2017 Economic Calendar
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3-Yr Note Announcement  
 
Description of Offering
Offering Amount$24.0 B 
CUSIP Number9128283L2 
Auction DateDecember 11, 2017 
Issue [Settlement] DateDecember 15, 2017 
Maturity DateDecember 15, 2020 
Min Bid Amount$100 
Noncompetitive Bids11:00 a.m. ET 
Competitive Bids11:30 a.m. ET 
Definition
Treasury notes are sold at regularly scheduled public auctions. The competitive bids at these auctions determine the interest rate paid on each Treasury note issue. A group of securities dealers, known as primary dealers, are authorized and obligated to submit competitive tenders at Treasury auctions. Dealers can hold the bills, resell the bills to their clients or trade them with other securities firms. Typically, the New York Fed approves about 20 securities firms to be primary dealers but that number dropped sharply during the 2008 financial crisis as some were merged into other firms or went bankrupt. The Fed has been rebuilding that number regularly and the latest list can be found here. The 3-year notes are announced around the first week of the month (usually on Thursday) and then auctioned the following week. In all cases, the 3-year notes are issued (settled) on the 15th of the month, unless it falls on a weekend or holiday, and then they are issued on the next business day. (Department of the Treasury)  Why Investors Care
 

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