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Treasury auctions · 3-Year Note

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

The 3-year note sold $46 billion at a high yield of 4.740% on , with a bid-to-cover ratio of 2.56.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 9 Nov 2020 to 10 Oct 2023
High yield at each 3-year note auction, 12 Oct 2021 to 10 Oct 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, 9 Nov 2020 to 10 Oct 2023
Bid-to-cover ratio at each 3-year note auction, 12 Oct 2021 to 10 Oct 2023

Who bought the 3-year note of 10 Oct 2023

Shares of the competitive bids accepted

  • Indirect bidders 56.0%
  • Direct bidders 21.9%
  • Primary dealers 22.1%
This auction, 10 Oct 2023
  • Indirect bidders 57.7%
  • Direct bidders 22.1%
  • Primary dealers 20.3%
The 3-year note auction before, 11 Sep 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 bidders56.0%
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
4.7402.56
4.6602.75
4.3982.90
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

Observed .

Right now

The high yield of 4.740% on 10 October 2023 was the highest for a 3-year note since 6 February 2007.

Higher than all 178 since 10 November 2008

Its own history

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

The direct bidders' share was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 56.0%
  • Direct bidders 21.9%
  • Primary dealers 22.1%

Size

Treasury sold $46 billion of the $46 billion offered.

Bids received came to $117.851 billion; the bid-to-cover ratio was 2.56.

Its bid-to-cover of 2.56 compares with the 24 auctions before it: lowest 2.33 on , highest 2.93 on ; 38.3% of the way from the low to the high.

2.56

Low 2.33 Midpoint 2.630 High 2.93

The security3-Year, new issue

Coupon
4.625%
Announced
Issued
Matures

It adds to the debt that matures in October 2026.

Understanding this result

Where it stands today

The high yield was 4.740% at this 3-year note auction, the median yield 4.670% and a bid-to-cover ratio of 2.56.

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$46,000,000,000
Bids received$117,850,808,300
Sold$46,000,008,300
Competitive bids accepted$45,786,940,000
Non-competitive bids accepted$213,068,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.740
Median rate, %4.670
Low rate, %4.630
Interest rate (coupon), %4.625
Bids at the high rate filled, %94.40
Bid-to-cover ratio2.56
Indirect bidders accepted$25,625,740,000
Direct bidders accepted$10,047,400,000
Primary dealers accepted$10,113,800,000
Indirect bidders' share, % (ours)56.0
Direct bidders' share, % (ours)21.9
Primary dealers' share, % (ours)22.1
High minus median, basis points (ours)7.0
Treasury par yield curve, 3-year point, same day, %4.74
High yield minus that point, basis points (ours)0.0
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 ratio2.562.7210 of 122 of 12
High yield4.7404.2600 of 1212 of 12
Indirect bidders' share56.061.911 of 121 of 12
Direct bidders' share21.920.11 of 1211 of 12
Primary dealers' share22.117.51 of 1211 of 12
High minus median, basis points7.06.13 of 129 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 ratio2.56Last 24 auctions11 of 2413 of 242.52
Bid-to-cover ratio2.56Since 10 November 2008128 of 17846 of 1782.88
Bid-to-cover ratio2.56All 194 since 6 May 2003129 of 19461 of 1942.82
High yield4.740Last 24 auctions0 of 2424 of 243.630
High yield4.740Since 10 November 20080 of 178178 of 1781.061
High yield4.740All 261 since 5 May 198165 of 261196 of 2611.592
Indirect bidders' share56.0Last 24 auctions17 of 247 of 2461.4
Indirect bidders' share56.0All 178 since 10 November 200830 of 178148 of 17847.6
Direct bidders' share21.9Last 24 auctions2 of 2422 of 2418.7
Direct bidders' share21.9All 178 since 10 November 200813 of 178165 of 17813.1
Primary dealers' share22.1Last 24 auctions9 of 2415 of 2420.3
Primary dealers' share22.1All 178 since 10 November 2008163 of 17815 of 17840.5
High minus median, basis points7.0Last 24 auctions4 of 2420 of 245.8
High minus median, basis points7.0Since 10 November 20088 of 178168 of 1783.4
High minus median, basis points7.0All 261 since 5 May 19819 of 261250 of 2613.0

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 10 October 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231010_4.pdf. Compiled by 500metrics, "3-year note auction of 10 October 2023 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2023-10-10.

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