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Treasury auctions · 3-Year Note

3-year note auction of 11 July 2023 (new issue)

The 3-year note sold $40 billion at a high yield of 4.534% on , with a bid-to-cover ratio of 2.88.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Aug 2020 to 11 Jul 2023
High yield at each 3-year note auction, 12 Jul 2021 to 11 Jul 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 Aug 2020 to 11 Jul 2023
Bid-to-cover ratio at each 3-year note auction, 12 Jul 2021 to 11 Jul 2023

Who bought the 3-year note of 11 Jul 2023

Shares of the competitive bids accepted

  • Indirect bidders 69.4%
  • Direct bidders 19.8%
  • Primary dealers 10.8%
This auction, 11 Jul 2023
  • Indirect bidders 61.5%
  • Direct bidders 21.7%
  • Primary dealers 16.7%
The 3-year note auction before, 12 Jun 2023

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 bidders69.4%
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
4.5342.88
4.2022.70
3.6952.93
3.8102.59
4.6352.73
4.0732.33
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

Observed .

Right now

The high yield was 4.534% on 11 July 2023, up from 4.202% at the auction before.

The primary dealers' share of 10.8% was the lowest of all 175 earlier 3-year note auctions we hold.

Higher than 173 of the 175 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the primary dealers' share was lower than all 24.

The bid-to-cover ratio was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 69.4%
  • Direct bidders 19.8%
  • Primary dealers 10.8%

Size

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

Bids received came to $115.286 billion; the bid-to-cover ratio was 2.88.

Its bid-to-cover of 2.88 compares with the 24 auctions before it: lowest 2.33 on , highest 2.93 on ; 91.7% of the way from the low to the high.

2.88

Low 2.33 Midpoint 2.630 High 2.93

The security3-Year, new issue

Coupon
4.500%
Announced
Issued
Matures

It adds to the debt that matures in July 2026.

Understanding this result

Where it stands today

The high yield was 4.534% at this 3-year note auction, the median yield 4.475% and a bid-to-cover ratio of 2.88.

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$115,286,447,500
Sold$40,000,012,600
Competitive bids accepted$39,633,005,100
Non-competitive bids accepted$162,007,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$205,000,000
High yield, %4.534
Median rate, %4.475
Low rate, %4.250
Interest rate (coupon), %4.500
Bids at the high rate filled, %20.19
Bid-to-cover ratio2.88
Indirect bidders accepted$27,516,725,000
Direct bidders accepted$7,844,280,100
Primary dealers accepted$4,272,000,000
Indirect bidders' share, % (ours)69.4
Direct bidders' share, % (ours)19.8
Primary dealers' share, % (ours)10.8
High minus median, basis points (ours)5.9
Treasury par yield curve, 3-year point, same day, %4.52
High yield minus that point, basis points (ours)1.4
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 ratio2.882.571 of 1211 of 12
High yield4.5344.0252 of 1210 of 12
Indirect bidders' share69.461.62 of 1210 of 12
Direct bidders' share19.820.06 of 126 of 12
Primary dealers' share10.818.712 of 120 of 12
High minus median, basis points5.96.27 of 125 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 ratio2.88Last 24 auctions1 of 2423 of 242.48
Bid-to-cover ratio2.88Since 10 November 200887 of 17588 of 1752.87
Bid-to-cover ratio2.88All 191 since 6 May 200388 of 191103 of 1912.82
High yield4.534Last 24 auctions2 of 2422 of 243.010
High yield4.534Since 10 November 20082 of 175173 of 1751.055
High yield4.534All 258 since 5 May 198172 of 258186 of 2581.573
Indirect bidders' share69.4Last 24 auctions2 of 2422 of 2459.7
Indirect bidders' share69.4All 175 since 10 November 20082 of 175173 of 17547.5
Direct bidders' share19.8Last 24 auctions7 of 2417 of 2418.5
Direct bidders' share19.8All 175 since 10 November 200822 of 175153 of 17513.0
Primary dealers' share10.8Last 24 auctions24 of 240 of 2421.8
Primary dealers' share10.8All 175 since 10 November 2008175 of 1750 of 17540.5
High minus median, basis points5.9Last 24 auctions10 of 2414 of 245.6
High minus median, basis points5.9Since 10 November 200819 of 175156 of 1753.4
High minus median, basis points5.9All 258 since 5 May 198120 of 258238 of 2583.0

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 July 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230711_3.pdf. Compiled by 500metrics, "3-year note auction of 11 July 2023 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2023-07-11.

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