
Direct bidders accepted$2,632,000,000
Primary dealers accepted$9,399,360,000
Indirect bidders' share, % (ours)49.4
Direct bidders' share, % (ours)11.1
Primary dealers' share, % (ours)39.5
High minus median, basis points (ours)3.0
Treasury par yield curve, 3-year point, same day, %0.85
High yield minus that point, basis points (ours)1.5

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 ratio3.25Last 24 auctions14 of 248 of 243.33
Bid-to-cover ratio3.25Since 10 November 200839 of 7735 of 773.26
Bid-to-cover ratio3.25All 93 since 6 May 200339 of 9351 of 933.22
High yield0.865Last 24 auctions13 of 2411 of 240.904
High yield0.865Since 10 November 200839 of 7738 of 770.895
High yield0.865All 160 since 5 May 1981122 of 16038 of 1602.524
Indirect bidders' share49.4Last 24 auctions1 of 2423 of 2435.0
Indirect bidders' share49.4All 77 since 10 November 200810 of 7767 of 7736.2
Direct bidders' share11.1Last 24 auctions20 of 244 of 2415.8
Direct bidders' share11.1All 77 since 10 November 200845 of 7732 of 7712.3
Primary dealers' share39.5Last 24 auctions23 of 241 of 2447.3
Primary dealers' share39.5All 77 since 10 November 200866 of 7711 of 7749.1
High minus median, basis points3.0Last 24 auctions2 of 2421 of 242.2
High minus median, basis points3.0Since 10 November 200832 of 7743 of 772.6
High minus median, basis points3.0All 160 since 5 May 198141 of 160110 of 1602.0

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 7 April 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150407_2.pdf. Compiled by 500metrics, "3-year note auction of 7 April 2015 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2015-04-07.

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.