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Treasury auctions · 3-Year Note

3-year note auction of 10 September 2019 (new issue)

The 3-year note sold $38 billion at a high yield of 1.573% on , with a bid-to-cover ratio of 2.42.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 12 Oct 2016 to 10 Sep 2019
High yield at each 3-year note auction, 11 Sep 2017 to 10 Sep 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, 12 Oct 2016 to 10 Sep 2019
Bid-to-cover ratio at each 3-year note auction, 11 Sep 2017 to 10 Sep 2019

Who bought the 3-year note of 10 Sep 2019

Shares of the competitive bids accepted

  • Indirect bidders 46.2%
  • Direct bidders 16.6%
  • Primary dealers 37.2%
This auction, 10 Sep 2019
  • Indirect bidders 46.7%
  • Direct bidders 19.3%
  • Primary dealers 34.0%
The 3-year note auction before, 6 Aug 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 bidders46.2%
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
1.5732.42
1.5622.41
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

Observed .

Right now

The high yield was 1.573% on 10 September 2019, up from 1.562% at the auction before.

Higher than 102 of the 130 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the direct bidders' share was higher than 18 of the 24.

The high yield was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 46.2%
  • Direct bidders 16.6%
  • Primary dealers 37.2%

Size

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

Bids received came to $92.117 billion; the bid-to-cover ratio was 2.42.

Its bid-to-cover of 2.42 compares with the 24 auctions before it: lowest 2.39 on , highest 3.15 on ; 3.9% of the way from the low to the high.

2.42

Low 2.39 Midpoint 2.770 High 3.15

The security3-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in September 2022.

Understanding this result

Where it stands today

The high yield was 1.573% at this 3-year note auction, the median yield 1.540% and a bid-to-cover ratio of 2.42.

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$92,116,674,200
Sold$38,000,053,000
Competitive bids accepted$37,916,593,800
Non-competitive bids accepted$33,459,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.573
Median rate, %1.540
Low rate, %0.880
Interest rate (coupon), %1.500
Bids at the high rate filled, %74.98
Bid-to-cover ratio2.42
Indirect bidders accepted$17,512,203,800
Direct bidders accepted$6,281,000,000
Primary dealers accepted$14,123,390,000
Indirect bidders' share, % (ours)46.2
Direct bidders' share, % (ours)16.6
Primary dealers' share, % (ours)37.2
High minus median, basis points (ours)3.3
Treasury par yield curve, 3-year point, same day, %1.61
High yield minus that point, basis points (ours)-3.7
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 ratio2.422.5410 of 122 of 12
High yield1.5732.47511 of 121 of 12
Indirect bidders' share46.246.88 of 124 of 12
Direct bidders' share16.615.66 of 126 of 12
Primary dealers' share37.239.57 of 125 of 12
High minus median, basis points3.33.05 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 ratio2.42Last 24 auctions22 of 242 of 242.64
Bid-to-cover ratio2.42Since 10 November 2008124 of 1305 of 1303.12
Bid-to-cover ratio2.42All 146 since 6 May 2003125 of 14619 of 1463.00
High yield1.573Last 24 auctions22 of 242 of 242.442
High yield1.573Since 10 November 200827 of 130102 of 1301.052
High yield1.573All 213 since 5 May 1981110 of 213102 of 2131.776
Indirect bidders' share46.2Last 24 auctions16 of 248 of 2448.0
Indirect bidders' share46.2All 130 since 10 November 200854 of 13076 of 13042.5
Direct bidders' share16.6Last 24 auctions6 of 2418 of 2411.1
Direct bidders' share16.6All 130 since 10 November 200827 of 130103 of 13011.1
Primary dealers' share37.2Last 24 auctions17 of 247 of 2440.5
Primary dealers' share37.2All 130 since 10 November 2008108 of 13022 of 13043.8
High minus median, basis points3.3Last 24 auctions14 of 2410 of 243.6
High minus median, basis points3.3Since 10 November 200864 of 13065 of 1303.2
High minus median, basis points3.3All 213 since 5 May 198172 of 213140 of 2132.5

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 10 September 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190910_2.pdf. Compiled by 500metrics, "3-year note auction of 10 September 2019 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2019-09-10.

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