500metrics

Treasury auctions · 3-Year Note

3-year note auction of 9 July 2019 (new issue)

The 3-year note sold $38.324 billion at a high yield of 1.857% on , with a bid-to-cover ratio of 2.39.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 9 Aug 2016 to 9 Jul 2019
High yield at each 3-year note auction, 11 Jul 2017 to 9 Jul 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 Aug 2016 to 9 Jul 2019
Bid-to-cover ratio at each 3-year note auction, 11 Jul 2017 to 9 Jul 2019

Who bought the 3-year note of 9 Jul 2019

Shares of the competitive bids accepted

  • Indirect bidders 48.5%
  • Direct bidders 17.9%
  • Primary dealers 33.6%
This auction, 9 Jul 2019
  • Indirect bidders 56.6%
  • Direct bidders 13.4%
  • Primary dealers 30.0%
The 3-year note auction before, 11 Jun 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 bidders48.5%
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
1.8572.39
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

Observed .

Right now

The high yield of 1.857% on 9 July 2019 was the lowest for a 3-year note since 7 November 2017.

The bid-to-cover ratio of 2.39 was the lowest for a 3-year note since 10 March 2009, with 123 auctions in between.

Higher than 108 of the 128 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the bid-to-cover ratio was lower than all 24.

The direct bidders' share was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 48.5%
  • Direct bidders 17.9%
  • Primary dealers 33.6%

Size

Treasury sold $38.324 billion of the $38 billion offered.

Bids received came to $91.229 billion; the bid-to-cover ratio was 2.39.

Its bid-to-cover of 2.39 compares with the 24 auctions before it: lowest 2.39 on , highest 3.15 on ; 0.0% of the way from the low to the high.

2.39

Low 2.39 Midpoint 2.770 High 3.15

The security3-Year, new issue

Coupon
1.750%
Announced
Issued
Matures

It adds to the debt that matures in July 2022.

Understanding this result

Where it stands today

The high yield was 1.857% at this 3-year note auction, the median yield 1.821% and a bid-to-cover ratio of 2.39.

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$91,228,764,100
Sold$38,323,614,100
Competitive bids accepted$37,971,150,000
Non-competitive bids accepted$28,939,900
Federal Reserve (SOMA) add-on$323,524,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.857
Median rate, %1.821
Low rate, %1.700
Interest rate (coupon), %1.750
Bids at the high rate filled, %45.35
Bid-to-cover ratio2.39
Indirect bidders accepted$18,417,675,000
Direct bidders accepted$6,803,000,000
Primary dealers accepted$12,750,475,000
Indirect bidders' share, % (ours)48.5
Direct bidders' share, % (ours)17.9
Primary dealers' share, % (ours)33.6
High minus median, basis points (ours)3.6
Treasury par yield curve, 3-year point, same day, %1.88
High yield minus that point, basis points (ours)-2.3
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 ratio2.392.5612 of 120 of 12
High yield1.8572.62212 of 120 of 12
Indirect bidders' share48.546.04 of 128 of 12
Direct bidders' share17.912.33 of 129 of 12
Primary dealers' share33.641.511 of 121 of 12
High minus median, basis points3.62.62 of 129 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 ratio2.39Last 24 auctions24 of 240 of 242.69
Bid-to-cover ratio2.39Since 10 November 2008125 of 1283 of 1283.13
Bid-to-cover ratio2.39All 144 since 6 May 2003127 of 14416 of 1443.00
High yield1.857Last 24 auctions19 of 245 of 242.442
High yield1.857Since 10 November 200820 of 128108 of 1281.048
High yield1.857All 211 since 5 May 1981103 of 211108 of 2111.776
Indirect bidders' share48.5Last 24 auctions13 of 2411 of 2449.3
Indirect bidders' share48.5All 128 since 10 November 200842 of 12886 of 12842.3
Direct bidders' share17.9Last 24 auctions3 of 2421 of 2410.3
Direct bidders' share17.9All 128 since 10 November 200822 of 128106 of 12811.1
Primary dealers' share33.6Last 24 auctions21 of 243 of 2440.5
Primary dealers' share33.6All 128 since 10 November 2008119 of 1289 of 12844.0
High minus median, basis points3.6Last 24 auctions12 of 2410 of 243.7
High minus median, basis points3.6Since 10 November 200850 of 12875 of 1283.2
High minus median, basis points3.6All 211 since 5 May 198157 of 211151 of 2112.5

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 9 July 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190709_1.pdf. Compiled by 500metrics, "3-year note auction of 9 July 2019 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2019-07-09.

Page updated