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Treasury auctions · 3-Year Note

3-year note auction of 7 January 2020 (new issue)

The 3-year note sold $39.216 billion at a high yield of 1.567% on , with a bid-to-cover ratio of 2.45.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 10 Jan 2017 to 7 Jan 2020
High yield at each 3-year note auction, 9 Jan 2018 to 7 Jan 2020

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, 10 Jan 2017 to 7 Jan 2020
Bid-to-cover ratio at each 3-year note auction, 9 Jan 2018 to 7 Jan 2020

Who bought the 3-year note of 7 Jan 2020

Shares of the competitive bids accepted

  • Indirect bidders 47.5%
  • Direct bidders 16.7%
  • Primary dealers 35.8%
This auction, 7 Jan 2020
  • Indirect bidders 49.1%
  • Direct bidders 23.8%
  • Primary dealers 27.1%
The 3-year note auction before, 9 Dec 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 bidders47.5%
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
1.5672.45
1.6322.56
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

Observed .

Right now

The high yield was 1.567% on 7 January 2020, down from 1.632% at the auction before.

Higher than 102 of the 133 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the direct bidders' share was higher than 16 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 47.5%
  • Direct bidders 16.7%
  • Primary dealers 35.8%

Size

Treasury sold $39.216 billion of the $38 billion offered.

Bids received came to $94.253 billion; the bid-to-cover ratio was 2.45.

Its bid-to-cover of 2.45 compares with the 24 auctions before it: lowest 2.39 on , highest 3.15 on ; 7.9% of the way from the low to the high.

2.45

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 January 2023.

Understanding this result

Where it stands today

The high yield was 1.567% at this 3-year note auction, the median yield 1.540% and a bid-to-cover ratio of 2.45.

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$94,253,188,100
Sold$39,215,913,300
Competitive bids accepted$37,951,625,200
Non-competitive bids accepted$48,427,900
Federal Reserve (SOMA) add-on$1,215,860,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.567
Median rate, %1.540
Low rate, %1.450
Interest rate (coupon), %1.500
Bids at the high rate filled, %67.13
Bid-to-cover ratio2.45
Indirect bidders accepted$18,026,235,200
Direct bidders accepted$6,356,000,000
Primary dealers accepted$13,569,390,000
Indirect bidders' share, % (ours)47.5
Direct bidders' share, % (ours)16.7
Primary dealers' share, % (ours)35.8
High minus median, basis points (ours)2.7
Treasury par yield curve, 3-year point, same day, %1.55
High yield minus that point, basis points (ours)1.7
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 ratio2.452.487 of 125 of 12
High yield1.5672.05410 of 122 of 12
Indirect bidders' share47.546.45 of 127 of 12
Direct bidders' share16.717.88 of 124 of 12
Primary dealers' share35.837.18 of 124 of 12
High minus median, basis points2.73.29 of 123 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 ratio2.45Last 24 auctions19 of 245 of 242.56
Bid-to-cover ratio2.45Since 10 November 2008124 of 1339 of 1333.07
Bid-to-cover ratio2.45All 149 since 6 May 2003125 of 14924 of 1492.98
High yield1.567Last 24 auctions22 of 242 of 242.442
High yield1.567Since 10 November 200831 of 133102 of 1331.056
High yield1.567All 216 since 5 May 1981114 of 216102 of 2161.704
Indirect bidders' share47.5Last 24 auctions12 of 2412 of 2447.2
Indirect bidders' share47.5All 133 since 10 November 200849 of 13384 of 13342.6
Direct bidders' share16.7Last 24 auctions8 of 2416 of 2412.2
Direct bidders' share16.7All 133 since 10 November 200828 of 133105 of 13311.1
Primary dealers' share35.8Last 24 auctions18 of 246 of 2439.9
Primary dealers' share35.8All 133 since 10 November 2008115 of 13318 of 13343.5
High minus median, basis points2.7Last 24 auctions16 of 248 of 243.4
High minus median, basis points2.7Since 10 November 200883 of 13349 of 1333.3
High minus median, basis points2.7All 216 since 5 May 1981100 of 216114 of 2162.6

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 7 January 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200107_1.pdf. Compiled by 500metrics, "3-year note auction of 7 January 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-01-07.

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