500metrics

All sources checked Checked

3-year note auction of 9 August 2016 (new issue)

The 3-year note sold $26.458 billion at a high yield of 0.850% on , with a bid-to-cover ratio of 2.98.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.850%

Median yield 0.800%

Bid-to-cover

2.98

▲ +0.29 since 11 Jul

Sold

$26.46 billion

$24 billion offered

Indirect bidders

56.9%

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 10 September 2013 to 9 August 2016; the latest at 0.850%.0.6%0.8%1.0%1.2%1.4%2013201420152016This auction, 0.850%High yield at the last 36 3-year note auctions36 auctions from 10 September 2013 to 9 August 2016; the latest at 0.850%.0.6%0.8%1.0%1.2%1.4%201520160.850%

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
0.8502.98
0.7652.69
0.9302.79
0.8752.93
0.8902.72
1.0392.71
0.8442.74
1.1742.94
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.982.884 of 128 of 12
High yield0.8500.97210 of 122 of 12
Indirect bidders' share56.947.92 of 1210 of 12
Direct bidders' share9.511.18 of 124 of 12
Primary dealers' share33.740.19 of 123 of 12
High minus median, basis points5.03.80 of 1210 of 12

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

Who bought the 3-year note?

Indirect bidders took 56.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 July 2016

Indirect bidders took 56.9% of the competitive bids acceptedIndirect bidders 56.9%, Direct bidders 9.5%, Primary dealers 33.7%Indirect bidders56.9%44.7%Direct bidders9.5%15.8%Primary dealers33.7%39.4%Indirect bidders took 56.9% of the competitive bids acceptedIndirect bidders 56.9%, Direct bidders 9.5%, Primary dealers 33.7%Indirect bidders56.9%44.7%Direct bidders9.5%15.8%Primary dealers33.7%39.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.944.7
Direct bidders9.515.8
Primary dealers33.739.4

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$74,064,848,800
Sold$26,458,325,800
Competitive bids accepted$23,958,877,000
Non-competitive bids accepted$41,168,600
Federal Reserve (SOMA) add-on$2,458,280,200
Foreign and international (FIMA) non-competitive$0
High yield, %0.850
Median rate, %0.800
Low rate, %0.688
Interest rate (coupon), %0.750
Bids at the high rate filled, %54.18
Bid-to-cover ratio2.98
Indirect bidders accepted$13,621,400,000
Direct bidders accepted$2,268,000,000
Primary dealers accepted$8,069,477,000
Indirect bidders' share, % (ours)56.9
Direct bidders' share, % (ours)9.5
Primary dealers' share, % (ours)33.7
High minus median, basis points (ours)5.0
Treasury par yield curve, 3-year point, same day, %0.84
High yield minus that point, basis points (ours)1.0

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 ratio2.98Last 24 auctions16 of 248 of 243.16
Bid-to-cover ratio2.98Since 10 November 200869 of 9322 of 933.24
Bid-to-cover ratio2.98All 109 since 6 May 200369 of 10938 of 1093.20
High yield0.850Last 24 auctions22 of 242 of 240.999
High yield0.850Since 10 November 200854 of 9339 of 930.924
High yield0.850All 176 since 5 May 1981137 of 17639 of 1761.504
Indirect bidders' share56.9Last 24 auctions2 of 2422 of 2447.7
Indirect bidders' share56.9All 93 since 10 November 20085 of 9388 of 9338.4
Direct bidders' share9.5Last 24 auctions18 of 246 of 2411.3
Direct bidders' share9.5All 93 since 10 November 200865 of 9328 of 9311.9
Primary dealers' share33.7Last 24 auctions21 of 243 of 2440.7
Primary dealers' share33.7All 93 since 10 November 200888 of 935 of 9347.0
High minus median, basis points5.0Last 24 auctions0 of 2422 of 243.4
High minus median, basis points5.0Since 10 November 200814 of 9377 of 933.0
High minus median, basis points5.0All 176 since 5 May 198115 of 176157 of 1762.1

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 August 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160809_2.pdf. Compiled by 500metrics, "3-year note auction of 9 August 2016 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2016-08-09.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.