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Treasury auctions · 3-Year Note

3-year note auction of 10 July 2018 (new issue)

The 3-year note sold $33.128 billion at a high yield of 2.685% on , with a bid-to-cover ratio of 2.51.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Aug 2015 to 10 Jul 2018
High yield at each 3-year note auction, 11 Jul 2016 to 10 Jul 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, 11 Aug 2015 to 10 Jul 2018
Bid-to-cover ratio at each 3-year note auction, 11 Jul 2016 to 10 Jul 2018

Who bought the 3-year note of 10 Jul 2018

Shares of the competitive bids accepted

  • Indirect bidders 39.6%
  • Direct bidders 9.1%
  • Primary dealers 51.3%
This auction, 10 Jul 2018
  • Indirect bidders 51.4%
  • Direct bidders 9.2%
  • Primary dealers 39.4%
The 3-year note auction before, 11 Jun 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 bidders39.6%
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
2.6852.51
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

Observed .

Right now

The high yield of 2.685% on 10 July 2018 was the highest for a 3-year note since 7 May 2007.

The bid-to-cover ratio of 2.51 was the lowest for a 3-year note since 8 April 2009, with 110 auctions in between.

The indirect bidders' share of 39.6% was the lowest for a 3-year note since 10 November 2014, with 43 auctions in between.

Higher than all 116 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield and the primary dealers' share were higher than all 24.

The bid-to-cover ratio and the indirect bidders' share were lower than all 24.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 39.6%
  • Direct bidders 9.1%
  • Primary dealers 51.3%

Size

Treasury sold $33.128 billion of the $33 billion offered.

Bids received came to $82.933 billion; the bid-to-cover ratio was 2.51.

Its bid-to-cover of 2.51 compares with the 24 auctions before it: lowest 2.51 on , highest 3.15 on ; 0.0% of the way from the low to the high.

2.51

Low 2.51 Midpoint 2.830 High 3.15

The security3-Year, new issue

Coupon
2.625%
Announced
Issued
Matures

It adds to the debt that matures in July 2021.

Understanding this result

Where it stands today

The high yield was 2.685% at this 3-year note auction, the median yield 2.660% and a bid-to-cover ratio of 2.51.

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$33,000,000,000
Bids received$82,932,909,400
Sold$33,128,311,900
Competitive bids accepted$32,837,502,500
Non-competitive bids accepted$62,545,000
Federal Reserve (SOMA) add-on$128,264,400
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.685
Median rate, %2.660
Low rate, %2.560
Interest rate (coupon), %2.625
Bids at the high rate filled, %37.03
Bid-to-cover ratio2.51
Indirect bidders accepted$12,997,100,000
Direct bidders accepted$3,000,000,000
Primary dealers accepted$16,840,402,500
Indirect bidders' share, % (ours)39.6
Direct bidders' share, % (ours)9.1
Primary dealers' share, % (ours)51.3
High minus median, basis points (ours)2.5
Treasury par yield curve, 3-year point, same day, %2.69
High yield minus that point, basis points (ours)-0.5
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 ratio2.512.8612 of 120 of 12
High yield2.6852.0060 of 1212 of 12
Indirect bidders' share39.652.012 of 120 of 12
Direct bidders' share9.19.89 of 123 of 12
Primary dealers' share51.339.00 of 1212 of 12
High minus median, basis points2.54.411 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 ratio2.51Last 24 auctions24 of 240 of 242.83
Bid-to-cover ratio2.51Since 10 November 2008112 of 1164 of 1163.16
Bid-to-cover ratio2.51All 132 since 6 May 2003113 of 13219 of 1323.08
High yield2.685Last 24 auctions0 of 2424 of 241.548
High yield2.685Since 10 November 20080 of 116116 of 1161.000
High yield2.685All 199 since 5 May 198179 of 199120 of 1991.525
Indirect bidders' share39.6Last 24 auctions24 of 240 of 2452.0
Indirect bidders' share39.6All 116 since 10 November 200864 of 11652 of 11641.4
Direct bidders' share9.1Last 24 auctions13 of 2411 of 249.3
Direct bidders' share9.1All 116 since 10 November 200879 of 11637 of 11611.0
Primary dealers' share51.3Last 24 auctions0 of 2424 of 2439.4
Primary dealers' share51.3All 116 since 10 November 200834 of 11682 of 11644.7
High minus median, basis points2.5Last 24 auctions22 of 241 of 244.3
High minus median, basis points2.5Since 10 November 200878 of 11636 of 1163.4
High minus median, basis points2.5All 199 since 5 May 198196 of 199101 of 1992.4

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 10 July 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180710_2.pdf. Compiled by 500metrics, "3-year note auction of 10 July 2018 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2018-07-10.

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