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Treasury auctions · 3-Year Note

3-year note auction of 10 January 2023 (new issue)

The 3-year note sold $40 billion at a high yield of 3.977% on , with a bid-to-cover ratio of 2.84.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Feb 2020 to 10 Jan 2023
High yield at each 3-year note auction, 11 Jan 2021 to 10 Jan 2023

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 Feb 2020 to 10 Jan 2023
Bid-to-cover ratio at each 3-year note auction, 11 Jan 2021 to 10 Jan 2023

Who bought the 3-year note of 10 Jan 2023

Shares of the competitive bids accepted

  • Indirect bidders 69.5%
  • Direct bidders 13.2%
  • Primary dealers 17.3%
This auction, 10 Jan 2023
  • Indirect bidders 61.7%
  • Direct bidders 20.4%
  • Primary dealers 17.9%
The 3-year note auction before, 12 Dec 2022

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 bidders69.5%
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
3.9772.84
4.0932.55
4.6052.57
4.3182.57
3.5642.49
3.2022.50
3.0932.43
2.9272.45
2.8092.59
2.7382.48
1.7752.39
1.5922.45
1.2372.47
1.0002.43
0.7502.33
0.6352.36
0.4472.45
0.4652.54
0.4262.41
0.3252.47
0.3292.42
0.3762.32
0.3552.69
0.1962.39
0.2342.52
0.2112.28
0.2502.40
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

Observed .

Right now

The high yield was 3.977% on 10 January 2023, down from 4.093% at the auction before.

The bid-to-cover ratio of 2.84 was the highest for a 3-year note since 10 April 2018, with 55 auctions in between.

The indirect bidders' share of 69.5% was the highest of all 169 earlier 3-year note auctions we hold.

Higher than 166 of the 169 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the bid-to-cover ratio and the indirect bidders' share were higher than all 24.

The primary dealers' share 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 69.5%
  • Direct bidders 13.2%
  • Primary dealers 17.3%

Size

Treasury sold $40 billion of the $40 billion offered.

Bids received came to $113.579 billion; the bid-to-cover ratio was 2.84.

Its bid-to-cover of 2.84 compares with the 24 auctions before it: lowest 2.32 on , highest 2.84 on ; 100.0% of the way from the low to the high.

2.84

Low 2.32 Midpoint 2.580 High 2.84

The security3-Year, new issue

Coupon
3.875%
Announced
Issued
Matures

It adds to the debt that matures in January 2026.

Understanding this result

Where it stands today

The high yield was 3.977% at this 3-year note auction, the median yield 3.930% and a bid-to-cover ratio of 2.84.

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$40,000,000,000
Bids received$113,578,584,200
Sold$40,000,009,200
Competitive bids accepted$39,795,840,000
Non-competitive bids accepted$204,169,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.977
Median rate, %3.930
Low rate, %3.860
Interest rate (coupon), %3.875
Bids at the high rate filled, %93.81
Bid-to-cover ratio2.84
Indirect bidders accepted$27,674,840,000
Direct bidders accepted$5,244,000,000
Primary dealers accepted$6,877,000,000
Indirect bidders' share, % (ours)69.5
Direct bidders' share, % (ours)13.2
Primary dealers' share, % (ours)17.3
High minus median, basis points (ours)4.7
Treasury par yield curve, 3-year point, same day, %3.94
High yield minus that point, basis points (ours)3.7
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 ratio2.842.480 of 1212 of 12
High yield3.9773.0103 of 129 of 12
Indirect bidders' share69.561.00 of 1212 of 12
Direct bidders' share13.218.311 of 121 of 12
Primary dealers' share17.321.812 of 120 of 12
High minus median, basis points4.76.211 of 120 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 ratio2.84Last 24 auctions0 of 2424 of 242.46
Bid-to-cover ratio2.84Since 10 November 200888 of 16981 of 1692.91
Bid-to-cover ratio2.84All 185 since 6 May 200389 of 18596 of 1852.82
High yield3.977Last 24 auctions3 of 2421 of 241.118
High yield3.977Since 10 November 20083 of 169166 of 1691.039
High yield3.977All 252 since 5 May 198178 of 252174 of 2521.564
Indirect bidders' share69.5Last 24 auctions0 of 2424 of 2454.4
Indirect bidders' share69.5All 169 since 10 November 20080 of 169169 of 16946.7
Direct bidders' share13.2Last 24 auctions23 of 241 of 2418.2
Direct bidders' share13.2All 169 since 10 November 200880 of 16989 of 16912.6
Primary dealers' share17.3Last 24 auctions24 of 240 of 2426.2
Primary dealers' share17.3All 169 since 10 November 2008169 of 1690 of 16940.7
High minus median, basis points4.7Last 24 auctions12 of 2410 of 245.0
High minus median, basis points4.7Since 10 November 200837 of 169129 of 1693.4
High minus median, basis points4.7All 252 since 5 May 198140 of 252209 of 2522.9

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 January 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230110_1.pdf. Compiled by 500metrics, "3-year note auction of 10 January 2023 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2023-01-10.

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