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Treasury auctions · 3-Year Note

3-year note auction of 11 July 2016 (new issue)

The 3-year note sold $25.563 billion at a high yield of 0.765% on , with a bid-to-cover ratio of 2.69.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 6 Aug 2013 to 11 Jul 2016
High yield at each 3-year note auction, 12 Aug 2014 to 11 Jul 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, 6 Aug 2013 to 11 Jul 2016
Bid-to-cover ratio at each 3-year note auction, 12 Aug 2014 to 11 Jul 2016

Who bought the 3-year note of 11 Jul 2016

Shares of the competitive bids accepted

  • Indirect bidders 44.7%
  • Direct bidders 15.8%
  • Primary dealers 39.4%
This auction, 11 Jul 2016
  • Indirect bidders 48.1%
  • Direct bidders 11.1%
  • Primary dealers 40.8%
The 3-year note auction before, 7 Jun 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 bidders44.7%
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
0.7652.69
0.9302.79
0.8752.93
0.8902.72
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

Observed .

Right now

The high yield of 0.765% on 11 July 2016 was the lowest for a 3-year note since 11 February 2014.

The bid-to-cover ratio of 2.69 was the lowest for a 3-year note since 7 July 2009, with 83 auctions in between.

Higher than 32 of the 92 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the bid-to-cover ratio and the high yield were lower than all 24.

The direct bidders' share 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 44.7%
  • Direct bidders 15.8%
  • Primary dealers 39.4%

Size

Treasury sold $25.563 billion of the $24 billion offered.

Bids received came to $66.016 billion; the bid-to-cover ratio was 2.69.

Its bid-to-cover of 2.69 compares with the 24 auctions before it: lowest 2.69 on , highest 3.42 on ; 0.0% of the way from the low to the high.

2.69

Low 2.69 Midpoint 3.055 High 3.42

The security3-Year, new issue

Coupon
0.750%
Announced
Issued
Matures

It adds to the debt that matures in July 2019.

Understanding this result

Where it stands today

The high yield was 0.765% at this 3-year note auction, the median yield 0.730% and a bid-to-cover ratio of 2.69.

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$66,016,425,300
Sold$25,563,200,300
Competitive bids accepted$23,952,075,000
Non-competitive bids accepted$47,951,700
Federal Reserve (SOMA) add-on$1,563,173,600
Foreign and international (FIMA) non-competitive$0
High yield, %0.765
Median rate, %0.730
Low rate, %0.600
Interest rate (coupon), %0.750
Bids at the high rate filled, %63.62
Bid-to-cover ratio2.69
Indirect bidders accepted$10,718,205,000
Direct bidders accepted$3,791,000,000
Primary dealers accepted$9,442,870,000
Indirect bidders' share, % (ours)44.7
Direct bidders' share, % (ours)15.8
Primary dealers' share, % (ours)39.4
High minus median, basis points (ours)3.5
Treasury par yield curve, 3-year point, same day, %0.77
High yield minus that point, basis points (ours)-0.5
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 ratio2.692.9412 of 120 of 12
High yield0.7650.97212 of 120 of 12
Indirect bidders' share44.747.910 of 122 of 12
Direct bidders' share15.811.11 of 1211 of 12
Primary dealers' share39.439.96 of 126 of 12
High minus median, basis points3.54.08 of 123 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 ratio2.69Last 24 auctions24 of 240 of 243.18
Bid-to-cover ratio2.69Since 10 November 200885 of 927 of 923.24
Bid-to-cover ratio2.69All 108 since 6 May 200386 of 10822 of 1083.20
High yield0.765Last 24 auctions24 of 240 of 240.999
High yield0.765Since 10 November 200859 of 9232 of 920.925
High yield0.765All 175 since 5 May 1981142 of 17532 of 1751.519
Indirect bidders' share44.7Last 24 auctions16 of 248 of 2447.7
Indirect bidders' share44.7All 92 since 10 November 200829 of 9263 of 9238.3
Direct bidders' share15.8Last 24 auctions4 of 2420 of 2411.3
Direct bidders' share15.8All 92 since 10 November 200826 of 9266 of 9211.8
Primary dealers' share39.4Last 24 auctions16 of 248 of 2440.9
Primary dealers' share39.4All 92 since 10 November 200874 of 9218 of 9247.1
High minus median, basis points3.5Last 24 auctions8 of 2414 of 243.4
High minus median, basis points3.5Since 10 November 200831 of 9259 of 923.0
High minus median, basis points3.5All 175 since 5 May 198138 of 175134 of 1752.1

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 11 July 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160711_3.pdf. Compiled by 500metrics, "3-year note auction of 11 July 2016 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2016-07-11.

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