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Treasury auctions · 3-Year Note

3-year note auction of 8 March 2016 (new issue)

The 3-year note sold $24 billion at a high yield of 1.039% on , with a bid-to-cover ratio of 2.71.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 9 Apr 2013 to 8 Mar 2016
High yield at each 3-year note auction, 11 Mar 2014 to 8 Mar 2016

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, 9 Apr 2013 to 8 Mar 2016
Bid-to-cover ratio at each 3-year note auction, 11 Mar 2014 to 8 Mar 2016

Who bought the 3-year note of 8 Mar 2016

Shares of the competitive bids accepted

  • Indirect bidders 46.2%
  • Direct bidders 9.1%
  • Primary dealers 44.7%
This auction, 8 Mar 2016
  • Indirect bidders 41.5%
  • Direct bidders 15.0%
  • Primary dealers 43.5%
The 3-year note auction before, 9 Feb 2016

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 bidders46.2%
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
1.0392.71
0.8442.74
1.1742.94
1.2553.14
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

Observed .

Right now

The high yield was 1.039% on 8 March 2016, up from 0.844% at the auction before.

The bid-to-cover ratio of 2.71 was the lowest for a 3-year note since 7 July 2009, with 79 auctions in between.

The primary dealers' share of 44.7% was the highest for a 3-year note since 9 December 2014, with 14 auctions in between.

Higher than 55 of the 88 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the bid-to-cover ratio was lower than all 24.

The high minus median was higher than 20 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 46.2%
  • Direct bidders 9.1%
  • Primary dealers 44.7%

Size

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

Bids received came to $65.038 billion; the bid-to-cover ratio was 2.71.

Its bid-to-cover of 2.71 compares with the 24 auctions before it: lowest 2.71 on , highest 3.42 on ; 0.0% of the way from the low to the high.

2.71

Low 2.71 Midpoint 3.065 High 3.42

The security3-Year, new issue

Coupon
1.000%
Announced
Issued
Matures

It adds to the debt that matures in March 2019.

Understanding this result

Where it stands today

The high yield was 1.039% at this 3-year note auction, the median yield 1.000% and a bid-to-cover ratio of 2.71.

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$65,038,047,400
Sold$24,000,007,400
Competitive bids accepted$23,946,760,000
Non-competitive bids accepted$53,247,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.039
Median rate, %1.000
Low rate, %0.900
Interest rate (coupon), %1.000
Bids at the high rate filled, %19.32
Bid-to-cover ratio2.71
Indirect bidders accepted$11,063,800,000
Direct bidders accepted$2,168,320,000
Primary dealers accepted$10,714,640,000
Indirect bidders' share, % (ours)46.2
Direct bidders' share, % (ours)9.1
Primary dealers' share, % (ours)44.7
High minus median, basis points (ours)3.9
Treasury par yield curve, 3-year point, same day, %1.04
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 ratio2.713.2012 of 120 of 12
High yield1.0391.0346 of 126 of 12
Indirect bidders' share46.250.110 of 122 of 12
Direct bidders' share9.111.19 of 123 of 12
Primary dealers' share44.739.60 of 1212 of 12
High minus median, basis points3.93.54 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 ratio2.71Last 24 auctions24 of 240 of 243.25
Bid-to-cover ratio2.71Since 10 November 200881 of 887 of 883.25
Bid-to-cover ratio2.71All 104 since 6 May 200382 of 10422 of 1043.22
High yield1.039Last 24 auctions9 of 2415 of 240.996
High yield1.039Since 10 November 200833 of 8855 of 880.925
High yield1.039All 171 since 5 May 1981116 of 17155 of 1711.780
Indirect bidders' share46.2Last 24 auctions11 of 2413 of 2444.0
Indirect bidders' share46.2All 88 since 10 November 200823 of 8865 of 8837.9
Direct bidders' share9.1Last 24 auctions20 of 244 of 2414.4
Direct bidders' share9.1All 88 since 10 November 200863 of 8825 of 8812.0
Primary dealers' share44.7Last 24 auctions10 of 2414 of 2443.7
Primary dealers' share44.7All 88 since 10 November 200855 of 8833 of 8847.3
High minus median, basis points3.9Last 24 auctions4 of 2420 of 243.0
High minus median, basis points3.9Since 10 November 200825 of 8863 of 883.0
High minus median, basis points3.9All 171 since 5 May 198132 of 171139 of 1712.1

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 March 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160308_2.pdf. Compiled by 500metrics, "3-year note auction of 8 March 2016 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2016-03-08.

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