Treasury auctions · 4-year note
How did the latest 4-year Treasury note auction go?
The last 4-year note auction was on ; Treasury published no result for it.
Discontinued Treasury has not auctioned this term since 27 December 1990.
High yield at each 4-year note auction
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
The lineLatest:
- High yield7.670%
Inspect and compare dates
The latest 4-year note auction beside the one before it and the nearest ones a year, five and ten years earlier.
| Measure | Latest | The auction before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Auction | |||||
| High yield, % | 7.670 | 8.530 | 7.650 | 8.480 | 14.060 |
| Sold, $ billion | 9.651 | 9.375 | 8.957 | 7.455 | 3.568 |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The high yield was 7.670% on 27 December 1990, down from 8.530% at the auction before.
Its own history
Against the previous 24 4-year note auctions, the high minus median was higher than 13 of the 24.
The high yield was higher than 6 of them.
Size
Treasury offered $8.5 billion and sold $9.651 billion on 27 Dec 1990.
Understanding the 4-year note auction
Where it stands today
The high yield was 7.670% at the 4-year note auction of .
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
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
How does the latest auction compare with earlier ones?Every measure, window by window
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| High yield | 7.670 | Last 12 auctions | 11 of 12 | 1 of 12 | 8.435 |
| High yield | 7.670 | Last 24 auctions | 18 of 24 | 6 of 24 | 8.425 |
| High yield | 7.670 | All 42 since 25 March 1980 | 36 of 42 | 6 of 42 | 9.710 |
| High minus median, basis points | 1.0 | Last 12 auctions | 1 of 12 | 7 of 12 | 0.0 |
| High minus median, basis points | 1.0 | Last 24 auctions | 7 of 24 | 13 of 24 | 0.0 |
| High minus median, basis points | 1.0 | All 42 since 25 March 1980 | 19 of 42 | 14 of 42 | 1.0 |
The table scrolls sideways; the first column stays in place.
What were the results of every 4-year note auction?43 auctions, newest first
43 4-year note auctions with results since 25 March 1980.
| Auction | Offered as | High yield, % | Bid-to-cover | Offered, $ billion | Sold, $ billion | Indirect, % | Direct, % | Dealers, % | High − median, bp |
|---|---|---|---|---|---|---|---|---|---|
| 4-Year | 7.670 | – | 8.500 | 9.651 | – | – | – | 1.0 | |
| 4-Year | 8.530 | – | 8.250 | 9.375 | – | – | – | 0.0 | |
| 4-Year | 8.500 | – | 8.250 | 9.155 | – | – | – | 0.0 | |
| 4-Year | 8.580 | – | 8.000 | 9.164 | – | – | – | 0.0 | |
| 4-Year | 7.650 | – | 8.000 | 8.957 | – | – | – | 0.0 | |
| 4-Year | 8.350 | – | 7.750 | 8.723 | – | – | – | 0.0 | |
| 4-Year | 8.200 | – | 7.500 | 8.347 | – | – | – | 1.0 | |
| 4-Year | 9.700 | – | 7.500 | 9.042 | – | – | – | 0.0 | |
| 4-Year | 9.220 | – | 7.250 | 8.226 | – | – | – | 0.0 | |
| 4-Year | 8.770 | – | 7.000 | 7.945 | – | – | – | 1.0 | |
| 4-Year | 8.370 | – | 6.750 | 7.658 | – | – | – | 1.0 | |
| 4-Year | 7.920 | – | 6.500 | 8.110 | – | – | – | 2.0 |
Show 31 more rows
| Auction | Offered as | High yield, % | Bid-to-cover | Offered, $ billion | Sold, $ billion | Indirect, % | Direct, % | Dealers, % | High − median, bp |
|---|---|---|---|---|---|---|---|---|---|
| 4-Year | 8.340 | – | 7.000 | 8.052 | – | – | – | 1.0 | |
| 4-Year | 9.240 | – | 7.250 | 7.863 | – | – | – | 0.0 | |
| 4-Year | 7.890 | – | 7.500 | 8.339 | – | – | – | 0.0 | |
| 4-Year | 6.790 | – | 7.750 | 8.537 | – | – | – | 0.0 | |
| 4-Year | 6.660 | – | 7.750 | 8.376 | – | – | – | 2.0 | |
| 4-Year | 6.890 | – | 7.500 | 8.182 | – | – | – | 2.0 | |
| 4-Year | 7.260 | – | 7.250 | 8.027 | – | – | – | 0.0 | |
| 4-Year | 7.290 | – | 7.000 | 7.963 | – | – | – | 0.0 | |
| 4-Year | 8.480 | – | 7.000 | 7.455 | – | – | – | 5.0 | |
| 4-Year | 9.720 | – | 6.500 | 7.452 | – | – | – | 0.0 | |
| 4-Year | 11.320 | – | 6.250 | 6.920 | – | – | – | 2.0 | |
| 4-Year | 10.740 | – | 6.200 | 6.792 | – | – | – | 2.0 | |
| 4-Year | 13.710 | – | 6.000 | 6.683 | – | – | – | 2.0 | |
| 4-Year | 12.080 | – | 6.000 | 6.781 | – | – | – | 1.0 | |
| 4-Year | 11.360 | – | 6.000 | 6.564 | – | – | – | 1.0 | |
| 4-Year | 11.170 | – | 5.750 | 6.498 | – | – | – | 1.0 | |
| 4-Year | 10.620 | – | 5.750 | 6.408 | – | – | – | 0.0 | |
| 4-Year | 10.330 | – | 5.500 | 6.477 | – | – | – | 3.0 | |
| 4-Year | 10.120 | – | 5.000 | 5.860 | – | – | – | 2.0 | |
| 4-Year | 12.310 | – | 5.000 | 5.752 | – | – | – | 1.0 | |
| 2-Year, reopening | 12.250 | – | 6.500 | 7.554 | – | – | – | 5.0 | |
| 4-Year | 14.970 | – | 4.000 | 4.678 | – | – | – | 1.0 | |
| 4-Year | 14.080 | – | 3.750 | 4.185 | – | – | – | 3.0 | |
| 4-Year | 14.220 | – | 3.250 | 3.405 | – | – | – | 6.0 | |
| 4-Year | 15.930 | – | 3.250 | 3.929 | – | – | – | 2.0 | |
| 4-Year | 14.060 | – | 3.250 | 3.366 | – | – | – | 2.0 | |
| 4-Year | 13.510 | – | 3.500 | 3.764 | – | – | – | 2.0 | |
| 4-Year | 14.060 | – | 3.250 | 3.568 | – | – | – | 3.0 | |
| 4-Year | 12.150 | – | 3.000 | 3.343 | – | – | – | 2.0 | |
| 4-Year | 9.010 | – | 3.250 | 3.708 | – | – | – | 2.0 | |
| 4-Year | 14.330 | – | 2.500 | 2.875 | – | – | – | 4.0 |
The table scrolls sideways; the first column stays in place.
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 27 December 1990. Compiled by 500metrics, "How did the latest 4-year Treasury note auction go?", https://500metrics.com/treasury/auctions/4-year-note.
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