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

The 3-year note sold $26.918 billion at a high yield of 1.750% on , with a bid-to-cover ratio of 2.76.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.750%

Median yield 1.699%

Bid-to-cover

2.76

▼ −0.07 since 11 Oct

Sold

$26.92 billion

$24 billion offered

Indirect bidders

53.5%

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 9 December 2014 to 7 November 2017; the latest at 1.750%.0.8%1.0%1.3%1.5%1.8%201520162017This auction, 1.750%The high yield was the highest for a 3-year note since 6 April 201036 auctions from 9 December 2014 to 7 November 2017; the latest at 1.750%.0.8%1.0%1.3%1.5%1.8%201620171.750%

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
1.7502.76
1.6572.83
1.4332.70
1.5203.13
1.5732.87
1.5003.00
1.5722.76
1.5252.62
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.762.776 of 125 of 12
High yield1.7501.5100 of 1212 of 12
Indirect bidders' share53.552.25 of 127 of 12
Direct bidders' share9.08.34 of 128 of 12
Primary dealers' share37.539.39 of 123 of 12
High minus median, basis points5.14.44 of 128 of 12

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

Who bought the 3-year note?

Indirect bidders took 53.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 October 2017

Indirect bidders took 53.5% of the competitive bids acceptedIndirect bidders 53.5%, Direct bidders 9.0%, Primary dealers 37.5%Indirect bidders53.5%54.3%Direct bidders9.0%7.1%Primary dealers37.5%38.6%Indirect bidders took 53.5% of the competitive bids acceptedIndirect bidders 53.5%, Direct bidders 9.0%, Primary dealers 37.5%Indirect bidders53.5%54.3%Direct bidders9.0%7.1%Primary dealers37.5%38.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.554.3
Direct bidders9.07.1
Primary dealers37.538.6

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$69,120,749,500
Sold$26,918,433,500
Competitive bids accepted$23,837,834,000
Non-competitive bids accepted$62,228,300
Federal Reserve (SOMA) add-on$2,918,371,200
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.750
Median rate, %1.699
Low rate, %1.188
Interest rate (coupon), %1.750
Bids at the high rate filled, %55.06
Bid-to-cover ratio2.76
Indirect bidders accepted$12,758,903,000
Direct bidders accepted$2,151,000,000
Primary dealers accepted$8,927,931,000
Indirect bidders' share, % (ours)53.5
Direct bidders' share, % (ours)9.0
Primary dealers' share, % (ours)37.5
High minus median, basis points (ours)5.1
Treasury par yield curve, 3-year point, same day, %1.75
High yield minus that point, basis points (ours)0.0

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 ratio2.76Last 24 auctions14 of 249 of 242.78
Bid-to-cover ratio2.76Since 10 November 200890 of 10816 of 1083.20
Bid-to-cover ratio2.76All 124 since 6 May 200391 of 12431 of 1243.13
High yield1.750Last 24 auctions0 of 2424 of 241.263
High yield1.750Since 10 November 20084 of 108104 of 1080.970
High yield1.750All 191 since 5 May 198187 of 191104 of 1911.490
Indirect bidders' share53.5Last 24 auctions10 of 2414 of 2452.0
Indirect bidders' share53.5All 108 since 10 November 200815 of 10893 of 10840.4
Direct bidders' share9.0Last 24 auctions15 of 249 of 249.4
Direct bidders' share9.0All 108 since 10 November 200874 of 10834 of 10811.1
Primary dealers' share37.5Last 24 auctions16 of 248 of 2439.1
Primary dealers' share37.5All 108 since 10 November 200893 of 10815 of 10845.3
High minus median, basis points5.1Last 24 auctions4 of 2420 of 244.2
High minus median, basis points5.1Since 10 November 200818 of 10890 of 1083.2
High minus median, basis points5.1All 191 since 5 May 198119 of 191172 of 1912.4

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 November 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20171107_3.pdf. Compiled by 500metrics, "3-year note auction of 7 November 2017 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2017-11-07.

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

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