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Treasury auctions · 3-Year Note

3-year note auction of 11 June 2019 (new issue)

The 3-year note sold $38 billion at a high yield of 1.861% on , with a bid-to-cover ratio of 2.62.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Jul 2016 to 11 Jun 2019
High yield at each 3-year note auction, 12 Jun 2017 to 11 Jun 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, 11 Jul 2016 to 11 Jun 2019
Bid-to-cover ratio at each 3-year note auction, 12 Jun 2017 to 11 Jun 2019

Who bought the 3-year note of 11 Jun 2019

Shares of the competitive bids accepted

  • Indirect bidders 56.6%
  • Direct bidders 13.4%
  • Primary dealers 30.0%
This auction, 11 Jun 2019
  • Indirect bidders 37.9%
  • Direct bidders 20.0%
  • Primary dealers 42.0%
The 3-year note auction before, 7 May 2019

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 bidders56.6%
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
1.8612.62
2.2482.48
2.3012.49
2.4482.56
2.5022.55
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

Observed .

Right now

The high yield of 1.861% on 11 June 2019 was the lowest for a 3-year note since 7 November 2017.

The indirect bidders' share of 56.6% was the highest for a 3-year note since 11 December 2017, with 17 auctions in between.

The primary dealers' share of 30.0% was the lowest for a 3-year note since 8 August 2017, with 21 auctions in between.

Higher than 108 of the 127 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the indirect bidders' share was higher than 21 of the 24.

The high minus median was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 56.6%
  • Direct bidders 13.4%
  • Primary dealers 30.0%

Size

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

Bids received came to $99.425 billion; the bid-to-cover ratio was 2.62.

Its bid-to-cover of 2.62 compares with the 24 auctions before it: lowest 2.44 on , highest 3.15 on ; 25.4% of the way from the low to the high.

2.62

Low 2.44 Midpoint 2.795 High 3.15

The security3-Year, new issue

Coupon
1.750%
Announced
Issued
Matures

It adds to the debt that matures in June 2022.

Understanding this result

Where it stands today

The high yield was 1.861% at this 3-year note auction, the median yield 1.838% and a bid-to-cover ratio of 2.62.

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$99,424,927,100
Sold$38,000,208,300
Competitive bids accepted$37,744,031,200
Non-competitive bids accepted$56,177,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %1.861
Median rate, %1.838
Low rate, %1.388
Interest rate (coupon), %1.750
Bids at the high rate filled, %94.89
Bid-to-cover ratio2.62
Indirect bidders accepted$21,364,141,200
Direct bidders accepted$5,048,000,000
Primary dealers accepted$11,331,890,000
Indirect bidders' share, % (ours)56.6
Direct bidders' share, % (ours)13.4
Primary dealers' share, % (ours)30.0
High minus median, basis points (ours)2.3
Treasury par yield curve, 3-year point, same day, %1.87
High yield minus that point, basis points (ours)-0.9
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 ratio2.622.563 of 129 of 12
High yield1.8612.67412 of 120 of 12
Indirect bidders' share56.646.00 of 1212 of 12
Direct bidders' share13.411.44 of 128 of 12
Primary dealers' share30.041.512 of 120 of 12
High minus median, basis points2.32.710 of 121 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 ratio2.62Last 24 auctions15 of 249 of 242.73
Bid-to-cover ratio2.62Since 10 November 2008112 of 12713 of 1273.13
Bid-to-cover ratio2.62All 143 since 6 May 2003113 of 14328 of 1433.01
High yield1.861Last 24 auctions18 of 246 of 242.442
High yield1.861Since 10 November 200819 of 127108 of 1271.045
High yield1.861All 210 since 5 May 1981102 of 210108 of 2101.763
Indirect bidders' share56.6Last 24 auctions3 of 2421 of 2449.3
Indirect bidders' share56.6All 127 since 10 November 200810 of 127117 of 12742.2
Direct bidders' share13.4Last 24 auctions4 of 2420 of 2410.0
Direct bidders' share13.4All 127 since 10 November 200845 of 12782 of 12711.1
Primary dealers' share30.0Last 24 auctions22 of 242 of 2440.5
Primary dealers' share30.0All 127 since 10 November 2008122 of 1275 of 12744.1
High minus median, basis points2.3Last 24 auctions22 of 241 of 243.8
High minus median, basis points2.3Since 10 November 200894 of 12731 of 1273.3
High minus median, basis points2.3All 210 since 5 May 1981113 of 21095 of 2102.5

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 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190611_1.pdf. Compiled by 500metrics, "3-year note auction of 11 June 2019 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2019-06-11.

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