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Treasury auctions · 3-Year Note

3-year note auction of 6 October 2020 (new issue)

The 3-year note sold $53.455 billion at a high yield of 0.193% 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, 11 Oct 2017 to 6 Oct 2020
High yield at each 3-year note auction, 10 Oct 2018 to 6 Oct 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, 11 Oct 2017 to 6 Oct 2020
Bid-to-cover ratio at each 3-year note auction, 10 Oct 2018 to 6 Oct 2020

Who bought the 3-year note of 6 Oct 2020

Shares of the competitive bids accepted

  • Indirect bidders 55.7%
  • Direct bidders 12.6%
  • Primary dealers 31.7%
This auction, 6 Oct 2020
  • Indirect bidders 50.7%
  • Direct bidders 13.0%
  • Primary dealers 36.3%
The 3-year note auction before, 8 Sep 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 bidders55.7%
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
0.1932.44
0.1702.28
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

Observed .

Right now

The high yield was 0.193% on 6 October 2020, up from 0.170% at the auction before.

Higher than 3 of the 142 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the indirect bidders' share was higher than 22 of the 24.

The primary dealers' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 55.7%
  • Direct bidders 12.6%
  • Primary dealers 31.7%

Size

Treasury sold $53.455 billion of the $52 billion offered.

Bids received came to $128.189 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 October 2023.

Understanding this result

Where it stands today

The high yield was 0.193% at this 3-year note auction, the median yield 0.165% 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$52,000,000,000
Bids received$128,188,704,700
Sold$53,454,724,700
Competitive bids accepted$51,976,275,000
Non-competitive bids accepted$18,867,800
Federal Reserve (SOMA) add-on$1,454,581,900
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.193
Median rate, %0.165
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %24.58
Bid-to-cover ratio2.44
Indirect bidders accepted$28,927,605,000
Direct bidders accepted$6,565,000,000
Primary dealers accepted$16,483,670,000
Indirect bidders' share, % (ours)55.7
Direct bidders' share, % (ours)12.6
Primary dealers' share, % (ours)31.7
High minus median, basis points (ours)2.8
Treasury par yield curve, 3-year point, same day, %0.17
High yield minus that point, basis points (ours)2.3
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 ratio2.442.445 of 125 of 12
High yield0.1930.4569 of 123 of 12
Indirect bidders' share55.751.51 of 1211 of 12
Direct bidders' share12.613.99 of 123 of 12
Primary dealers' share31.736.010 of 122 of 12
High minus median, basis points2.83.210 of 122 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 auctions14 of 247 of 242.48
Bid-to-cover ratio2.44Since 10 November 2008128 of 14211 of 1423.02
Bid-to-cover ratio2.44All 158 since 6 May 2003129 of 15826 of 1582.96
High yield0.193Last 24 auctions21 of 243 of 241.602
High yield0.193Since 10 November 2008139 of 1423 of 1421.048
High yield0.193All 225 since 5 May 1981222 of 2253 of 2251.573
Indirect bidders' share55.7Last 24 auctions2 of 2422 of 2448.8
Indirect bidders' share55.7All 142 since 10 November 200813 of 142129 of 14244.3
Direct bidders' share12.6Last 24 auctions16 of 248 of 2413.9
Direct bidders' share12.6All 142 since 10 November 200859 of 14283 of 14211.5
Primary dealers' share31.7Last 24 auctions21 of 243 of 2437.1
Primary dealers' share31.7All 142 since 10 November 2008134 of 1428 of 14242.7
High minus median, basis points2.8Last 24 auctions16 of 247 of 243.2
High minus median, basis points2.8Since 10 November 200888 of 14252 of 1423.2
High minus median, basis points2.8All 225 since 5 May 1981105 of 225118 of 2252.6

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 6 October 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201006_4.pdf. Compiled by 500metrics, "3-year note auction of 6 October 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-10-06.

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