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

The 3-year note sold $24 billion at a high yield of 0.932% on , with a bid-to-cover ratio of 3.16.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.932%

Median yield 0.890%

Bid-to-cover

3.16

▼ −0.17 since 9 Jun

Sold

$24.00 billion

$24 billion offered

Indirect bidders

47.7%

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 7 August 2012 to 7 July 2015; the latest at 0.932%.0.2%0.4%0.6%0.8%1.0%1.2%2012201320142015This auction, 0.932%High yield at the last 36 3-year note auctions36 auctions from 7 August 2012 to 7 July 2015; the latest at 0.932%.0.6%0.8%1.0%1.2%2013201420150.932%

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
0.9323.16
1.1253.33
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.163.3311 of 121 of 12
High yield0.9320.9999 of 123 of 12
Indirect bidders' share47.744.05 of 127 of 12
Direct bidders' share13.912.25 of 127 of 12
Primary dealers' share38.444.411 of 121 of 12
High minus median, basis points4.22.80 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 (44 auctions in between).

Who bought the 3-year note?

Indirect bidders took 47.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 June 2015

Indirect bidders took 47.7% of the competitive bids acceptedIndirect bidders 47.7%, Direct bidders 13.9%, Primary dealers 38.4%Indirect bidders47.7%50.7%Direct bidders13.9%9.7%Primary dealers38.4%39.6%Indirect bidders took 47.7% of the competitive bids acceptedIndirect bidders 47.7%, Direct bidders 13.9%, Primary dealers 38.4%Indirect bidders47.7%50.7%Direct bidders13.9%9.7%Primary dealers38.4%39.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.750.7
Direct bidders13.99.7
Primary dealers38.439.6

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$75,749,776,200
Sold$24,000,026,200
Competitive bids accepted$23,860,550,000
Non-competitive bids accepted$39,476,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.932
Median rate, %0.890
Low rate, %0.700
Interest rate (coupon), %0.875
Bids at the high rate filled, %74.44
Bid-to-cover ratio3.16
Indirect bidders accepted$11,390,520,000
Direct bidders accepted$3,313,000,000
Primary dealers accepted$9,157,030,000
Indirect bidders' share, % (ours)47.7
Direct bidders' share, % (ours)13.9
Primary dealers' share, % (ours)38.4
High minus median, basis points (ours)4.2
Treasury par yield curve, 3-year point, same day, %0.96
High yield minus that point, basis points (ours)-2.8

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 ratio3.16Last 24 auctions22 of 242 of 243.33
Bid-to-cover ratio3.16Since 10 November 200855 of 8025 of 803.26
Bid-to-cover ratio3.16All 96 since 6 May 200355 of 9641 of 963.22
High yield0.932Last 24 auctions9 of 2415 of 240.925
High yield0.932Since 10 November 200835 of 8045 of 800.904
High yield0.932All 163 since 5 May 1981118 of 16345 of 1632.330
Indirect bidders' share47.7Last 24 auctions5 of 2419 of 2437.0
Indirect bidders' share47.7All 80 since 10 November 200816 of 8064 of 8036.7
Direct bidders' share13.9Last 24 auctions15 of 249 of 2415.3
Direct bidders' share13.9All 80 since 10 November 200835 of 8045 of 8012.0
Primary dealers' share38.4Last 24 auctions23 of 241 of 2446.9
Primary dealers' share38.4All 80 since 10 November 200872 of 808 of 8048.9
High minus median, basis points4.2Last 24 auctions0 of 2424 of 242.4
High minus median, basis points4.2Since 10 November 200820 of 8060 of 802.6
High minus median, basis points4.2All 163 since 5 May 198123 of 163139 of 1632.0

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 July 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150707_2.pdf. Compiled by 500metrics, "3-year note auction of 7 July 2015 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2015-07-07.

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

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