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Treasury auctions · 3-Year Note

3-year note auction of 11 August 2020 (new issue)

The 3-year note sold $76.548 billion at a high yield of 0.179% on , with a bid-to-cover ratio of 2.44.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Aug 2017 to 11 Aug 2020
High yield at each 3-year note auction, 11 Sep 2018 to 11 Aug 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, 8 Aug 2017 to 11 Aug 2020
Bid-to-cover ratio at each 3-year note auction, 11 Sep 2018 to 11 Aug 2020

Who bought the 3-year note of 11 Aug 2020

Shares of the competitive bids accepted

  • Indirect bidders 57.0%
  • Direct bidders 12.3%
  • Primary dealers 30.7%
This auction, 11 Aug 2020
  • Indirect bidders 54.3%
  • Direct bidders 13.3%
  • Primary dealers 32.4%
The 3-year note auction before, 7 Jul 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 bidders57.0%
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
0.1792.44
0.1902.44
0.2802.55
0.2302.54
0.3482.27
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

Observed .

Right now

The high yield of 0.179% on 11 August 2020 was the lowest of all 223 earlier 3-year note auctions we hold.

The indirect bidders' share of 57.0% was the highest for a 3-year note since 11 December 2017, with 30 auctions in between.

Lower than all 140 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the indirect bidders' share was higher than all 24.

The high yield was 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 57.0%
  • Direct bidders 12.3%
  • Primary dealers 30.7%

Size

Treasury sold $76.548 billion of the $48 billion offered.

Bids received came to $145.784 billion; the bid-to-cover ratio was 2.44.

Its bid-to-cover of 2.44 compares with the 24 auctions before it: lowest 2.20 on , highest 2.68 on ; 50.0% of the way from the low to the high.

2.44

Low 2.20 Midpoint 2.440 High 2.68

The security3-Year, new issue

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in August 2023.

Understanding this result

Where it stands today

The high yield was 0.179% at this 3-year note auction, the median yield 0.146% and a bid-to-cover ratio of 2.44.

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$48,000,000,000
Bids received$145,783,845,000
Sold$76,548,181,000
Competitive bids accepted$47,864,336,000
Non-competitive bids accepted$30,710,100
Federal Reserve (SOMA) add-on$28,548,134,900
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %0.179
Median rate, %0.146
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %92.32
Bid-to-cover ratio2.44
Indirect bidders accepted$27,291,560,000
Direct bidders accepted$5,883,464,000
Primary dealers accepted$14,689,312,000
Indirect bidders' share, % (ours)57.0
Direct bidders' share, % (ours)12.3
Primary dealers' share, % (ours)30.7
High minus median, basis points (ours)3.3
Treasury par yield curve, 3-year point, same day, %0.18
High yield minus that point, basis points (ours)-0.1
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 ratio2.442.445 of 126 of 12
High yield0.1791.40412 of 120 of 12
Indirect bidders' share57.048.80 of 1212 of 12
Direct bidders' share12.316.710 of 122 of 12
Primary dealers' share30.734.911 of 121 of 12
High minus median, basis points3.33.24 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 ratio2.44Last 24 auctions16 of 246 of 242.52
Bid-to-cover ratio2.44Since 10 November 2008128 of 14010 of 1403.02
Bid-to-cover ratio2.44All 156 since 6 May 2003129 of 15625 of 1562.97
High yield0.179Last 24 auctions24 of 240 of 241.859
High yield0.179Since 10 November 2008140 of 1400 of 1401.052
High yield0.179All 223 since 5 May 1981223 of 2230 of 2231.573
Indirect bidders' share57.0Last 24 auctions0 of 2424 of 2447.2
Indirect bidders' share57.0All 140 since 10 November 20089 of 140131 of 14043.8
Direct bidders' share12.3Last 24 auctions16 of 248 of 2413.9
Direct bidders' share12.3All 140 since 10 November 200860 of 14080 of 14011.4
Primary dealers' share30.7Last 24 auctions22 of 242 of 2437.6
Primary dealers' share30.7All 140 since 10 November 2008133 of 1407 of 14043.2
High minus median, basis points3.3Last 24 auctions8 of 2415 of 243.0
High minus median, basis points3.3Since 10 November 200867 of 14071 of 1403.2
High minus median, basis points3.3All 223 since 5 May 198175 of 223146 of 2232.6

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 11 August 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200811_4.pdf. Compiled by 500metrics, "3-year note auction of 11 August 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-08-11.

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