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3-year note auction of 8 December 2015 (new issue)

The 3-year note sold $24 billion at a high yield of 1.255% on , with a bid-to-cover ratio of 3.14.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.255%

Median yield 1.220%

Bid-to-cover

3.14

▲ +0.32 since 9 Nov

Sold

$24.00 billion

$24 billion offered

Indirect bidders

47.4%

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 8 January 2013 to 8 December 2015; the latest at 1.255%.0.3%0.5%0.8%1.0%1.3%1.5%201320142015This auction, 1.255%High yield at the last 36 3-year note auctions36 auctions from 8 January 2013 to 8 December 2015; the latest at 1.255%.0.6%0.8%1.0%1.2%1.4%201420151.255%

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
1.2553.14
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.143.2910 of 121 of 12
High yield1.2551.0321 of 1211 of 12
Indirect bidders' share47.449.29 of 123 of 12
Direct bidders' share18.610.60 of 1212 of 12
Primary dealers' share34.040.112 of 120 of 12
High minus median, basis points3.53.35 of 126 of 12

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

  • Direct bidders' share: Highest for a 3-year note since 9 September 2014 (14 auctions in between).
  • Primary dealers' share: Lowest for a 3-year note since 11 May 2010 (66 auctions in between).

Who bought the 3-year note?

Indirect bidders took 47.4% of the competitive bids accepted

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

Indirect bidders took 47.4% of the competitive bids acceptedIndirect bidders 47.4%, Direct bidders 18.6%, Primary dealers 34.0%Indirect bidders47.4%40.8%Direct bidders18.6%15.1%Primary dealers34.0%44.1%Indirect bidders took 47.4% of the competitive bids acceptedIndirect bidders 47.4%, Direct bidders 18.6%, Primary dealers 34.0%Indirect bidders47.4%40.8%Direct bidders18.6%15.1%Primary dealers34.0%44.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.440.8
Direct bidders18.615.1
Primary dealers34.044.1

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$75,351,126,900
Sold$24,000,024,400
Competitive bids accepted$23,919,822,500
Non-competitive bids accepted$80,201,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.255
Median rate, %1.220
Low rate, %1.100
Interest rate (coupon), %1.250
Bids at the high rate filled, %48.33
Bid-to-cover ratio3.14
Indirect bidders accepted$11,347,625,000
Direct bidders accepted$4,440,300,000
Primary dealers accepted$8,131,897,500
Indirect bidders' share, % (ours)47.4
Direct bidders' share, % (ours)18.6
Primary dealers' share, % (ours)34.0
High minus median, basis points (ours)3.5
Treasury par yield curve, 3-year point, same day, %1.25
High yield minus that point, basis points (ours)0.5

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 ratio3.14Last 24 auctions21 of 242 of 243.33
Bid-to-cover ratio3.14Since 10 November 200859 of 8525 of 853.25
Bid-to-cover ratio3.14All 101 since 6 May 200359 of 10141 of 1013.22
High yield1.255Last 24 auctions1 of 2423 of 240.962
High yield1.255Since 10 November 200820 of 8565 of 850.924
High yield1.255All 168 since 5 May 1981103 of 16865 of 1681.880
Indirect bidders' share47.4Last 24 auctions9 of 2415 of 2441.4
Indirect bidders' share47.4All 85 since 10 November 200820 of 8565 of 8537.7
Direct bidders' share18.6Last 24 auctions6 of 2418 of 2414.4
Direct bidders' share18.6All 85 since 10 November 200817 of 8568 of 8512.0
Primary dealers' share34.0Last 24 auctions24 of 240 of 2444.4
Primary dealers' share34.0All 85 since 10 November 200883 of 852 of 8547.7
High minus median, basis points3.5Last 24 auctions5 of 2418 of 242.6
High minus median, basis points3.5Since 10 November 200828 of 8556 of 852.9
High minus median, basis points3.5All 168 since 5 May 198135 of 168131 of 1682.0

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 8 December 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151208_3.pdf. Compiled by 500metrics, "3-year note auction of 8 December 2015 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2015-12-08.

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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