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Treasury auctions · 3-Year Note

3-year note auction of 7 July 2009 (new issue)

The 3-year note sold $35.592 billion at a high yield of 1.519% on , with a bid-to-cover ratio of 2.62.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 20 Nov 1995 to 7 Jul 2009
High yield at each 3-year note auction, 6 May 2003 to 7 Jul 2009
High yield at each 3-year note auction, 10 Nov 2008 to 7 Jul 2009

Bid-to-cover ratio at each 3-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 3-year note auction, 20 Nov 1995 to 7 Jul 2009
Bid-to-cover ratio at each 3-year note auction, 6 May 2003 to 7 Jul 2009
Bid-to-cover ratio at each 3-year note auction, 10 Nov 2008 to 7 Jul 2009

Who bought the 3-year note of 7 Jul 2009

Shares of the competitive bids accepted

  • Indirect bidders 54.0%
  • Direct bidders 7.5%
  • Primary dealers 38.5%
This auction, 7 Jul 2009
  • Indirect bidders 43.8%
  • Direct bidders 15.8%
  • Primary dealers 40.5%
The 3-year note auction before, 9 Jun 2009

Each point is one 3-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders54.0%
Inspect and compare dates
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
1.5192.62
1.9602.82
1.4732.66
1.3852.42
1.4892.26
1.4192.67
1.2002.21
1.2452.15
1.8003.07
4.5742.39
4.8002.97
4.6662.27
4.8982.14
4.9952.31
4.5952.03
4.4582.42
4.2042.31
3.8212.38
3.4702.01
2.8422.02
3.1992.08
2.3302.27
2.6252.11
2.4221.32
2.0091.96
5.639–
5.420–
5.768–
6.047–
6.449–
6.005–
5.889–
6.124–
6.400–
5.046–
5.550–

Observed .

Right now

The high yield was 1.519% on 7 July 2009, down from 1.960% at the auction before.

Its own history

The indirect bidders' share was higher than all 8 earlier 3-year note auctions we hold.

The primary dealers' share was lower than all 8 earlier 3-year note auctions we hold.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 54.0%
  • Direct bidders 7.5%
  • Primary dealers 38.5%

Size

Treasury sold $35.592 billion of the $35 billion offered.

Bids received came to $92.164 billion; the bid-to-cover ratio was 2.62.

Its bid-to-cover of 2.62 compares with the 12 auctions before it: lowest 2.14 on , highest 3.07 on ; 51.6% of the way from the low to the high.

2.62

Low 2.14 Midpoint 2.605 High 3.07

The security3-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in July 2012.

Understanding this result

Where it stands today

The high yield was 1.519% at this 3-year note auction, the median yield 1.430% and a bid-to-cover ratio of 2.62.

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.

Read more

How does it compare with the par yield curve?

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 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

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as3-Year, new issue
Offering amount$35,000,000,000
Bids received$92,163,751,800
Sold$35,591,707,800
Competitive bids accepted$34,927,421,000
Non-competitive bids accepted$72,642,800
Federal Reserve (SOMA) add-on$591,644,000
Foreign and international (FIMA) non-competitive$0
High yield, %1.519
Median rate, %1.430
Low rate, %1.370
Interest rate (coupon), %1.500
Bids at the high rate filled, %76.31
Bid-to-cover ratio2.62
Indirect bidders accepted$18,878,110,000
Direct bidders accepted$2,604,370,000
Primary dealers accepted$13,444,941,000
Indirect bidders' share, % (ours)54.0
Direct bidders' share, % (ours)7.5
Primary dealers' share, % (ours)38.5
High minus median, basis points (ours)8.9
Treasury par yield curve, 3-year point, same day, %1.52
High yield minus that point, basis points (ours)-0.1
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.622.405 of 127 of 12
High yield1.5191.6446 of 126 of 12
Indirect bidders' share54.037.90 of 88 of 8
Direct bidders' share7.51.51 of 87 of 8
Primary dealers' share38.558.28 of 80 of 8
High minus median, basis points8.95.41 of 1211 of 12

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

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 ratio2.62Since 10 November 20084 of 84 of 82.54
Bid-to-cover ratio2.62All 24 since 6 May 20035 of 2419 of 242.27
High yield1.519Last 24 auctions18 of 246 of 242.734
High yield1.519Since 10 November 20082 of 86 of 81.446
High yield1.519All 91 since 5 May 198185 of 916 of 916.400
Indirect bidders' share54.0All 8 since 10 November 20080 of 88 of 837.9
Direct bidders' share7.5All 8 since 10 November 20081 of 87 of 81.5
Primary dealers' share38.5All 8 since 10 November 20088 of 80 of 858.2
High minus median, basis points8.9Last 24 auctions1 of 2423 of 243.0
High minus median, basis points8.9Since 10 November 20081 of 87 of 85.6
High minus median, basis points8.9All 91 since 5 May 19811 of 9190 of 911.0

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 7 July 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090707_2.pdf. Compiled by 500metrics, "3-year note auction of 7 July 2009 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2009-07-07.

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