500metrics

Treasury auctions · 3-Year Note

3-year note auction of 8 April 2014 (new issue)

The 3-year note sold $30 billion at a high yield of 0.895% 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, 10 May 2011 to 8 Apr 2014
High yield at each 3-year note auction, 10 Apr 2012 to 8 Apr 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, 10 May 2011 to 8 Apr 2014
Bid-to-cover ratio at each 3-year note auction, 10 Apr 2012 to 8 Apr 2014

Who bought the 3-year note of 8 Apr 2014

Shares of the competitive bids accepted

  • Indirect bidders 27.3%
  • Direct bidders 24.0%
  • Primary dealers 48.8%
This auction, 8 Apr 2014
  • Indirect bidders 29.9%
  • Direct bidders 15.5%
  • Primary dealers 54.6%
The 3-year note auction before, 11 Mar 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 bidders27.3%
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
0.8953.36
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

Observed .

Right now

The high yield of 0.895% on 8 April 2014 was the highest for a 3-year note since 10 September 2013.

The direct bidders' share of 24.0% was the highest for a 3-year note since 12 February 2013, with 13 auctions in between.

Higher than 38 of the 65 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 indirect bidders' share was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 27.3%
  • Direct bidders 24.0%
  • Primary dealers 48.8%

Size

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

Bids received came to $100.83 billion; the bid-to-cover ratio was 3.36.

Its bid-to-cover of 3.36 compares with the 24 auctions before it: lowest 2.95 on , highest 3.96 on ; 40.6% of the way from the low to the high.

3.36

Low 2.95 Midpoint 3.455 High 3.96

The security3-Year, new issue

Coupon
0.875%
Announced
Issued
Matures

It adds to the debt that matures in April 2017.

Understanding this result

Where it stands today

The high yield was 0.895% at this 3-year note auction, the median yield 0.873% 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$30,000,000,000
Bids received$100,829,681,700
Sold$30,000,033,700
Competitive bids accepted$29,856,952,000
Non-competitive bids accepted$43,081,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.895
Median rate, %0.873
Low rate, %0.819
Interest rate (coupon), %0.875
Bids at the high rate filled, %10.58
Bid-to-cover ratio3.36
Indirect bidders accepted$8,138,600,000
Direct bidders accepted$7,155,522,000
Primary dealers accepted$14,562,830,000
Indirect bidders' share, % (ours)27.3
Direct bidders' share, % (ours)24.0
Primary dealers' share, % (ours)48.8
High minus median, basis points (ours)2.2
Treasury par yield curve, 3-year point, same day, %0.88
High yield minus that point, basis points (ours)1.5
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 ratio3.363.274 of 128 of 12
High yield0.8950.6771 of 1211 of 12
Indirect bidders' share27.333.211 of 121 of 12
Direct bidders' share24.015.80 of 1212 of 12
Primary dealers' share48.849.57 of 125 of 12
High minus median, basis points2.22.03 of 128 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 auctions14 of 248 of 243.42
Bid-to-cover ratio3.36Since 10 November 200818 of 6545 of 653.25
Bid-to-cover ratio3.36All 81 since 6 May 200318 of 8161 of 813.20
High yield0.895Last 24 auctions1 of 2423 of 240.411
High yield0.895Since 10 November 200827 of 6538 of 650.765
High yield0.895All 148 since 5 May 1981110 of 14838 of 1484.237
Indirect bidders' share27.3Last 24 auctions18 of 246 of 2430.3
Indirect bidders' share27.3All 65 since 10 November 200859 of 656 of 6536.1
Direct bidders' share24.0Last 24 auctions3 of 2421 of 2415.8
Direct bidders' share24.0All 65 since 10 November 20083 of 6562 of 6511.9
Primary dealers' share48.8Last 24 auctions17 of 247 of 2452.4
Primary dealers' share48.8All 65 since 10 November 200838 of 6527 of 6551.5
High minus median, basis points2.2Last 24 auctions4 of 2418 of 241.8
High minus median, basis points2.2Since 10 November 200840 of 6523 of 652.9
High minus median, basis points2.2All 148 since 5 May 198159 of 14886 of 1482.0

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 8 April 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140408_2.pdf. Compiled by 500metrics, "3-year note auction of 8 April 2014 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2014-04-08.

Page updated