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Treasury auctions · 3-Year Note

3-year note auction of 9 November 2015 (new issue)

The 3-year note sold $24.122 billion at a high yield of 1.271% on , with a bid-to-cover ratio of 2.82.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Dec 2012 to 9 Nov 2015
High yield at each 3-year note auction, 12 Nov 2013 to 9 Nov 2015

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, 11 Dec 2012 to 9 Nov 2015
Bid-to-cover ratio at each 3-year note auction, 12 Nov 2013 to 9 Nov 2015

Who bought the 3-year note of 9 Nov 2015

Shares of the competitive bids accepted

  • Indirect bidders 40.8%
  • Direct bidders 15.1%
  • Primary dealers 44.1%
This auction, 9 Nov 2015
  • Indirect bidders 47.7%
  • Direct bidders 11.1%
  • Primary dealers 41.1%
The 3-year note auction before, 6 Oct 2015

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 bidders40.8%
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
1.2712.82
0.8953.14
1.0563.23
1.0133.34
0.9323.16
1.1253.33
1.0003.34
0.8653.25
1.1043.33
1.0503.34
0.9263.33
1.0663.24
0.9983.18
0.9943.42
1.0663.17
0.9243.03
0.9923.38
0.9303.41
0.9283.40
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

Observed .

Right now

The high yield of 1.271% on 9 November 2015 was the highest for a 3-year note since 12 April 2011.

The bid-to-cover ratio of 2.82 was the lowest for a 3-year note since 6 October 2009, with 72 auctions in between.

Higher than 65 of the 84 since 10 November 2008

Its own history

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

The bid-to-cover ratio was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 40.8%
  • Direct bidders 15.1%
  • Primary dealers 44.1%

Size

Treasury sold $24.122 billion of the $24 billion offered.

Bids received came to $67.891 billion; the bid-to-cover ratio was 2.82.

Its bid-to-cover of 2.82 compares with the 24 auctions before it: lowest 2.82 on , highest 3.55 on ; 0.0% of the way from the low to the high.

2.82

Low 2.82 Midpoint 3.185 High 3.55

The security3-Year, new issue

Coupon
1.250%
Announced
Issued
Matures

It adds to the debt that matures in November 2018.

Understanding this result

Where it stands today

The high yield was 1.271% at this 3-year note auction, the median yield 1.234% and a bid-to-cover ratio of 2.82.

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$24,000,000,000
Bids received$67,890,690,100
Sold$24,122,282,600
Competitive bids accepted$23,924,892,500
Non-competitive bids accepted$75,107,800
Federal Reserve (SOMA) add-on$122,282,300
Foreign and international (FIMA) non-competitive$0
High yield, %1.271
Median rate, %1.234
Low rate, %0.888
Interest rate (coupon), %1.250
Bids at the high rate filled, %22.93
Bid-to-cover ratio2.82
Indirect bidders accepted$9,764,892,500
Direct bidders accepted$3,612,000,000
Primary dealers accepted$10,548,000,000
Indirect bidders' share, % (ours)40.8
Direct bidders' share, % (ours)15.1
Primary dealers' share, % (ours)44.1
High minus median, basis points (ours)3.7
Treasury par yield curve, 3-year point, same day, %1.27
High yield minus that point, basis points (ours)0.1
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 ratio2.823.2912 of 120 of 12
High yield1.2711.0060 of 1212 of 12
Indirect bidders' share40.849.211 of 121 of 12
Direct bidders' share15.110.61 of 1211 of 12
Primary dealers' share44.140.12 of 1210 of 12
High minus median, basis points3.73.24 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 ratio2.82Last 24 auctions24 of 240 of 243.33
Bid-to-cover ratio2.82Since 10 November 200875 of 848 of 843.26
Bid-to-cover ratio2.82All 100 since 6 May 200376 of 10023 of 1003.22
High yield1.271Last 24 auctions0 of 2424 of 240.931
High yield1.271Since 10 November 200819 of 8465 of 840.918
High yield1.271All 167 since 5 May 1981102 of 16765 of 1671.960
Indirect bidders' share40.8Last 24 auctions12 of 2412 of 2440.2
Indirect bidders' share40.8All 84 since 10 November 200828 of 8456 of 8437.5
Direct bidders' share15.1Last 24 auctions11 of 2413 of 2414.4
Direct bidders' share15.1All 84 since 10 November 200830 of 8454 of 8412.0
Primary dealers' share44.1Last 24 auctions13 of 2411 of 2445.7
Primary dealers' share44.1All 84 since 10 November 200857 of 8427 of 8448.2
High minus median, basis points3.7Last 24 auctions4 of 2420 of 242.6
High minus median, basis points3.7Since 10 November 200826 of 8458 of 842.9
High minus median, basis points3.7All 167 since 5 May 198133 of 167134 of 1672.0

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 9 November 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151109_3.pdf. Compiled by 500metrics, "3-year note auction of 9 November 2015 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2015-11-09.

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