500metrics

Treasury auctions · 3-Year Note

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

The 3-year note sold $38 billion at a high yield of 1.413% on , with a bid-to-cover ratio of 2.43.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Nov 2016 to 8 Oct 2019
High yield at each 3-year note auction, 11 Oct 2017 to 8 Oct 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, 8 Nov 2016 to 8 Oct 2019
Bid-to-cover ratio at each 3-year note auction, 11 Oct 2017 to 8 Oct 2019

Who bought the 3-year note of 8 Oct 2019

Shares of the competitive bids accepted

  • Indirect bidders 45.8%
  • Direct bidders 16.9%
  • Primary dealers 37.3%
This auction, 8 Oct 2019
  • Indirect bidders 46.2%
  • Direct bidders 16.6%
  • Primary dealers 37.2%
The 3-year note auction before, 10 Sep 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 bidders45.8%
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
1.4132.43
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

Observed .

Right now

The high yield of 1.413% on 8 October 2019 was the lowest for a 3-year note since 8 November 2016.

Higher than 84 of the 131 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield was lower than all 24.

The direct bidders' share was higher than 18 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 45.8%
  • Direct bidders 16.9%
  • Primary dealers 37.3%

Size

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

Bids received came to $92.176 billion; the bid-to-cover ratio was 2.43.

Its bid-to-cover of 2.43 compares with the 24 auctions before it: lowest 2.39 on , highest 3.15 on ; 5.3% of the way from the low to the high.

2.43

Low 2.39 Midpoint 2.770 High 3.15

The security3-Year, new issue

Coupon
1.375%
Announced
Issued
Matures

It adds to the debt that matures in October 2022.

Understanding this result

Where it stands today

The high yield was 1.413% at this 3-year note auction, the median yield 1.379% and a bid-to-cover ratio of 2.43.

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$92,175,766,600
Sold$38,000,042,000
Competitive bids accepted$37,971,665,400
Non-competitive bids accepted$28,376,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.413
Median rate, %1.379
Low rate, %0.880
Interest rate (coupon), %1.375
Bids at the high rate filled, %71.54
Bid-to-cover ratio2.43
Indirect bidders accepted$17,389,955,400
Direct bidders accepted$6,418,000,000
Primary dealers accepted$14,163,710,000
Indirect bidders' share, % (ours)45.8
Direct bidders' share, % (ours)16.9
Primary dealers' share, % (ours)37.3
High minus median, basis points (ours)3.4
Treasury par yield curve, 3-year point, same day, %1.38
High yield minus that point, basis points (ours)3.3
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 ratio2.432.529 of 123 of 12
High yield1.4132.37412 of 120 of 12
Indirect bidders' share45.846.88 of 124 of 12
Direct bidders' share16.917.26 of 126 of 12
Primary dealers' share37.337.96 of 126 of 12
High minus median, basis points3.43.24 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 ratio2.43Last 24 auctions21 of 243 of 242.60
Bid-to-cover ratio2.43Since 10 November 2008124 of 1317 of 1313.10
Bid-to-cover ratio2.43All 147 since 6 May 2003125 of 14722 of 1473.00
High yield1.413Last 24 auctions24 of 240 of 242.442
High yield1.413Since 10 November 200847 of 13184 of 1311.055
High yield1.413All 214 since 5 May 1981130 of 21484 of 2141.763
Indirect bidders' share45.8Last 24 auctions17 of 247 of 2448.0
Indirect bidders' share45.8All 131 since 10 November 200856 of 13175 of 13142.6
Direct bidders' share16.9Last 24 auctions6 of 2418 of 2411.5
Direct bidders' share16.9All 131 since 10 November 200826 of 131105 of 13111.1
Primary dealers' share37.3Last 24 auctions16 of 248 of 2439.9
Primary dealers' share37.3All 131 since 10 November 2008108 of 13123 of 13143.7
High minus median, basis points3.4Last 24 auctions12 of 2411 of 243.5
High minus median, basis points3.4Since 10 November 200857 of 13167 of 1313.3
High minus median, basis points3.4All 214 since 5 May 198165 of 214142 of 2142.5

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 8 October 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191008_2.pdf. Compiled by 500metrics, "3-year note auction of 8 October 2019 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2019-10-08.

Page updated