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Treasury auctions · 3-Year Note

3-year note auction of 6 November 2012 (new issue)

The 3-year note sold $32 billion at a high yield of 0.392% on , with a bid-to-cover ratio of 3.41.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Dec 2009 to 6 Nov 2012
High yield at each 3-year note auction, 8 Nov 2010 to 6 Nov 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, 8 Dec 2009 to 6 Nov 2012
Bid-to-cover ratio at each 3-year note auction, 8 Nov 2010 to 6 Nov 2012

Who bought the 3-year note of 6 Nov 2012

Shares of the competitive bids accepted

  • Indirect bidders 25.1%
  • Direct bidders 22.3%
  • Primary dealers 52.7%
This auction, 6 Nov 2012
  • Indirect bidders 28.8%
  • Direct bidders 22.5%
  • Primary dealers 48.7%
The 3-year note auction before, 9 Oct 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 bidders25.1%
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
0.3923.41
0.3463.96
0.3373.94
0.3703.51
0.3663.52
0.3873.53
0.3623.65
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

Observed .

Right now

The high yield of 0.392% on 6 November 2012 was the highest for a 3-year note since 10 April 2012.

The indirect bidders' share of 25.1% was the lowest of all 48 earlier 3-year note auctions we hold.

Higher than 11 of the 48 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the indirect bidders' share was lower than all 24.

The direct bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 25.1%
  • Direct bidders 22.3%
  • Primary dealers 52.7%

Size

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

Bids received came to $109.217 billion; the bid-to-cover ratio was 3.41.

Its bid-to-cover of 3.41 compares with the 24 auctions before it: lowest 2.91 on , highest 3.96 on ; 47.6% of the way from the low to the high.

3.41

Low 2.91 Midpoint 3.435 High 3.96

The security3-Year, new issue

Coupon
0.375%
Announced
Issued
Matures

It adds to the debt that matures in November 2015.

Understanding this result

Where it stands today

The high yield was 0.392% at this 3-year note auction, the median yield 0.377% and a bid-to-cover ratio of 3.41.

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$109,217,289,300
Sold$32,000,089,300
Competitive bids accepted$31,855,100,000
Non-competitive bids accepted$44,989,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.392
Median rate, %0.377
Low rate, %0.303
Interest rate (coupon), %0.375
Bids at the high rate filled, %82.78
Bid-to-cover ratio3.41
Indirect bidders accepted$7,982,860,000
Direct bidders accepted$7,088,390,000
Primary dealers accepted$16,783,850,000
Indirect bidders' share, % (ours)25.1
Direct bidders' share, % (ours)22.3
Primary dealers' share, % (ours)52.7
High minus median, basis points (ours)1.5
Treasury par yield curve, 3-year point, same day, %0.41
High yield minus that point, basis points (ours)-1.8
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 ratio3.413.529 of 122 of 12
High yield0.3920.3682 of 1210 of 12
Indirect bidders' share25.135.112 of 120 of 12
Direct bidders' share22.39.51 of 1211 of 12
Primary dealers' share52.755.08 of 124 of 12
High minus median, basis points1.51.79 of 121 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 ratio3.41Last 24 auctions9 of 2414 of 243.30
Bid-to-cover ratio3.41Since 10 November 20089 of 4838 of 483.22
Bid-to-cover ratio3.41All 64 since 6 May 20039 of 6454 of 643.02
High yield0.392Last 24 auctions13 of 2411 of 240.442
High yield0.392Since 10 November 200837 of 4811 of 481.041
High yield0.392All 131 since 5 May 1981120 of 13111 of 1314.730
Indirect bidders' share25.1Last 24 auctions24 of 240 of 2435.3
Indirect bidders' share25.1All 48 since 10 November 200848 of 480 of 4838.2
Direct bidders' share22.3Last 24 auctions1 of 2423 of 2410.8
Direct bidders' share22.3All 48 since 10 November 20082 of 4846 of 4810.3
Primary dealers' share52.7Last 24 auctions14 of 2410 of 2453.5
Primary dealers' share52.7All 48 since 10 November 200822 of 4826 of 4851.5
High minus median, basis points1.5Last 24 auctions21 of 241 of 242.4
High minus median, basis points1.5Since 10 November 200845 of 481 of 483.4
High minus median, basis points1.5All 131 since 5 May 198175 of 13154 of 1312.0

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 6 November 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20121106_2.pdf. Compiled by 500metrics, "3-year note auction of 6 November 2012 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2012-11-06.

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