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Treasury auctions · 3-Year Note

3-year note auction of 11 March 2014 (new issue)

The 3-year note sold $30 billion at a high yield of 0.802% on , with a bid-to-cover ratio of 3.25.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 12 Apr 2011 to 11 Mar 2014
High yield at each 3-year note auction, 12 Mar 2012 to 11 Mar 2014

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 Apr 2011 to 11 Mar 2014
Bid-to-cover ratio at each 3-year note auction, 12 Mar 2012 to 11 Mar 2014

Who bought the 3-year note of 11 Mar 2014

Shares of the competitive bids accepted

  • Indirect bidders 29.9%
  • Direct bidders 15.5%
  • Primary dealers 54.6%
This auction, 11 Mar 2014
  • Indirect bidders 42.0%
  • Direct bidders 16.6%
  • Primary dealers 41.3%
The 3-year note auction before, 11 Feb 2014

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 bidders29.9%
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
0.8023.25
0.7153.42
0.7993.25
0.6313.55
0.6443.46
0.7103.05
0.9133.29
0.6313.21
0.7193.35
0.5812.95
0.3543.38
0.3423.24
0.4113.51
0.4113.59
0.3853.62
0.3273.36
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

Observed .

Right now

The high yield of 0.802% on 11 March 2014 was the highest for a 3-year note since 10 September 2013.

Higher than 35 of the 64 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield was higher than 23 of the 24.

The bid-to-cover ratio was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 29.9%
  • Direct bidders 15.5%
  • Primary dealers 54.6%

Size

Treasury sold $30 billion of the $30 billion offered.

Bids received came to $97.583 billion; the bid-to-cover ratio was 3.25.

Its bid-to-cover of 3.25 compares with the 24 auctions before it: lowest 2.95 on , highest 3.96 on ; 29.7% of the way from the low to the high.

3.25

Low 2.95 Midpoint 3.455 High 3.96

The security3-Year, new issue

Coupon
0.750%
Announced
Issued
Matures

It adds to the debt that matures in March 2017.

Understanding this result

Where it stands today

The high yield was 0.802% at this 3-year note auction, the median yield 0.780% and a bid-to-cover ratio of 3.25.

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$30,000,000,000
Bids received$97,582,884,200
Sold$30,000,074,200
Competitive bids accepted$29,861,190,000
Non-competitive bids accepted$38,884,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.802
Median rate, %0.780
Low rate, %0.740
Interest rate (coupon), %0.750
Bids at the high rate filled, %16.92
Bid-to-cover ratio3.25
Indirect bidders accepted$8,942,000,000
Direct bidders accepted$4,616,000,000
Primary dealers accepted$16,303,190,000
Indirect bidders' share, % (ours)29.9
Direct bidders' share, % (ours)15.5
Primary dealers' share, % (ours)54.6
High minus median, basis points (ours)2.2
Treasury par yield curve, 3-year point, same day, %0.79
High yield minus that point, basis points (ours)1.2
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 ratio3.253.327 of 124 of 12
High yield0.8020.6381 of 1211 of 12
Indirect bidders' share29.933.29 of 123 of 12
Direct bidders' share15.516.47 of 125 of 12
Primary dealers' share54.649.54 of 128 of 12
High minus median, basis points2.21.93 of 129 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 ratio3.25Last 24 auctions19 of 244 of 243.43
Bid-to-cover ratio3.25Since 10 November 200831 of 6431 of 643.25
Bid-to-cover ratio3.25All 80 since 6 May 200331 of 8047 of 803.18
High yield0.802Last 24 auctions1 of 2423 of 240.411
High yield0.802Since 10 November 200829 of 6435 of 640.742
High yield0.802All 147 since 5 May 1981112 of 14735 of 1474.270
Indirect bidders' share29.9Last 24 auctions14 of 2410 of 2431.9
Indirect bidders' share29.9All 64 since 10 November 200850 of 6414 of 6436.4
Direct bidders' share15.5Last 24 auctions12 of 2412 of 2415.4
Direct bidders' share15.5All 64 since 10 November 200821 of 6443 of 6411.8
Primary dealers' share54.6Last 24 auctions9 of 2415 of 2452.4
Primary dealers' share54.6All 64 since 10 November 200821 of 6443 of 6451.3
High minus median, basis points2.2Last 24 auctions4 of 2419 of 241.8
High minus median, basis points2.2Since 10 November 200840 of 6423 of 642.9
High minus median, basis points2.2All 147 since 5 May 198159 of 14786 of 1472.0

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 11 March 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140311_2.pdf. Compiled by 500metrics, "3-year note auction of 11 March 2014 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2014-03-11.

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