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Treasury auctions · 3-Year Note

3-year note auction of 8 December 2009 (new issue)

The 3-year note sold $40.215 billion at a high yield of 1.223% on , with a bid-to-cover ratio of 2.98.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Feb 1997 to 8 Dec 2009
High yield at each 3-year note auction, 6 May 2003 to 8 Dec 2009
High yield at each 3-year note auction, 10 Nov 2008 to 8 Dec 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, 11 Feb 1997 to 8 Dec 2009
Bid-to-cover ratio at each 3-year note auction, 6 May 2003 to 8 Dec 2009
Bid-to-cover ratio at each 3-year note auction, 10 Nov 2008 to 8 Dec 2009

Who bought the 3-year note of 8 Dec 2009

Shares of the competitive bids accepted

  • Indirect bidders 60.9%
  • Direct bidders 2.9%
  • Primary dealers 36.2%
This auction, 8 Dec 2009
  • Indirect bidders 68.5%
  • Direct bidders 7.5%
  • Primary dealers 23.9%
The 3-year note auction before, 9 Nov 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 bidders60.9%
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
1.2232.98
1.4043.33
1.4452.76
1.4873.02
1.7802.89
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–

Observed .

Right now

The high yield of 1.223% on 8 December 2009 was the lowest for a 3-year note since 7 January 2009.

Higher than 1 of the 13 since 10 November 2008

Its own history

The bid-to-cover ratio was higher than 21 of the previous 24 3-year note auctions.

The high yield was higher than 1 of the previous 24 3-year note auctions.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 60.9%
  • Direct bidders 2.9%
  • Primary dealers 36.2%

Size

Treasury sold $40.215 billion of the $40 billion offered.

Bids received came to $119.545 billion; the bid-to-cover ratio was 2.98.

Its bid-to-cover of 2.98 compares with the 24 auctions before it: lowest 2.01 on , highest 3.33 on ; 73.5% of the way from the low to the high.

2.98

Low 2.01 Midpoint 2.670 High 3.33

The security3-Year, new issue

Coupon
1.125%
Announced
Issued
Matures

It adds to the debt that matures in December 2012.

Understanding this result

Where it stands today

The high yield was 1.223% at this 3-year note auction, the median yield 1.167% and a bid-to-cover ratio of 2.98.

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$40,000,000,000
Bids received$119,545,239,200
Sold$40,215,139,200
Competitive bids accepted$39,825,400,000
Non-competitive bids accepted$74,604,000
Federal Reserve (SOMA) add-on$215,135,200
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.223
Median rate, %1.167
Low rate, %1.030
Interest rate (coupon), %1.125
Bids at the high rate filled, %50.40
Bid-to-cover ratio2.98
Indirect bidders accepted$24,245,200,000
Direct bidders accepted$1,173,000,000
Primary dealers accepted$14,407,200,000
Indirect bidders' share, % (ours)60.9
Direct bidders' share, % (ours)2.9
Primary dealers' share, % (ours)36.2
High minus median, basis points (ours)5.6
Treasury par yield curve, 3-year point, same day, %1.21
High yield minus that point, basis points (ours)1.3
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 ratio2.982.662 of 1210 of 12
High yield1.2231.45911 of 121 of 12
Indirect bidders' share60.944.32 of 1210 of 12
Direct bidders' share2.93.17 of 125 of 12
Primary dealers' share36.248.310 of 122 of 12
High minus median, basis points5.65.66 of 125 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 ratio2.98Last 24 auctions3 of 2421 of 242.40
Bid-to-cover ratio2.98Since 10 November 20083 of 1310 of 132.67
Bid-to-cover ratio2.98All 29 since 6 May 20033 of 2926 of 292.31
High yield1.223Last 24 auctions23 of 241 of 241.880
High yield1.223Since 10 November 200812 of 131 of 131.473
High yield1.223All 96 since 5 May 198195 of 961 of 966.086
Indirect bidders' share60.9All 13 since 10 November 20082 of 1311 of 1343.8
Direct bidders' share2.9All 13 since 10 November 20087 of 136 of 133.0
Primary dealers' share36.2All 13 since 10 November 200811 of 132 of 1354.1
High minus median, basis points5.6Last 24 auctions7 of 2416 of 244.8
High minus median, basis points5.6Since 10 November 20087 of 135 of 135.7
High minus median, basis points5.6All 96 since 5 May 19818 of 9687 of 961.0

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 8 December 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091208_3.pdf. Compiled by 500metrics, "3-year note auction of 8 December 2009 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2009-12-08.

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