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Treasury auctions · 3-Year Note

3-year note auction of 9 May 2017 (new issue)

The 3-year note sold $31.929 billion at a high yield of 1.572% on , with a bid-to-cover ratio of 2.76.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 10 Jun 2014 to 9 May 2017
High yield at each 3-year note auction, 12 May 2015 to 9 May 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, 10 Jun 2014 to 9 May 2017
Bid-to-cover ratio at each 3-year note auction, 12 May 2015 to 9 May 2017

Who bought the 3-year note of 9 May 2017

Shares of the competitive bids accepted

  • Indirect bidders 50.8%
  • Direct bidders 9.3%
  • Primary dealers 39.9%
This auction, 9 May 2017
  • Indirect bidders 51.8%
  • Direct bidders 8.3%
  • Primary dealers 39.9%
The 3-year note auction before, 10 Apr 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 bidders50.8%
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
1.5722.76
1.5252.62
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

Observed .

Right now

The high yield was 1.572% on 9 May 2017, up from 1.525% at the auction before.

Higher than 97 of the 102 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield was higher than 23 of the 24.

The bid-to-cover ratio was higher than 8 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 50.8%
  • Direct bidders 9.3%
  • Primary dealers 39.9%

Size

Treasury sold $31.929 billion of the $24 billion offered.

Bids received came to $74.154 billion; the bid-to-cover ratio was 2.76.

Its bid-to-cover of 2.76 compares with the 24 auctions before it: lowest 2.62 on , highest 3.34 on ; 19.4% of the way from the low to the high.

2.76

Low 2.62 Midpoint 2.980 High 3.34

The security3-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in May 2020.

Understanding this result

Where it stands today

The high yield was 1.572% at this 3-year note auction, the median yield 1.529% and a bid-to-cover ratio of 2.76.

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$74,154,401,900
Sold$31,929,051,900
Competitive bids accepted$23,850,350,000
Non-competitive bids accepted$49,666,200
Federal Reserve (SOMA) add-on$7,929,035,700
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.572
Median rate, %1.529
Low rate, %1.288
Interest rate (coupon), %1.500
Bids at the high rate filled, %87.86
Bid-to-cover ratio2.76
Indirect bidders accepted$12,108,500,000
Direct bidders accepted$2,222,000,000
Primary dealers accepted$9,519,850,000
Indirect bidders' share, % (ours)50.8
Direct bidders' share, % (ours)9.3
Primary dealers' share, % (ours)39.9
High minus median, basis points (ours)4.3
Treasury par yield curve, 3-year point, same day, %1.57
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 ratio2.762.787 of 125 of 12
High yield1.5721.0401 of 1211 of 12
Indirect bidders' share50.852.07 of 125 of 12
Direct bidders' share9.38.75 of 127 of 12
Primary dealers' share39.939.65 of 127 of 12
High minus median, basis points4.34.46 of 126 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 ratio2.76Last 24 auctions16 of 248 of 242.87
Bid-to-cover ratio2.76Since 10 November 200886 of 10215 of 1023.22
Bid-to-cover ratio2.76All 118 since 6 May 200387 of 11830 of 1183.14
High yield1.572Last 24 auctions1 of 2423 of 241.036
High yield1.572Since 10 November 20085 of 10297 of 1020.930
High yield1.572All 185 since 5 May 198188 of 18597 of 1851.487
Indirect bidders' share50.8Last 24 auctions12 of 2412 of 2450.9
Indirect bidders' share50.8All 102 since 10 November 200821 of 10281 of 10239.2
Direct bidders' share9.3Last 24 auctions14 of 2410 of 249.6
Direct bidders' share9.3All 102 since 10 November 200868 of 10234 of 10211.2
Primary dealers' share39.9Last 24 auctions10 of 2414 of 2439.5
Primary dealers' share39.9All 102 since 10 November 200876 of 10226 of 10246.3
High minus median, basis points4.3Last 24 auctions8 of 2416 of 244.0
High minus median, basis points4.3Since 10 November 200828 of 10274 of 1023.1
High minus median, basis points4.3All 185 since 5 May 198131 of 185154 of 1852.2

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 9 May 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170509_2.pdf. Compiled by 500metrics, "3-year note auction of 9 May 2017 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2017-05-09.

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