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Treasury auctions · 3-Year Note

3-year note auction of 6 February 2018 (new issue)

The 3-year note sold $30.914 billion at a high yield of 2.280% on , with a bid-to-cover ratio of 3.00.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 10 Mar 2015 to 6 Feb 2018
High yield at each 3-year note auction, 9 Feb 2016 to 6 Feb 2018

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 Mar 2015 to 6 Feb 2018
Bid-to-cover ratio at each 3-year note auction, 9 Feb 2016 to 6 Feb 2018

Who bought the 3-year note of 6 Feb 2018

Shares of the competitive bids accepted

  • Indirect bidders 49.8%
  • Direct bidders 9.7%
  • Primary dealers 40.5%
This auction, 6 Feb 2018
  • Indirect bidders 54.9%
  • Direct bidders 11.5%
  • Primary dealers 33.6%
The 3-year note auction before, 9 Jan 2018

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 bidders49.8%
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
2.2803.00
2.0803.13
1.9323.15
1.7502.76
1.6572.83
1.4332.70
1.5203.13
1.5732.87
1.5003.00
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

Observed .

Right now

The high yield of 2.280% on 6 February 2018 was the highest for a 3-year note since 7 May 2007.

Higher than all 111 since 10 November 2008

Its own history

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

The bid-to-cover ratio was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 49.8%
  • Direct bidders 9.7%
  • Primary dealers 40.5%

Size

Treasury sold $30.914 billion of the $26 billion offered.

Bids received came to $83.019 billion; the bid-to-cover ratio was 3.00.

Its bid-to-cover of 3.00 compares with the 24 auctions before it: lowest 2.62 on , highest 3.15 on ; 71.7% of the way from the low to the high.

3.00

Low 2.62 Midpoint 2.885 High 3.15

The security3-Year, new issue

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in February 2021.

Understanding this result

Where it stands today

The high yield was 2.280% at this 3-year note auction, the median yield 2.230% and a bid-to-cover ratio of 3.00.

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$26,000,000,000
Bids received$83,019,113,600
Sold$30,914,178,300
Competitive bids accepted$25,838,064,700
Non-competitive bids accepted$61,991,500
Federal Reserve (SOMA) add-on$4,914,122,100
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.280
Median rate, %2.230
Low rate, %2.000
Interest rate (coupon), %2.250
Bids at the high rate filled, %9.79
Bid-to-cover ratio3.00
Indirect bidders accepted$12,856,534,700
Direct bidders accepted$2,507,000,000
Primary dealers accepted$10,474,530,000
Indirect bidders' share, % (ours)49.8
Direct bidders' share, % (ours)9.7
Primary dealers' share, % (ours)40.5
High minus median, basis points (ours)5.0
Treasury par yield curve, 3-year point, same day, %2.30
High yield minus that point, basis points (ours)-2.0
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 ratio3.002.803 of 128 of 12
High yield2.2801.5720 of 1212 of 12
Indirect bidders' share49.853.910 of 122 of 12
Direct bidders' share9.78.74 of 128 of 12
Primary dealers' share40.537.52 of 1210 of 12
High minus median, basis points5.04.65 of 127 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 ratio3.00Last 24 auctions3 of 2420 of 242.78
Bid-to-cover ratio3.00Since 10 November 200872 of 11138 of 1113.18
Bid-to-cover ratio3.00All 127 since 6 May 200372 of 12754 of 1273.13
High yield2.280Last 24 auctions0 of 2424 of 241.442
High yield2.280Since 10 November 20080 of 111111 of 1110.994
High yield2.280All 194 since 5 May 198182 of 194112 of 1941.510
Indirect bidders' share49.8Last 24 auctions16 of 248 of 2453.1
Indirect bidders' share49.8All 111 since 10 November 200831 of 11180 of 11140.6
Direct bidders' share9.7Last 24 auctions10 of 2414 of 249.2
Direct bidders' share9.7All 111 since 10 November 200869 of 11142 of 11111.1
Primary dealers' share40.5Last 24 auctions8 of 2416 of 2438.7
Primary dealers' share40.5All 111 since 10 November 200874 of 11137 of 11145.1
High minus median, basis points5.0Last 24 auctions5 of 2416 of 244.2
High minus median, basis points5.0Since 10 November 200819 of 11189 of 1113.3
High minus median, basis points5.0All 194 since 5 May 198120 of 194169 of 1942.4

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 6 February 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180206_3.pdf. Compiled by 500metrics, "3-year note auction of 6 February 2018 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2018-02-06.

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