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3-year note auction of 9 November 2015 (new issue)

The 3-year note sold $24.122 billion at a high yield of 1.271% on , with a bid-to-cover ratio of 2.82.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.271%

Median yield 1.234%

Bid-to-cover

2.82

▼ −0.32 since 6 Oct

Sold

$24.12 billion

$24 billion offered

Indirect bidders

40.8%

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 11 December 2012 to 9 November 2015; the latest at 1.271%.0.3%0.5%0.8%1.0%1.3%1.5%201320142015This auction, 1.271%The high yield was the highest for a 3-year note since 12 April 201136 auctions from 11 December 2012 to 9 November 2015; the latest at 1.271%.0.6%0.8%1.0%1.2%1.4%201420151.271%

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
1.2712.82
0.8953.14
1.0563.23
1.0133.34
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.823.2912 of 120 of 12
High yield1.2711.0060 of 1212 of 12
Indirect bidders' share40.849.211 of 121 of 12
Direct bidders' share15.110.61 of 1211 of 12
Primary dealers' share44.140.12 of 1210 of 12
High minus median, basis points3.73.24 of 128 of 12

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

  • Bid-to-cover ratio: Lowest for a 3-year note since 6 October 2009 (72 auctions in between).

Who bought the 3-year note?

Primary dealers took 44.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 6 October 2015

Primary dealers took 44.1% of the competitive bids acceptedIndirect bidders 40.8%, Direct bidders 15.1%, Primary dealers 44.1%Indirect bidders40.8%47.7%Direct bidders15.1%11.1%Primary dealers44.1%41.1%Primary dealers took 44.1% of the competitive bids acceptedIndirect bidders 40.8%, Direct bidders 15.1%, Primary dealers 44.1%Indirect bidders40.8%47.7%Direct bidders15.1%11.1%Primary dealers44.1%41.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.847.7
Direct bidders15.111.1
Primary dealers44.141.1

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$67,890,690,100
Sold$24,122,282,600
Competitive bids accepted$23,924,892,500
Non-competitive bids accepted$75,107,800
Federal Reserve (SOMA) add-on$122,282,300
Foreign and international (FIMA) non-competitive$0
High yield, %1.271
Median rate, %1.234
Low rate, %0.888
Interest rate (coupon), %1.250
Bids at the high rate filled, %22.93
Bid-to-cover ratio2.82
Indirect bidders accepted$9,764,892,500
Direct bidders accepted$3,612,000,000
Primary dealers accepted$10,548,000,000
Indirect bidders' share, % (ours)40.8
Direct bidders' share, % (ours)15.1
Primary dealers' share, % (ours)44.1
High minus median, basis points (ours)3.7
Treasury par yield curve, 3-year point, same day, %1.27
High yield minus that point, basis points (ours)0.1

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 ratio2.82Last 24 auctions24 of 240 of 243.33
Bid-to-cover ratio2.82Since 10 November 200875 of 848 of 843.26
Bid-to-cover ratio2.82All 100 since 6 May 200376 of 10023 of 1003.22
High yield1.271Last 24 auctions0 of 2424 of 240.931
High yield1.271Since 10 November 200819 of 8465 of 840.918
High yield1.271All 167 since 5 May 1981102 of 16765 of 1671.960
Indirect bidders' share40.8Last 24 auctions12 of 2412 of 2440.2
Indirect bidders' share40.8All 84 since 10 November 200828 of 8456 of 8437.5
Direct bidders' share15.1Last 24 auctions11 of 2413 of 2414.4
Direct bidders' share15.1All 84 since 10 November 200830 of 8454 of 8412.0
Primary dealers' share44.1Last 24 auctions13 of 2411 of 2445.7
Primary dealers' share44.1All 84 since 10 November 200857 of 8427 of 8448.2
High minus median, basis points3.7Last 24 auctions4 of 2420 of 242.6
High minus median, basis points3.7Since 10 November 200826 of 8458 of 842.9
High minus median, basis points3.7All 167 since 5 May 198133 of 167134 of 1672.0

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 9 November 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151109_3.pdf. Compiled by 500metrics, "3-year note auction of 9 November 2015 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2015-11-09.

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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