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

The 3-year note sold $24.543 billion at a high yield of 1.000% on , with a bid-to-cover ratio of 3.34.

Coupon
1.000%
Announced
Issued
Matures

High yield

1.000%

Median yield 0.969%

Bid-to-cover

3.34

▲ +0.09 since 7 Apr

Sold

$24.54 billion

$24 billion offered

Indirect bidders

52.7%

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 June 2012 to 12 May 2015; the latest at 1.000%.0.2%0.4%0.6%0.8%1.0%1.2%2012201320142015This auction, 1.000%High yield at the last 36 3-year note auctions36 auctions from 12 June 2012 to 12 May 2015; the latest at 1.000%.0.4%0.6%0.8%1.0%1.2%2013201420151.000%

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
1.0003.34
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.343.334 of 127 of 12
High yield1.0000.9934 of 128 of 12
Indirect bidders' share52.738.00 of 1212 of 12
Direct bidders' share11.615.08 of 124 of 12
Primary dealers' share35.746.812 of 120 of 12
High minus median, basis points3.12.61 of 1210 of 12

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

  • Indirect bidders' share: Highest for a 3-year note since 8 December 2009 (64 auctions in between).
  • Primary dealers' share: Lowest for a 3-year note since 11 May 2010 (59 auctions in between).

Who bought the 3-year note?

Indirect bidders took 52.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 April 2015

Indirect bidders took 52.7% of the competitive bids acceptedIndirect bidders 52.7%, Direct bidders 11.6%, Primary dealers 35.7%Indirect bidders52.7%49.4%Direct bidders11.6%11.1%Primary dealers35.7%39.5%Indirect bidders took 52.7% of the competitive bids acceptedIndirect bidders 52.7%, Direct bidders 11.6%, Primary dealers 35.7%Indirect bidders52.7%49.4%Direct bidders11.6%11.1%Primary dealers35.7%39.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders52.749.4
Direct bidders11.611.1
Primary dealers35.739.5

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$80,642,740,100
Sold$24,542,959,600
Competitive bids accepted$23,779,044,500
Non-competitive bids accepted$71,096,400
Federal Reserve (SOMA) add-on$542,818,700
Foreign and international (FIMA) non-competitive$150,000,000
High yield, %1.000
Median rate, %0.969
Low rate, %0.800
Interest rate (coupon), %1.000
Bids at the high rate filled, %69.83
Bid-to-cover ratio3.34
Indirect bidders accepted$12,531,800,000
Direct bidders accepted$2,759,202,500
Primary dealers accepted$8,488,042,000
Indirect bidders' share, % (ours)52.7
Direct bidders' share, % (ours)11.6
Primary dealers' share, % (ours)35.7
High minus median, basis points (ours)3.1
Treasury par yield curve, 3-year point, same day, %1.00
High yield minus that point, basis points (ours)0.0

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 ratio3.34Last 24 auctions10 of 2413 of 243.33
Bid-to-cover ratio3.34Since 10 November 200826 of 7851 of 783.26
Bid-to-cover ratio3.34All 94 since 6 May 200326 of 9467 of 943.22
High yield1.000Last 24 auctions4 of 2420 of 240.904
High yield1.000Since 10 November 200829 of 7848 of 780.880
High yield1.000All 161 since 5 May 1981112 of 16148 of 1612.422
Indirect bidders' share52.7Last 24 auctions0 of 2424 of 2435.6
Indirect bidders' share52.7All 78 since 10 November 20085 of 7873 of 7836.4
Direct bidders' share11.6Last 24 auctions19 of 245 of 2415.3
Direct bidders' share11.6All 78 since 10 November 200843 of 7835 of 7812.2
Primary dealers' share35.7Last 24 auctions24 of 240 of 2447.2
Primary dealers' share35.7All 78 since 10 November 200875 of 783 of 7849.0
High minus median, basis points3.1Last 24 auctions1 of 2422 of 242.2
High minus median, basis points3.1Since 10 November 200828 of 7846 of 782.6
High minus median, basis points3.1All 161 since 5 May 198136 of 161120 of 1612.0

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 May 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150512_2.pdf. Compiled by 500metrics, "3-year note auction of 12 May 2015 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2015-05-12.

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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