500metrics

Treasury auctions · 3-Year Note

3-year note auction of 8 January 2019 (new issue)

The 3-year note sold $38 billion at a high yield of 2.559% on , with a bid-to-cover ratio of 2.44.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 9 Feb 2016 to 8 Jan 2019
High yield at each 3-year note auction, 10 Jan 2017 to 8 Jan 2019

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, 9 Feb 2016 to 8 Jan 2019
Bid-to-cover ratio at each 3-year note auction, 10 Jan 2017 to 8 Jan 2019

Who bought the 3-year note of 8 Jan 2019

Shares of the competitive bids accepted

  • Indirect bidders 41.9%
  • Direct bidders 17.7%
  • Primary dealers 40.4%
This auction, 8 Jan 2019
  • Indirect bidders 50.5%
  • Direct bidders 12.5%
  • Primary dealers 37.0%
The 3-year note auction before, 11 Dec 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 bidders41.9%
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
2.5592.44
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

Observed .

Right now

The high yield of 2.559% on 8 January 2019 was the lowest for a 3-year note since 10 April 2018.

The bid-to-cover ratio of 2.44 was the lowest for a 3-year note since 8 April 2009, with 116 auctions in between.

The direct bidders' share of 17.7% was the highest for a 3-year note since 8 December 2015, with 36 auctions in between.

Higher than 114 of the 122 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 bid-to-cover ratio was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 41.9%
  • Direct bidders 17.7%
  • Primary dealers 40.4%

Size

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

Bids received came to $92.605 billion; the bid-to-cover ratio was 2.44.

Its bid-to-cover of 2.44 compares with the 24 auctions before it: lowest 2.44 on , highest 3.15 on ; 0.0% of the way from the low to the high.

2.44

Low 2.44 Midpoint 2.795 High 3.15

The security3-Year, new issue

Coupon
2.500%
Announced
Issued
Matures

It adds to the debt that matures in January 2022.

Understanding this result

Where it stands today

The high yield was 2.559% at this 3-year note auction, the median yield 2.523% and a bid-to-cover ratio of 2.44.

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$92,604,729,200
Sold$38,000,062,100
Competitive bids accepted$37,834,902,900
Non-competitive bids accepted$65,159,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.559
Median rate, %2.523
Low rate, %2.400
Interest rate (coupon), %2.500
Bids at the high rate filled, %63.99
Bid-to-cover ratio2.44
Indirect bidders accepted$15,852,932,900
Direct bidders accepted$6,710,000,000
Primary dealers accepted$15,271,970,000
Indirect bidders' share, % (ours)41.9
Direct bidders' share, % (ours)17.7
Primary dealers' share, % (ours)40.4
High minus median, basis points (ours)3.6
Treasury par yield curve, 3-year point, same day, %2.57
High yield minus that point, basis points (ours)-1.1
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 ratio2.442.7212 of 120 of 12
High yield2.5592.6748 of 124 of 12
Indirect bidders' share41.948.311 of 121 of 12
Direct bidders' share17.710.20 of 1212 of 12
Primary dealers' share40.441.59 of 123 of 12
High minus median, basis points3.63.55 of 126 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 ratio2.44Last 24 auctions24 of 240 of 242.77
Bid-to-cover ratio2.44Since 10 November 2008118 of 1224 of 1223.14
Bid-to-cover ratio2.44All 138 since 6 May 2003119 of 13819 of 1383.04
High yield2.559Last 24 auctions8 of 2416 of 242.006
High yield2.559Since 10 November 20088 of 122114 of 1221.030
High yield2.559All 205 since 5 May 198188 of 205117 of 2051.630
Indirect bidders' share41.9Last 24 auctions23 of 241 of 2450.6
Indirect bidders' share41.9All 122 since 10 November 200862 of 12260 of 12242.1
Direct bidders' share17.7Last 24 auctions0 of 2424 of 249.3
Direct bidders' share17.7All 122 since 10 November 200819 of 122103 of 12210.8
Primary dealers' share40.4Last 24 auctions11 of 2413 of 2439.9
Primary dealers' share40.4All 122 since 10 November 200885 of 12237 of 12244.7
High minus median, basis points3.6Last 24 auctions17 of 246 of 244.2
High minus median, basis points3.6Since 10 November 200849 of 12271 of 1223.4
High minus median, basis points3.6All 205 since 5 May 198156 of 205147 of 2052.4

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 8 January 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190108_1.pdf. Compiled by 500metrics, "3-year note auction of 8 January 2019 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2019-01-08.

Page updated