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Treasury auctions · 3-Year Note

3-year note auction of 12 October 2016 (new issue)

The 3-year note sold $24 billion at a high yield of 1.045% on , with a bid-to-cover ratio of 2.92.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 12 Nov 2013 to 12 Oct 2016
High yield at each 3-year note auction, 10 Nov 2014 to 12 Oct 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, 12 Nov 2013 to 12 Oct 2016
Bid-to-cover ratio at each 3-year note auction, 10 Nov 2014 to 12 Oct 2016

Who bought the 3-year note of 12 Oct 2016

Shares of the competitive bids accepted

  • Indirect bidders 52.1%
  • Direct bidders 10.1%
  • Primary dealers 37.7%
This auction, 12 Oct 2016
  • Indirect bidders 54.8%
  • Direct bidders 4.7%
  • Primary dealers 40.5%
The 3-year note auction before, 12 Sep 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 bidders52.1%
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
1.0452.92
0.9472.77
0.8502.98
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

Observed .

Right now

The high yield of 1.045% on 12 October 2016 was the highest for a 3-year note since 12 January 2016.

Higher than 62 of the 95 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high minus median was higher than 20 of the 24.

The primary dealers' share was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 52.1%
  • Direct bidders 10.1%
  • Primary dealers 37.7%

Size

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

Bids received came to $70.122 billion; the bid-to-cover ratio was 2.92.

Its bid-to-cover of 2.92 compares with the 24 auctions before it: lowest 2.69 on , highest 3.42 on ; 31.5% of the way from the low to the high.

2.92

Low 2.69 Midpoint 3.055 High 3.42

The security3-Year, new issue

Coupon
1.000%
Announced
Issued
Matures

It adds to the debt that matures in October 2019.

Understanding this result

Where it stands today

The high yield was 1.045% at this 3-year note auction, the median yield 1.000% and a bid-to-cover ratio of 2.92.

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$70,122,345,700
Sold$24,000,052,900
Competitive bids accepted$23,960,507,200
Non-competitive bids accepted$39,545,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.045
Median rate, %1.000
Low rate, %0.900
Interest rate (coupon), %1.000
Bids at the high rate filled, %56.64
Bid-to-cover ratio2.92
Indirect bidders accepted$12,492,400,000
Direct bidders accepted$2,423,960,000
Primary dealers accepted$9,044,147,200
Indirect bidders' share, % (ours)52.1
Direct bidders' share, % (ours)10.1
Primary dealers' share, % (ours)37.7
High minus median, basis points (ours)4.5
Treasury par yield curve, 3-year point, same day, %0.99
High yield minus that point, basis points (ours)5.5
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 ratio2.922.805 of 127 of 12
High yield1.0450.9123 of 129 of 12
Indirect bidders' share52.147.95 of 127 of 12
Direct bidders' share10.111.18 of 124 of 12
Primary dealers' share37.740.07 of 125 of 12
High minus median, basis points4.53.63 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 ratio2.92Last 24 auctions17 of 247 of 243.15
Bid-to-cover ratio2.92Since 10 November 200876 of 9519 of 953.24
Bid-to-cover ratio2.92All 111 since 6 May 200377 of 11134 of 1113.18
High yield1.045Last 24 auctions8 of 2416 of 240.996
High yield1.045Since 10 November 200833 of 9562 of 950.924
High yield1.045All 178 since 5 May 1981116 of 17862 of 1781.490
Indirect bidders' share52.1Last 24 auctions7 of 2417 of 2448.5
Indirect bidders' share52.1All 95 since 10 November 200813 of 9582 of 9538.5
Direct bidders' share10.1Last 24 auctions14 of 2410 of 2411.1
Direct bidders' share10.1All 95 since 10 November 200861 of 9534 of 9511.7
Primary dealers' share37.7Last 24 auctions18 of 246 of 2440.1
Primary dealers' share37.7All 95 since 10 November 200883 of 9512 of 9546.8
High minus median, basis points4.5Last 24 auctions4 of 2420 of 243.4
High minus median, basis points4.5Since 10 November 200819 of 9576 of 953.0
High minus median, basis points4.5All 178 since 5 May 198122 of 178156 of 1782.2

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 12 October 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20161012_1.pdf. Compiled by 500metrics, "3-year note auction of 12 October 2016 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2016-10-12.

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