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Treasury auctions · 3-Year Note

3-year note auction of 12 July 2011 (new issue)

The 3-year note sold $32 billion at a high yield of 0.670% on , with a bid-to-cover ratio of 3.22.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Nov 2006 to 12 Jul 2011
High yield at each 3-year note auction, 11 Aug 2009 to 12 Jul 2011

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, 8 Nov 2006 to 12 Jul 2011
Bid-to-cover ratio at each 3-year note auction, 11 Aug 2009 to 12 Jul 2011

Who bought the 3-year note of 12 Jul 2011

Shares of the competitive bids accepted

  • Indirect bidders 34.5%
  • Direct bidders 16.5%
  • Primary dealers 49.0%
This auction, 12 Jul 2011
  • Indirect bidders 35.6%
  • Direct bidders 9.2%
  • Primary dealers 55.2%
The 3-year note auction before, 7 Jun 2011

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 bidders34.5%
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
0.6703.22
0.7653.28
1.0003.29
1.2803.25
1.2983.22
1.3493.01
1.0273.06
0.8622.91
0.5753.26
0.5692.95
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

Observed .

Right now

The high yield of 0.670% on 12 July 2011 was the lowest for a 3-year note since 8 November 2010.

Higher than 2 of the 32 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the direct bidders' share was higher than 21 of the 24.

The high yield was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 34.5%
  • Direct bidders 16.5%
  • Primary dealers 49.0%

Size

Treasury sold $32 billion of the $32 billion offered.

Bids received came to $103.008 billion; the bid-to-cover ratio was 3.22.

Its bid-to-cover of 3.22 compares with the 24 auctions before it: lowest 2.62 on , highest 3.33 on ; 84.5% of the way from the low to the high.

3.22

Low 2.62 Midpoint 2.975 High 3.33

The security3-Year, new issue

Coupon
0.625%
Announced
Issued
Matures

It adds to the debt that matures in July 2014.

Understanding this result

Where it stands today

The high yield was 0.670% at this 3-year note auction, the median yield 0.640% and a bid-to-cover ratio of 3.22.

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$32,000,000,000
Bids received$103,007,950,200
Sold$32,000,022,700
Competitive bids accepted$31,935,822,500
Non-competitive bids accepted$39,200,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$25,000,000
High yield, %0.670
Median rate, %0.640
Low rate, %0.578
Interest rate (coupon), %0.625
Bids at the high rate filled, %31.73
Bid-to-cover ratio3.22
Indirect bidders accepted$11,024,872,500
Direct bidders accepted$5,266,797,500
Primary dealers accepted$15,644,152,500
Indirect bidders' share, % (ours)34.5
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)49.0
High minus median, basis points (ours)3.0
Treasury par yield curve, 3-year point, same day, %0.63
High yield minus that point, basis points (ours)4.0
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 ratio3.223.225 of 126 of 12
High yield0.6700.93110 of 122 of 12
Indirect bidders' share34.535.37 of 125 of 12
Direct bidders' share16.513.11 of 1211 of 12
Primary dealers' share49.051.57 of 125 of 12
High minus median, basis points3.03.28 of 124 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 ratio3.22Last 24 auctions8 of 2415 of 243.12
Bid-to-cover ratio3.22Since 10 November 20088 of 3223 of 323.02
Bid-to-cover ratio3.22All 48 since 6 May 20038 of 4839 of 482.82
High yield0.670Last 24 auctions22 of 242 of 241.289
High yield0.670Since 10 November 200830 of 322 of 321.363
High yield0.670All 115 since 5 May 1981113 of 1152 of 1155.550
Indirect bidders' share34.5Last 24 auctions19 of 245 of 2441.5
Indirect bidders' share34.5All 32 since 10 November 200826 of 326 of 3240.4
Direct bidders' share16.5Last 24 auctions3 of 2421 of 2411.3
Direct bidders' share16.5All 32 since 10 November 20083 of 3229 of 3210.2
Primary dealers' share49.0Last 24 auctions7 of 2417 of 2443.1
Primary dealers' share49.0All 32 since 10 November 200814 of 3218 of 3245.2
High minus median, basis points3.0Last 24 auctions20 of 244 of 244.0
High minus median, basis points3.0Since 10 November 200828 of 324 of 324.4
High minus median, basis points3.0All 115 since 5 May 198137 of 11571 of 1152.0

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 12 July 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110712_2.pdf. Compiled by 500metrics, "3-year note auction of 12 July 2011 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2011-07-12.

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