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3-year note auction of 8 November 2016 (new issue)

The 3-year note sold $29.254 billion at a high yield of 1.034% on , with a bid-to-cover ratio of 2.69.

Coupon
1.000%
Announced
Issued
Matures

High yield

1.034%

Median yield 1.000%

Bid-to-cover

2.69

▼ −0.23 since 12 Oct

Sold

$29.25 billion

$24 billion offered

Indirect bidders

42.6%

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 December 2013 to 8 November 2016; the latest at 1.034%.0.6%0.8%1.0%1.2%1.4%201420152016This auction, 1.034%High yield at the last 36 3-year note auctions36 auctions from 10 December 2013 to 8 November 2016; the latest at 1.034%.0.6%0.8%1.0%1.2%1.4%201520161.034%

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
1.0342.69
1.0452.92
0.9472.77
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.692.8011 of 120 of 12
High yield1.0340.9385 of 127 of 12
Indirect bidders' share42.650.110 of 122 of 12
Direct bidders' share7.610.711 of 121 of 12
Primary dealers' share49.738.60 of 1212 of 12
High minus median, basis points3.43.68 of 122 of 12

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

  • Primary dealers' share: Highest for a 3-year note since 10 June 2014 (28 auctions in between).

Who bought the 3-year note?

Primary dealers took 49.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 12 October 2016

Primary dealers took 49.7% of the competitive bids acceptedIndirect bidders 42.6%, Direct bidders 7.6%, Primary dealers 49.7%Indirect bidders42.6%52.1%Direct bidders7.6%10.1%Primary dealers49.7%37.7%Primary dealers took 49.7% of the competitive bids acceptedIndirect bidders 42.6%, Direct bidders 7.6%, Primary dealers 49.7%Indirect bidders42.6%52.1%Direct bidders7.6%10.1%Primary dealers49.7%37.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders42.652.1
Direct bidders7.610.1
Primary dealers49.737.7

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$69,925,678,500
Sold$29,254,188,300
Competitive bids accepted$23,959,084,800
Non-competitive bids accepted$40,993,600
Federal Reserve (SOMA) add-on$5,254,109,900
Foreign and international (FIMA) non-competitive$0
High yield, %1.034
Median rate, %1.000
Low rate, %0.895
Interest rate (coupon), %1.000
Bids at the high rate filled, %58.67
Bid-to-cover ratio2.69
Indirect bidders accepted$10,217,242,500
Direct bidders accepted$1,831,000,000
Primary dealers accepted$11,910,842,300
Indirect bidders' share, % (ours)42.6
Direct bidders' share, % (ours)7.6
Primary dealers' share, % (ours)49.7
High minus median, basis points (ours)3.4
Treasury par yield curve, 3-year point, same day, %1.04
High yield minus that point, basis points (ours)-0.6

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 ratio2.69Last 24 auctions23 of 240 of 243.14
Bid-to-cover ratio2.69Since 10 November 200888 of 967 of 963.24
Bid-to-cover ratio2.69All 112 since 6 May 200389 of 11222 of 1123.18
High yield1.034Last 24 auctions10 of 2414 of 240.999
High yield1.034Since 10 November 200835 of 9661 of 960.925
High yield1.034All 179 since 5 May 1981118 of 17961 of 1791.489
Indirect bidders' share42.6Last 24 auctions20 of 244 of 2449.2
Indirect bidders' share42.6All 96 since 10 November 200834 of 9662 of 9638.5
Direct bidders' share7.6Last 24 auctions22 of 242 of 2410.6
Direct bidders' share7.6All 96 since 10 November 200880 of 9616 of 9611.7
Primary dealers' share49.7Last 24 auctions0 of 2424 of 2439.6
Primary dealers' share49.7All 96 since 10 November 200836 of 9660 of 9646.7
High minus median, basis points3.4Last 24 auctions13 of 248 of 243.5
High minus median, basis points3.4Since 10 November 200836 of 9655 of 963.0
High minus median, basis points3.4All 179 since 5 May 198144 of 179130 of 1792.2

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 November 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20161108_3.pdf. Compiled by 500metrics, "3-year note auction of 8 November 2016 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2016-11-08.

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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