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Treasury auctions · 3-Year Note

3-year note auction of 11 June 2018 (new issue)

The 3-year note sold $32 billion at a high yield of 2.664% on , with a bid-to-cover ratio of 2.83.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 7 Jul 2015 to 11 Jun 2018
High yield at each 3-year note auction, 11 Jul 2016 to 11 Jun 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 Jul 2015 to 11 Jun 2018
Bid-to-cover ratio at each 3-year note auction, 11 Jul 2016 to 11 Jun 2018

Who bought the 3-year note of 11 Jun 2018

Shares of the competitive bids accepted

  • Indirect bidders 51.4%
  • Direct bidders 9.2%
  • Primary dealers 39.4%
This auction, 11 Jun 2018
  • Indirect bidders 45.6%
  • Direct bidders 12.3%
  • Primary dealers 42.2%
The 3-year note auction before, 8 May 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 bidders51.4%
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
2.6642.83
2.6642.76
2.4502.85
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

Observed .

Right now

The high yield was 2.664% on 11 June 2018, the same as at the auction before.

Higher than 114 of the 115 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 primary dealers' share was higher than 11 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 51.4%
  • Direct bidders 9.2%
  • Primary dealers 39.4%

Size

Treasury sold $32 billion of the $32 billion offered.

Bids received came to $90.46 billion; the bid-to-cover ratio was 2.83.

Its bid-to-cover of 2.83 compares with the 24 auctions before it: lowest 2.62 on , highest 3.15 on ; 39.6% of the way from the low to the high.

2.83

Low 2.62 Midpoint 2.885 High 3.15

The security3-Year, new issue

Coupon
2.625%
Announced
Issued
Matures

It adds to the debt that matures in June 2021.

Understanding this result

Where it stands today

The high yield was 2.664% at this 3-year note auction, the median yield 2.620% and a bid-to-cover ratio of 2.83.

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$32,000,000,000
Bids received$90,460,329,300
Sold$32,000,118,800
Competitive bids accepted$31,825,119,500
Non-competitive bids accepted$74,999,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.664
Median rate, %2.620
Low rate, %2.188
Interest rate (coupon), %2.625
Bids at the high rate filled, %97.11
Bid-to-cover ratio2.83
Indirect bidders accepted$16,350,454,500
Direct bidders accepted$2,932,000,000
Primary dealers accepted$12,542,665,000
Indirect bidders' share, % (ours)51.4
Direct bidders' share, % (ours)9.2
Primary dealers' share, % (ours)39.4
High minus median, basis points (ours)4.4
Treasury par yield curve, 3-year point, same day, %2.66
High yield minus that point, basis points (ours)0.4
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 ratio2.832.908 of 123 of 12
High yield2.6641.8410 of 1211 of 12
Indirect bidders' share51.453.17 of 125 of 12
Direct bidders' share9.29.88 of 124 of 12
Primary dealers' share39.438.15 of 127 of 12
High minus median, basis points4.44.24 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 ratio2.83Last 24 auctions11 of 2412 of 242.81
Bid-to-cover ratio2.83Since 10 November 200888 of 11525 of 1153.16
Bid-to-cover ratio2.83All 131 since 6 May 200389 of 13140 of 1313.10
High yield2.664Last 24 auctions0 of 2423 of 241.522
High yield2.664Since 10 November 20080 of 115114 of 1151.000
High yield2.664All 198 since 5 May 198179 of 198118 of 1981.522
Indirect bidders' share51.4Last 24 auctions13 of 2411 of 2452.0
Indirect bidders' share51.4All 115 since 10 November 200826 of 11589 of 11541.4
Direct bidders' share9.2Last 24 auctions13 of 2411 of 249.3
Direct bidders' share9.2All 115 since 10 November 200877 of 11538 of 11511.1
Primary dealers' share39.4Last 24 auctions13 of 2411 of 2439.6
Primary dealers' share39.4All 115 since 10 November 200886 of 11529 of 11544.7
High minus median, basis points4.4Last 24 auctions10 of 2413 of 244.3
High minus median, basis points4.4Since 10 November 200827 of 11582 of 1153.4
High minus median, basis points4.4All 198 since 5 May 198130 of 198162 of 1982.4

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 11 June 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180611_2.pdf. Compiled by 500metrics, "3-year note auction of 11 June 2018 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2018-06-11.

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