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Treasury auctions · 3-Year Note

3-year note auction of 10 April 2012 (new issue)

The 3-year note sold $37.823 billion at a high yield of 0.427% on , with a bid-to-cover ratio of 3.36.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 5 May 2009 to 10 Apr 2012
High yield at each 3-year note auction, 11 May 2010 to 10 Apr 2012

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, 5 May 2009 to 10 Apr 2012
Bid-to-cover ratio at each 3-year note auction, 11 May 2010 to 10 Apr 2012

Who bought the 3-year note of 10 Apr 2012

Shares of the competitive bids accepted

  • Indirect bidders 40.0%
  • Direct bidders 7.8%
  • Primary dealers 52.2%
This auction, 10 Apr 2012
  • Indirect bidders 34.6%
  • Direct bidders 8.9%
  • Primary dealers 56.5%
The 3-year note auction before, 12 Mar 2012

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 bidders40.0%
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
0.4273.36
0.4563.44
0.3473.30
0.3703.73
0.3523.62
0.3793.41
0.5443.30
0.3343.15
0.5003.29
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

Observed .

Right now

The high yield was 0.427% on 10 April 2012, down from 0.456% at the auction before.

Higher than 5 of the 41 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the bid-to-cover ratio was higher than 20 of the 24.

The direct bidders' share 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 40.0%
  • Direct bidders 7.8%
  • Primary dealers 52.2%

Size

Treasury sold $37.823 billion of the $32 billion offered.

Bids received came to $113.304 billion; the bid-to-cover ratio was 3.36.

Its bid-to-cover of 3.36 compares with the 24 auctions before it: lowest 2.91 on , highest 3.73 on ; 54.9% of the way from the low to the high.

3.36

Low 2.91 Midpoint 3.320 High 3.73

The security3-Year, new issue

Coupon
0.375%
Announced
Issued
Matures

It adds to the debt that matures in April 2015.

Understanding this result

Where it stands today

The high yield was 0.427% at this 3-year note auction, the median yield 0.403% and a bid-to-cover ratio of 3.36.

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$113,303,508,000
Sold$37,822,698,000
Competitive bids accepted$31,960,290,000
Non-competitive bids accepted$39,741,800
Federal Reserve (SOMA) add-on$5,822,666,200
Foreign and international (FIMA) non-competitive$0
High yield, %0.427
Median rate, %0.403
Low rate, %0.330
Interest rate (coupon), %0.375
Bids at the high rate filled, %66.02
Bid-to-cover ratio3.36
Indirect bidders accepted$12,785,100,000
Direct bidders accepted$2,496,040,000
Primary dealers accepted$16,679,150,000
Indirect bidders' share, % (ours)40.0
Direct bidders' share, % (ours)7.8
Primary dealers' share, % (ours)52.2
High minus median, basis points (ours)2.4
Treasury par yield curve, 3-year point, same day, %0.42
High yield minus that point, basis points (ours)0.7
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 ratio3.363.304 of 128 of 12
High yield0.4270.4787 of 125 of 12
Indirect bidders' share40.035.71 of 1211 of 12
Direct bidders' share7.89.010 of 122 of 12
Primary dealers' share52.254.18 of 124 of 12
High minus median, basis points2.42.56 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 ratio3.36Last 24 auctions4 of 2420 of 243.26
Bid-to-cover ratio3.36Since 10 November 20084 of 4137 of 413.13
Bid-to-cover ratio3.36All 57 since 6 May 20034 of 5753 of 572.97
High yield0.427Last 24 auctions19 of 245 of 240.778
High yield0.427Since 10 November 200836 of 415 of 411.223
High yield0.427All 124 since 5 May 1981119 of 1245 of 1244.946
Indirect bidders' share40.0Last 24 auctions7 of 2417 of 2437.2
Indirect bidders' share40.0All 41 since 10 November 200818 of 4123 of 4138.7
Direct bidders' share7.8Last 24 auctions22 of 242 of 2411.8
Direct bidders' share7.8All 41 since 10 November 200827 of 4114 of 4110.1
Primary dealers' share52.2Last 24 auctions11 of 2413 of 2451.5
Primary dealers' share52.2All 41 since 10 November 200818 of 4123 of 4149.0
High minus median, basis points2.4Last 24 auctions18 of 245 of 243.1
High minus median, basis points2.4Since 10 November 200835 of 415 of 414.1
High minus median, basis points2.4All 124 since 5 May 198153 of 12469 of 1242.0

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 10 April 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120410_2.pdf. Compiled by 500metrics, "3-year note auction of 10 April 2012 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2012-04-10.

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