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Treasury auctions · 3-Year Note

3-year note auction of 7 September 2010 (new issue)

The 3-year note sold $33.357 billion at a high yield of 0.790% on , with a bid-to-cover ratio of 3.21.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 10 Feb 2004 to 7 Sep 2010
High yield at each 3-year note auction, 10 Nov 2008 to 7 Sep 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, 10 Feb 2004 to 7 Sep 2010
Bid-to-cover ratio at each 3-year note auction, 10 Nov 2008 to 7 Sep 2010

Who bought the 3-year note of 7 Sep 2010

Shares of the competitive bids accepted

  • Indirect bidders 42.4%
  • Direct bidders 11.7%
  • Primary dealers 45.9%
This auction, 7 Sep 2010
  • Indirect bidders 40.5%
  • Direct bidders 15.8%
  • Primary dealers 43.7%
The 3-year note auction before, 10 Aug 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 bidders42.4%
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
0.7903.21
0.8443.31
1.0553.20
1.2203.23
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

Observed .

Right now

The high yield of 0.790% on 7 September 2010 was the lowest of all 105 earlier 3-year note auctions we hold.

The primary dealers' share of 45.9% was the highest for a 3-year note since 5 May 2009, with 15 auctions in between.

Lower than all 22 since 10 November 2008

Its own history

The primary dealers' share was higher than all 12 previous 3-year note auctions.

The high yield was lower than all 24 previous 3-year note auctions.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 42.4%
  • Direct bidders 11.7%
  • Primary dealers 45.9%

Size

Treasury sold $33.357 billion of the $33 billion offered.

Bids received came to $106.399 billion; the bid-to-cover ratio was 3.21.

Its bid-to-cover of 3.21 compares with the 24 auctions before it: lowest 2.15 on , highest 3.33 on ; 89.8% of the way from the low to the high.

3.21

Low 2.15 Midpoint 2.740 High 3.33

The security3-Year, new issue

Coupon
0.750%
Announced
Issued
Matures

It adds to the debt that matures in September 2013.

Understanding this result

Where it stands today

The high yield was 0.790% at this 3-year note auction, the median yield 0.746% and a bid-to-cover ratio of 3.21.

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$33,000,000,000
Bids received$106,399,362,100
Sold$33,357,124,900
Competitive bids accepted$32,961,212,800
Non-competitive bids accepted$38,912,000
Federal Reserve (SOMA) add-on$357,000,100
Foreign and international (FIMA) non-competitive$0
High yield, %0.790
Median rate, %0.746
Low rate, %0.691
Interest rate (coupon), %0.750
Bids at the high rate filled, %25.34
Bid-to-cover ratio3.21
Indirect bidders accepted$13,961,620,000
Direct bidders accepted$3,860,487,800
Primary dealers accepted$15,139,105,000
Indirect bidders' share, % (ours)42.4
Direct bidders' share, % (ours)11.7
Primary dealers' share, % (ours)45.9
High minus median, basis points (ours)4.4
Treasury par yield curve, 3-year point, same day, %0.77
High yield minus that point, basis points (ours)2.0
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 ratio3.213.124 of 128 of 12
High yield0.7901.40912 of 120 of 12
Indirect bidders' share42.451.09 of 123 of 12
Direct bidders' share11.710.85 of 127 of 12
Primary dealers' share45.938.20 of 1212 of 12
High minus median, basis points4.44.15 of 126 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 ratio3.21Last 24 auctions4 of 2420 of 242.93
Bid-to-cover ratio3.21Since 10 November 20084 of 2218 of 222.94
Bid-to-cover ratio3.21All 38 since 6 May 20034 of 3834 of 382.52
High yield0.790Last 24 auctions24 of 240 of 241.441
High yield0.790Since 10 November 200822 of 220 of 221.428
High yield0.790All 105 since 5 May 1981105 of 1050 of 1055.970
Indirect bidders' share42.4All 22 since 10 November 200813 of 229 of 2245.7
Direct bidders' share11.7All 22 since 10 November 20086 of 2216 of 227.5
Primary dealers' share45.9All 22 since 10 November 20087 of 2215 of 2240.2
High minus median, basis points4.4Last 24 auctions15 of 248 of 245.4
High minus median, basis points4.4Since 10 November 200815 of 226 of 225.6
High minus median, basis points4.4All 105 since 5 May 198118 of 10586 of 1051.2

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 September 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100907_3.pdf. Compiled by 500metrics, "3-year note auction of 7 September 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-09-07.

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