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Treasury auctions · 3-Year Note

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

The 3-year note sold $38 billion at a high yield of 2.748% on , with a bid-to-cover ratio of 2.59.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 12 Jan 2016 to 11 Dec 2018
High yield at each 3-year note auction, 12 Dec 2016 to 11 Dec 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, 12 Jan 2016 to 11 Dec 2018
Bid-to-cover ratio at each 3-year note auction, 12 Dec 2016 to 11 Dec 2018

Who bought the 3-year note of 11 Dec 2018

Shares of the competitive bids accepted

  • Indirect bidders 50.5%
  • Direct bidders 12.5%
  • Primary dealers 37.0%
This auction, 11 Dec 2018
  • Indirect bidders 49.1%
  • Direct bidders 3.0%
  • Primary dealers 47.9%
The 3-year note auction before, 5 Nov 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 bidders50.5%
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
2.7482.59
2.9832.54
2.9892.56
2.8212.68
2.7652.65
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

Observed .

Right now

The high yield was 2.748% on 11 December 2018, down from 2.983% at the auction before.

The direct bidders' share of 12.5% was the highest for a 3-year note since 11 July 2016, with 28 auctions in between.

Higher than 117 of the 121 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the direct bidders' share was higher than all 24.

The high yield 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 50.5%
  • Direct bidders 12.5%
  • Primary dealers 37.0%

Size

Treasury sold $38 billion of the $38 billion offered.

Bids received came to $98.485 billion; the bid-to-cover ratio was 2.59.

Its bid-to-cover of 2.59 compares with the 24 auctions before it: lowest 2.51 on , highest 3.15 on ; 12.5% of the way from the low to the high.

2.59

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 December 2021.

Understanding this result

Where it stands today

The high yield was 2.748% at this 3-year note auction, the median yield 2.709% and a bid-to-cover ratio of 2.59.

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$38,000,000,000
Bids received$98,485,199,200
Sold$38,000,030,400
Competitive bids accepted$37,794,031,200
Non-competitive bids accepted$105,999,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.748
Median rate, %2.709
Low rate, %2.630
Interest rate (coupon), %2.625
Bids at the high rate filled, %84.56
Bid-to-cover ratio2.59
Indirect bidders accepted$19,083,371,200
Direct bidders accepted$4,737,000,000
Primary dealers accepted$13,973,660,000
Indirect bidders' share, % (ours)50.5
Direct bidders' share, % (ours)12.5
Primary dealers' share, % (ours)37.0
High minus median, basis points (ours)3.9
Treasury par yield curve, 3-year point, same day, %2.78
High yield minus that point, basis points (ours)-3.2
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 ratio2.592.809 of 123 of 12
High yield2.7482.6644 of 128 of 12
Indirect bidders' share50.548.33 of 129 of 12
Direct bidders' share12.59.70 of 1212 of 12
Primary dealers' share37.041.510 of 122 of 12
High minus median, basis points3.93.55 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 ratio2.59Last 24 auctions21 of 243 of 242.77
Bid-to-cover ratio2.59Since 10 November 2008114 of 1217 of 1213.14
Bid-to-cover ratio2.59All 137 since 6 May 2003115 of 13722 of 1373.05
High yield2.748Last 24 auctions4 of 2420 of 241.841
High yield2.748Since 10 November 20084 of 121117 of 1211.027
High yield2.748All 204 since 5 May 198183 of 204121 of 2041.602
Indirect bidders' share50.5Last 24 auctions12 of 2412 of 2450.4
Indirect bidders' share50.5All 121 since 10 November 200832 of 12189 of 12142.0
Direct bidders' share12.5Last 24 auctions0 of 2424 of 249.3
Direct bidders' share12.5All 121 since 10 November 200843 of 12178 of 12110.7
Primary dealers' share37.0Last 24 auctions19 of 245 of 2440.2
Primary dealers' share37.0All 121 since 10 November 2008106 of 12115 of 12144.7
High minus median, basis points3.9Last 24 auctions16 of 248 of 244.2
High minus median, basis points3.9Since 10 November 200845 of 12175 of 1213.3
High minus median, basis points3.9All 204 since 5 May 198152 of 204151 of 2042.4

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 December 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20181211_1.pdf. Compiled by 500metrics, "3-year note auction of 11 December 2018 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2018-12-11.

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