Treasury auctions · 3-year 11-month note
How did the latest 3-year 11-month Treasury note auction go?
The last 3-year 11-month note auction was on ; Treasury published no result for it.
Discontinued Treasury has not auctioned this term since 29 October 1985.
Right now
The high yield was 9.470% on 29 October 1985, down from 11.460% at the auction before.
Its own history
Against all 2 earlier 3-year 11-month note auctions we hold, the high yield and the high minus median were lower than all 2.
Size
Treasury offered $6.75 billion and sold $7.272 billion on 29 Oct 1985.
Understanding the 3-year 11-month note auction
Where it stands today
The high yield was 9.470% at the 3-year 11-month note auction of .
What do these figures measure?
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.
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What these figures cannot tell
- 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 numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| High yield | 9.470 | All 2 since 24 October 1984 | 2 of 2 | 0 of 2 | 11.450 |
| High minus median, basis points | 0.0 | All 2 since 24 October 1984 | 2 of 2 | 0 of 2 | 3.5 |
The table scrolls sideways; the first column stays in place.
What were the results of every 3-year 11-month note auction?3 auctions, newest first
3 3-year 11-month note auctions with results since 24 October 1984.
| Auction | Offered as | High yield, % | Bid-to-cover | Offered, $ billion | Sold, $ billion | Indirect, % | Direct, % | Dealers, % | High − median, bp |
|---|---|---|---|---|---|---|---|---|---|
| 3-Year 11-Month | 9.470 | – | 6.750 | 7.272 | – | – | – | 0.0 | |
| 3-Year 11-Month | 11.460 | – | 1.000 | 1.001 | – | – | – | 5.0 | |
| 3-Year 11-Month | 11.440 | – | 6.000 | 6.535 | – | – | – | 2.0 |
The table scrolls sideways; the first column stays in place.
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 29 October 1985. Compiled by 500metrics, "How did the latest 3-year 11-month Treasury note auction go?", https://500metrics.com/treasury/auctions/3-year-11-month-note.
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