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Treasury auctions · 3-Year Note

3-year note auction of 10 March 2020 (new issue)

The 3-year note sold $38.037 billion at a high yield of 0.563% on , with a bid-to-cover ratio of 2.20.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 7 Mar 2017 to 10 Mar 2020
High yield at each 3-year note auction, 12 Mar 2018 to 10 Mar 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, 7 Mar 2017 to 10 Mar 2020
Bid-to-cover ratio at each 3-year note auction, 12 Mar 2018 to 10 Mar 2020

Who bought the 3-year note of 10 Mar 2020

Shares of the competitive bids accepted

  • Indirect bidders 52.3%
  • Direct bidders 3.7%
  • Primary dealers 44.0%
This auction, 10 Mar 2020
  • Indirect bidders 43.9%
  • Direct bidders 18.1%
  • Primary dealers 38.0%
The 3-year note auction before, 11 Feb 2020

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 bidders52.3%
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
0.5632.20
1.3942.56
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

Observed .

Right now

The high yield of 0.563% on 10 March 2020 was the lowest for a 3-year note since 7 May 2013.

The bid-to-cover ratio of 2.20 was the lowest for a 3-year note since 10 December 2008, with 133 auctions in between.

The direct bidders' share of 3.7% was the lowest for a 3-year note since 5 November 2018, with 14 auctions in between.

Higher than 22 of the 135 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high minus median was higher than all 24.

The bid-to-cover ratio and the high yield were lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 52.3%
  • Direct bidders 3.7%
  • Primary dealers 44.0%

Size

Treasury sold $38.037 billion of the $38 billion offered.

Bids received came to $83.703 billion; the bid-to-cover ratio was 2.20.

Its bid-to-cover of 2.20 compares with the 24 auctions before it: lowest 2.20 on , highest 3.00 on ; 0.0% of the way from the low to the high.

2.20

Low 2.20 Midpoint 2.600 High 3.00

The security3-Year, new issue

Coupon
0.500%
Announced
Issued
Matures

It adds to the debt that matures in March 2023.

Understanding this result

Where it stands today

The high yield was 0.563% at this 3-year note auction, the median yield 0.490% and a bid-to-cover ratio of 2.20.

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$83,703,086,600
Sold$38,036,596,200
Competitive bids accepted$37,958,109,600
Non-competitive bids accepted$31,948,100
Federal Reserve (SOMA) add-on$36,538,500
Foreign and international (FIMA) non-competitive$10,000,000
High yield, %0.563
Median rate, %0.490
Low rate, %0.080
Interest rate (coupon), %0.500
Bids at the high rate filled, %80.56
Bid-to-cover ratio2.20
Indirect bidders accepted$19,836,109,600
Direct bidders accepted$1,408,000,000
Primary dealers accepted$16,714,000,000
Indirect bidders' share, % (ours)52.3
Direct bidders' share, % (ours)3.7
Primary dealers' share, % (ours)44.0
High minus median, basis points (ours)7.3
Treasury par yield curve, 3-year point, same day, %0.58
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 ratio2.202.4812 of 120 of 12
High yield0.5631.74412 of 120 of 12
Indirect bidders' share52.346.41 of 1211 of 12
Direct bidders' share3.718.012 of 120 of 12
Primary dealers' share44.036.60 of 1212 of 12
High minus median, basis points7.33.10 of 1212 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 ratio2.20Last 24 auctions24 of 240 of 242.56
Bid-to-cover ratio2.20Since 10 November 2008134 of 1351 of 1353.06
Bid-to-cover ratio2.20All 151 since 6 May 2003142 of 1519 of 1512.98
High yield0.563Last 24 auctions24 of 240 of 242.442
High yield0.563Since 10 November 2008113 of 13522 of 1351.066
High yield0.563All 218 since 5 May 1981196 of 21822 of 2181.644
Indirect bidders' share52.3Last 24 auctions1 of 2423 of 2446.8
Indirect bidders' share52.3All 135 since 10 November 200822 of 135113 of 13542.7
Direct bidders' share3.7Last 24 auctions23 of 241 of 2413.0
Direct bidders' share3.7All 135 since 10 November 2008125 of 13510 of 13511.2
Primary dealers' share44.0Last 24 auctions3 of 2421 of 2439.9
Primary dealers' share44.0All 135 since 10 November 200864 of 13571 of 13543.4
High minus median, basis points7.3Last 24 auctions0 of 2424 of 243.2
High minus median, basis points7.3Since 10 November 20083 of 135132 of 1353.2
High minus median, basis points7.3All 218 since 5 May 19813 of 218215 of 2182.6

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 10 March 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200310_1.pdf. Compiled by 500metrics, "3-year note auction of 10 March 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-03-10.

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