500metrics

All sources checked Checked

3-year note auction of 7 March 2017 (new issue)

The 3-year note sold $24 billion at a high yield of 1.630% on , with a bid-to-cover ratio of 2.74.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.630%

Median yield 1.570%

Bid-to-cover

2.74

▼ −0.04 since 7 Feb

Sold

$24.00 billion

$24 billion offered

Indirect bidders

49.4%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 6 April 2010

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 6 April 201036 auctions from 8 April 2014 to 7 March 2017; the latest at 1.630%.0.8%1.0%1.3%1.5%1.8%2014201520162017This auction, 1.630%The high yield was the highest for a 3-year note since 6 April 201036 auctions from 8 April 2014 to 7 March 2017; the latest at 1.630%.0.8%1.0%1.3%1.5%1.8%2015201620171.630%

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
1.6302.74
1.4232.78
1.4722.97
1.4522.65
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.742.787 of 125 of 12
High yield1.6300.9900 of 1212 of 12
Indirect bidders' share49.453.47 of 125 of 12
Direct bidders' share8.49.38 of 124 of 12
Primary dealers' share42.239.13 of 129 of 12
High minus median, basis points6.04.01 of 1211 of 12

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

Who bought the 3-year note?

Indirect bidders took 49.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 February 2017

Indirect bidders took 49.4% of the competitive bids acceptedIndirect bidders 49.4%, Direct bidders 8.4%, Primary dealers 42.2%Indirect bidders49.4%57.2%Direct bidders8.4%8.1%Primary dealers42.2%34.7%Indirect bidders took 49.4% of the competitive bids acceptedIndirect bidders 49.4%, Direct bidders 8.4%, Primary dealers 42.2%Indirect bidders49.4%57.2%Direct bidders8.4%8.1%Primary dealers42.2%34.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders49.457.2
Direct bidders8.48.1
Primary dealers42.234.7

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$65,770,438,000
Sold$24,000,028,000
Competitive bids accepted$23,838,790,000
Non-competitive bids accepted$61,238,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.630
Median rate, %1.570
Low rate, %1.500
Interest rate (coupon), %1.625
Bids at the high rate filled, %17.70
Bid-to-cover ratio2.74
Indirect bidders accepted$11,769,370,000
Direct bidders accepted$1,999,770,000
Primary dealers accepted$10,069,650,000
Indirect bidders' share, % (ours)49.4
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)42.2
High minus median, basis points (ours)6.0
Treasury par yield curve, 3-year point, same day, %1.62
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 ratio2.74Last 24 auctions18 of 245 of 242.94
Bid-to-cover ratio2.74Since 10 November 200887 of 10012 of 1003.22
Bid-to-cover ratio2.74All 116 since 6 May 200388 of 11627 of 1163.16
High yield1.630Last 24 auctions0 of 2424 of 241.024
High yield1.630Since 10 November 20084 of 10096 of 1000.929
High yield1.630All 183 since 5 May 198187 of 18396 of 1831.473
Indirect bidders' share49.4Last 24 auctions14 of 2410 of 2450.9
Indirect bidders' share49.4All 100 since 10 November 200823 of 10077 of 10038.9
Direct bidders' share8.4Last 24 auctions17 of 247 of 249.9
Direct bidders' share8.4All 100 since 10 November 200876 of 10024 of 10011.4
Primary dealers' share42.2Last 24 auctions5 of 2419 of 2439.5
Primary dealers' share42.2All 100 since 10 November 200865 of 10035 of 10046.7
High minus median, basis points6.0Last 24 auctions1 of 2423 of 243.6
High minus median, basis points6.0Since 10 November 20086 of 10094 of 1003.1
High minus median, basis points6.0All 183 since 5 May 19817 of 183176 of 1832.2

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 7 March 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170307_3.pdf. Compiled by 500metrics, "3-year note auction of 7 March 2017 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2017-03-07.

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

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