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How did the latest 4-year Treasury note auction go?

The last 4-year note auction was on ; Treasury published no result for it.

Discontinued Treasury has not auctioned this term since 27 December 1990.

High yield

7.670%

27 December 1990 · Auction results

Sold

$9.65 billion

$8.5 billion offered

The latest auction against its own history

Each measure against earlier 4-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
High yield7.670Last 12 auctions11 of 121 of 128.435
High yield7.670Last 24 auctions18 of 246 of 248.425
High yield7.670All 42 since 25 March 198036 of 426 of 429.710
High minus median, basis points1.0Last 12 auctions1 of 127 of 120.0
High minus median, basis points1.0Last 24 auctions7 of 2413 of 240.0
High minus median, basis points1.0All 42 since 25 March 198019 of 4214 of 421.0

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

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.

Every 4-year note auction

Auctions with results since 25 March 1980: 43.

4-year note auctions, newest first; dated links open an auction's own page
AuctionOffered asHigh yield, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %High − median, bp
4-Year7.670–8.5009.651–––1.0
4-Year8.530–8.2509.375–––0.0
4-Year8.500–8.2509.155–––0.0
4-Year8.580–8.0009.164–––0.0
4-Year7.650–8.0008.957–––0.0
4-Year8.350–7.7508.723–––0.0
4-Year8.200–7.5008.347–––1.0
4-Year9.700–7.5009.042–––0.0
4-Year9.220–7.2508.226–––0.0
4-Year8.770–7.0007.945–––1.0
4-Year8.370–6.7507.658–––1.0
4-Year7.920–6.5008.110–––2.0
Show 31 more rows
AuctionOffered asHigh yield, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %High − median, bp
4-Year8.340–7.0008.052–––1.0
4-Year9.240–7.2507.863–––0.0
4-Year7.890–7.5008.339–––0.0
4-Year6.790–7.7508.537–––0.0
4-Year6.660–7.7508.376–––2.0
4-Year6.890–7.5008.182–––2.0
4-Year7.260–7.2508.027–––0.0
4-Year7.290–7.0007.963–––0.0
4-Year8.480–7.0007.455–––5.0
4-Year9.720–6.5007.452–––0.0
4-Year11.320–6.2506.920–––2.0
4-Year10.740–6.2006.792–––2.0
4-Year13.710–6.0006.683–––2.0
4-Year12.080–6.0006.781–––1.0
4-Year11.360–6.0006.564–––1.0
4-Year11.170–5.7506.498–––1.0
4-Year10.620–5.7506.408–––0.0
4-Year10.330–5.5006.477–––3.0
4-Year10.120–5.0005.860–––2.0
4-Year12.310–5.0005.752–––1.0
2-Year, reopening12.250–6.5007.554–––5.0
4-Year14.970–4.0004.678–––1.0
4-Year14.080–3.7504.185–––3.0
4-Year14.220–3.2503.405–––6.0
4-Year15.930–3.2503.929–––2.0
4-Year14.060–3.2503.366–––2.0
4-Year13.510–3.5003.764–––2.0
4-Year14.060–3.2503.568–––3.0
4-Year12.150–3.0003.343–––2.0
4-Year9.010–3.2503.708–––2.0
4-Year14.330–2.5002.875–––4.0

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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

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