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Treasury auctions · 3-Year Note

3-year note auction of 10 January 2017 (new issue)

The 3-year note sold $25.33 billion at a high yield of 1.472% on , with a bid-to-cover ratio of 2.97.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Feb 2014 to 10 Jan 2017
High yield at each 3-year note auction, 12 Jan 2015 to 10 Jan 2017

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 Feb 2014 to 10 Jan 2017
Bid-to-cover ratio at each 3-year note auction, 12 Jan 2015 to 10 Jan 2017

Who bought the 3-year note of 10 Jan 2017

Shares of the competitive bids accepted

  • Indirect bidders 54.6%
  • Direct bidders 6.6%
  • Primary dealers 38.8%
This auction, 10 Jan 2017
  • Indirect bidders 42.6%
  • Direct bidders 9.0%
  • Primary dealers 48.5%
The 3-year note auction before, 12 Dec 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 bidders54.6%
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
1.4722.97
1.4522.65
1.0342.69
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

Observed .

Right now

The high yield of 1.472% on 10 January 2017 was the highest for a 3-year note since 6 April 2010.

Higher than 89 of the 98 since 10 November 2008

Its own history

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

The indirect bidders' share was higher than 19 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 54.6%
  • Direct bidders 6.6%
  • Primary dealers 38.8%

Size

Treasury sold $25.33 billion of the $24 billion offered.

Bids received came to $72.573 billion; the bid-to-cover ratio was 2.97.

Its bid-to-cover of 2.97 compares with the 24 auctions before it: lowest 2.65 on , highest 3.34 on ; 46.4% of the way from the low to the high.

2.97

Low 2.65 Midpoint 2.995 High 3.34

The security3-Year, new issue

Coupon
1.375%
Announced
Issued
Matures

It adds to the debt that matures in January 2020.

Understanding this result

Where it stands today

The high yield was 1.472% at this 3-year note auction, the median yield 1.430% and a bid-to-cover ratio of 2.97.

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$72,573,462,900
Sold$25,329,938,900
Competitive bids accepted$23,948,026,000
Non-competitive bids accepted$52,061,300
Federal Reserve (SOMA) add-on$1,329,851,600
Foreign and international (FIMA) non-competitive$0
High yield, %1.472
Median rate, %1.430
Low rate, %1.350
Interest rate (coupon), %1.375
Bids at the high rate filled, %86.68
Bid-to-cover ratio2.97
Indirect bidders accepted$13,075,650,000
Direct bidders accepted$1,591,000,000
Primary dealers accepted$9,281,376,000
Indirect bidders' share, % (ours)54.6
Direct bidders' share, % (ours)6.6
Primary dealers' share, % (ours)38.8
High minus median, basis points (ours)4.2
Treasury par yield curve, 3-year point, same day, %1.47
High yield minus that point, basis points (ours)0.2
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 ratio2.972.761 of 1211 of 12
High yield1.4720.9380 of 1212 of 12
Indirect bidders' share54.650.15 of 127 of 12
Direct bidders' share6.69.811 of 121 of 12
Primary dealers' share38.840.07 of 125 of 12
High minus median, basis points4.23.44 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 ratio2.97Last 24 auctions12 of 2412 of 242.96
Bid-to-cover ratio2.97Since 10 November 200872 of 9826 of 983.23
Bid-to-cover ratio2.97All 114 since 6 May 200372 of 11441 of 1143.16
High yield1.472Last 24 auctions0 of 2424 of 241.006
High yield1.472Since 10 November 20089 of 9889 of 980.927
High yield1.472All 181 since 5 May 198192 of 18189 of 1811.487
Indirect bidders' share54.6Last 24 auctions5 of 2419 of 2449.2
Indirect bidders' share54.6All 98 since 10 November 20088 of 9890 of 9838.6
Direct bidders' share6.6Last 24 auctions23 of 241 of 2410.2
Direct bidders' share6.6All 98 since 10 November 200886 of 9812 of 9811.5
Primary dealers' share38.8Last 24 auctions16 of 248 of 2439.6
Primary dealers' share38.8All 98 since 10 November 200880 of 9818 of 9846.9
High minus median, basis points4.2Last 24 auctions5 of 2418 of 243.5
High minus median, basis points4.2Since 10 November 200825 of 9872 of 983.0
High minus median, basis points4.2All 181 since 5 May 198128 of 181151 of 1812.2

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 10 January 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170110_2.pdf. Compiled by 500metrics, "3-year note auction of 10 January 2017 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2017-01-10.

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