500metrics

Treasury auctions · 3-Year Note

3-year note auction of 7 March 2017 (new issue)

The 3-year note sold $24 billion at a high yield of 1.630% on , with a bid-to-cover ratio of 2.74.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Apr 2014 to 7 Mar 2017
High yield at each 3-year note auction, 10 Mar 2015 to 7 Mar 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, 8 Apr 2014 to 7 Mar 2017
Bid-to-cover ratio at each 3-year note auction, 10 Mar 2015 to 7 Mar 2017

Who bought the 3-year note of 7 Mar 2017

Shares of the competitive bids accepted

  • Indirect bidders 49.4%
  • Direct bidders 8.4%
  • Primary dealers 42.2%
This auction, 7 Mar 2017
  • Indirect bidders 57.2%
  • Direct bidders 8.1%
  • Primary dealers 34.7%
The 3-year note auction before, 7 Feb 2017

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 bidders49.4%
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
1.6302.74
1.4232.78
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

Observed .

Right now

The high yield of 1.630% on 7 March 2017 was the highest for a 3-year note since 6 April 2010.

Higher than 96 of the 100 since 10 November 2008

Its own history

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

The high minus median was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 49.4%
  • Direct bidders 8.4%
  • Primary dealers 42.2%

Size

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

Bids received came to $65.77 billion; the bid-to-cover ratio was 2.74.

Its bid-to-cover of 2.74 compares with the 24 auctions before it: lowest 2.65 on , highest 3.34 on ; 13.0% of the way from the low to the high.

2.74

Low 2.65 Midpoint 2.995 High 3.34

The security3-Year, new issue

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in March 2020.

Understanding this result

Where it stands today

The high yield was 1.630% at this 3-year note auction, the median yield 1.570% and a bid-to-cover ratio of 2.74.

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$65,770,438,000
Sold$24,000,028,000
Competitive bids accepted$23,838,790,000
Non-competitive bids accepted$61,238,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.630
Median rate, %1.570
Low rate, %1.500
Interest rate (coupon), %1.625
Bids at the high rate filled, %17.70
Bid-to-cover ratio2.74
Indirect bidders accepted$11,769,370,000
Direct bidders accepted$1,999,770,000
Primary dealers accepted$10,069,650,000
Indirect bidders' share, % (ours)49.4
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)42.2
High minus median, basis points (ours)6.0
Treasury par yield curve, 3-year point, same day, %1.62
High yield minus that point, basis points (ours)1.0
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 ratio2.742.787 of 125 of 12
High yield1.6300.9900 of 1212 of 12
Indirect bidders' share49.453.47 of 125 of 12
Direct bidders' share8.49.38 of 124 of 12
Primary dealers' share42.239.13 of 129 of 12
High minus median, basis points6.04.01 of 1211 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 ratio2.74Last 24 auctions18 of 245 of 242.94
Bid-to-cover ratio2.74Since 10 November 200887 of 10012 of 1003.22
Bid-to-cover ratio2.74All 116 since 6 May 200388 of 11627 of 1163.16
High yield1.630Last 24 auctions0 of 2424 of 241.024
High yield1.630Since 10 November 20084 of 10096 of 1000.929
High yield1.630All 183 since 5 May 198187 of 18396 of 1831.473
Indirect bidders' share49.4Last 24 auctions14 of 2410 of 2450.9
Indirect bidders' share49.4All 100 since 10 November 200823 of 10077 of 10038.9
Direct bidders' share8.4Last 24 auctions17 of 247 of 249.9
Direct bidders' share8.4All 100 since 10 November 200876 of 10024 of 10011.4
Primary dealers' share42.2Last 24 auctions5 of 2419 of 2439.5
Primary dealers' share42.2All 100 since 10 November 200865 of 10035 of 10046.7
High minus median, basis points6.0Last 24 auctions1 of 2423 of 243.6
High minus median, basis points6.0Since 10 November 20086 of 10094 of 1003.1
High minus median, basis points6.0All 183 since 5 May 19817 of 183176 of 1832.2

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 7 March 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170307_3.pdf. Compiled by 500metrics, "3-year note auction of 7 March 2017 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2017-03-07.

Page updated