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Treasury auctions · 3-Year Note

3-year note auction of 11 May 2010 (new issue)

The 3-year note sold $41.312 billion at a high yield of 1.414% on , with a bid-to-cover ratio of 3.27.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 12 May 1998 to 11 May 2010
High yield at each 3-year note auction, 6 May 2003 to 11 May 2010
High yield at each 3-year note auction, 10 Nov 2008 to 11 May 2010

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, 12 May 1998 to 11 May 2010
Bid-to-cover ratio at each 3-year note auction, 6 May 2003 to 11 May 2010
Bid-to-cover ratio at each 3-year note auction, 10 Nov 2008 to 11 May 2010

Who bought the 3-year note of 11 May 2010

Shares of the competitive bids accepted

  • Indirect bidders 50.7%
  • Direct bidders 16.5%
  • Primary dealers 32.7%
This auction, 11 May 2010
  • Indirect bidders 52.2%
  • Direct bidders 10.7%
  • Primary dealers 37.0%
The 3-year note auction before, 6 Apr 2010

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 bidders50.7%
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
1.4143.27
1.7763.10
1.4373.13
1.3772.83
1.4902.98
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–

Observed .

Right now

The high yield was 1.414% on 11 May 2010, down from 1.776% at the auction before.

Higher than 6 of the 18 since 10 November 2008

Its own history

The bid-to-cover ratio was higher than 23 of the previous 24 3-year note auctions.

The primary dealers' share was higher than 1 of the previous 12 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 50.7%
  • Direct bidders 16.5%
  • Primary dealers 32.7%

Size

Treasury sold $41.312 billion of the $38 billion offered.

Bids received came to $127.429 billion; the bid-to-cover ratio was 3.27.

Its bid-to-cover of 3.27 compares with the 24 auctions before it: lowest 2.03 on , highest 3.33 on ; 95.4% of the way from the low to the high.

3.27

Low 2.03 Midpoint 2.680 High 3.33

The security3-Year, new issue

Coupon
1.375%
Announced
Issued
Matures

It adds to the debt that matures in May 2013.

Understanding this result

Where it stands today

The high yield was 1.414% at this 3-year note auction, the median yield 1.370% and a bid-to-cover ratio of 3.27.

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$38,000,000,000
Bids received$127,428,683,500
Sold$41,311,863,500
Competitive bids accepted$37,773,880,000
Non-competitive bids accepted$226,150,000
Federal Reserve (SOMA) add-on$3,311,833,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.414
Median rate, %1.370
Low rate, %1.307
Interest rate (coupon), %1.375
Bids at the high rate filled, %22.27
Bid-to-cover ratio3.27
Indirect bidders accepted$19,166,800,000
Direct bidders accepted$6,246,000,000
Primary dealers accepted$12,361,080,000
Indirect bidders' share, % (ours)50.7
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)32.7
High minus median, basis points (ours)4.4
Treasury par yield curve, 3-year point, same day, %1.37
High yield minus that point, basis points (ours)4.4
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 ratio3.272.941 of 1211 of 12
High yield1.4141.4809 of 123 of 12
Indirect bidders' share50.752.08 of 124 of 12
Direct bidders' share16.58.81 of 1211 of 12
Primary dealers' share32.738.511 of 121 of 12
High minus median, basis points4.45.69 of 123 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 ratio3.27Last 24 auctions1 of 2423 of 242.72
Bid-to-cover ratio3.27Since 10 November 20081 of 1817 of 182.82
Bid-to-cover ratio3.27All 34 since 6 May 20031 of 3433 of 342.40
High yield1.414Last 24 auctions18 of 246 of 241.490
High yield1.414Since 10 November 200812 of 186 of 181.459
High yield1.414All 101 since 5 May 198195 of 1016 of 1016.019
Indirect bidders' share50.7All 18 since 10 November 20088 of 1810 of 1846.9
Direct bidders' share16.5All 18 since 10 November 20081 of 1817 of 184.7
Primary dealers' share32.7All 18 since 10 November 200817 of 181 of 1840.2
High minus median, basis points4.4Last 24 auctions15 of 249 of 245.4
High minus median, basis points4.4Since 10 November 200815 of 183 of 185.6
High minus median, basis points4.4All 101 since 5 May 198118 of 10183 of 1011.1

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 11 May 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100511_2.pdf. Compiled by 500metrics, "3-year note auction of 11 May 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-05-11.

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