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Treasury auctions · 3-Year Note

3-year note auction of 12 March 2018 (new issue)

The 3-year note sold $28 billion at a high yield of 2.436% on , with a bid-to-cover ratio of 2.94.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 7 Apr 2015 to 12 Mar 2018
High yield at each 3-year note auction, 12 Apr 2016 to 12 Mar 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, 7 Apr 2015 to 12 Mar 2018
Bid-to-cover ratio at each 3-year note auction, 12 Apr 2016 to 12 Mar 2018

Who bought the 3-year note of 12 Mar 2018

Shares of the competitive bids accepted

  • Indirect bidders 50.0%
  • Direct bidders 9.3%
  • Primary dealers 40.7%
This auction, 12 Mar 2018
  • Indirect bidders 49.8%
  • Direct bidders 9.7%
  • Primary dealers 40.5%
The 3-year note auction before, 6 Feb 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 bidders50.0%
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
2.4362.94
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

Observed .

Right now

The high yield of 2.436% on 12 March 2018 was the highest for a 3-year note since 7 May 2007.

The high minus median of 3.6 basis points was the lowest for a 3-year note since 12 December 2016, with 14 auctions in between.

Higher than all 112 since 10 November 2008

Its own history

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

The primary dealers' share was higher than 18 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 50.0%
  • Direct bidders 9.3%
  • Primary dealers 40.7%

Size

Treasury sold $28 billion of the $28 billion offered.

Bids received came to $82.242 billion; the bid-to-cover ratio was 2.94.

Its bid-to-cover of 2.94 compares with the 24 auctions before it: lowest 2.62 on , highest 3.15 on ; 60.4% of the way from the low to the high.

2.94

Low 2.62 Midpoint 2.885 High 3.15

The security3-Year, new issue

Coupon
2.375%
Announced
Issued
Matures

It adds to the debt that matures in March 2021.

Understanding this result

Where it stands today

The high yield was 2.436% at this 3-year note auction, the median yield 2.400% and a bid-to-cover ratio of 2.94.

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$28,000,000,000
Bids received$82,241,962,600
Sold$28,000,025,100
Competitive bids accepted$27,687,462,500
Non-competitive bids accepted$112,562,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %2.436
Median rate, %2.400
Low rate, %2.320
Interest rate (coupon), %2.375
Bids at the high rate filled, %17.35
Bid-to-cover ratio2.94
Indirect bidders accepted$13,840,075,000
Direct bidders accepted$2,575,000,000
Primary dealers accepted$11,272,387,500
Indirect bidders' share, % (ours)50.0
Direct bidders' share, % (ours)9.3
Primary dealers' share, % (ours)40.7
High minus median, basis points (ours)3.6
Treasury par yield curve, 3-year point, same day, %2.43
High yield minus that point, basis points (ours)0.6
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 ratio2.942.855 of 127 of 12
High yield2.4361.6020 of 1212 of 12
Indirect bidders' share50.053.19 of 123 of 12
Direct bidders' share9.39.26 of 126 of 12
Primary dealers' share40.738.12 of 1210 of 12
High minus median, basis points3.64.612 of 120 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 ratio2.94Last 24 auctions7 of 2417 of 242.78
Bid-to-cover ratio2.94Since 10 November 200880 of 11231 of 1123.18
Bid-to-cover ratio2.94All 128 since 6 May 200381 of 12846 of 1283.13
High yield2.436Last 24 auctions0 of 2424 of 241.462
High yield2.436Since 10 November 20080 of 112112 of 1120.996
High yield2.436All 195 since 5 May 198180 of 195115 of 1951.519
Indirect bidders' share50.0Last 24 auctions16 of 248 of 2453.1
Indirect bidders' share50.0All 112 since 10 November 200831 of 11281 of 11240.7
Direct bidders' share9.3Last 24 auctions12 of 2412 of 249.2
Direct bidders' share9.3All 112 since 10 November 200874 of 11238 of 11211.0
Primary dealers' share40.7Last 24 auctions6 of 2418 of 2438.7
Primary dealers' share40.7All 112 since 10 November 200873 of 11239 of 11244.9
High minus median, basis points3.6Last 24 auctions19 of 245 of 244.4
High minus median, basis points3.6Since 10 November 200846 of 11265 of 1123.4
High minus median, basis points3.6All 195 since 5 May 198153 of 195141 of 1952.4

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 12 March 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180312_1.pdf. Compiled by 500metrics, "3-year note auction of 12 March 2018 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2018-03-12.

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