500metrics

Treasury auctions · 3-Year Note

3-year note auction of 7 November 2023 (new issue)

The 3-year note sold $48.913 billion at a high yield of 4.701% on , with a bid-to-cover ratio of 2.67.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Dec 2020 to 7 Nov 2023
High yield at each 3-year note auction, 8 Nov 2021 to 7 Nov 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, 8 Dec 2020 to 7 Nov 2023
Bid-to-cover ratio at each 3-year note auction, 8 Nov 2021 to 7 Nov 2023

Who bought the 3-year note of 7 Nov 2023

Shares of the competitive bids accepted

  • Indirect bidders 64.6%
  • Direct bidders 19.1%
  • Primary dealers 16.3%
This auction, 7 Nov 2023
  • Indirect bidders 56.0%
  • Direct bidders 21.9%
  • Primary dealers 22.1%
The 3-year note auction before, 10 Oct 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 bidders64.6%
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
4.7012.67
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

Observed .

Right now

The high yield was 4.701% on 7 November 2023, down from 4.740% at the auction before.

Higher than 178 of the 179 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield was higher than 23 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 64.6%
  • Direct bidders 19.1%
  • Primary dealers 16.3%

Size

Treasury sold $48.913 billion of the $48 billion offered.

Bids received came to $128.971 billion; the bid-to-cover ratio was 2.67.

Its bid-to-cover of 2.67 compares with the 24 auctions before it: lowest 2.33 on , highest 2.93 on ; 56.7% of the way from the low to the high.

2.67

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 November 2026.

Understanding this result

Where it stands today

The high yield was 4.701% at this 3-year note auction, the median yield 4.649% and a bid-to-cover ratio of 2.67.

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$128,971,178,100
Sold$48,913,468,500
Competitive bids accepted$47,505,891,200
Non-competitive bids accepted$294,146,500
Federal Reserve (SOMA) add-on$913,430,800
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %4.701
Median rate, %4.649
Low rate, %4.550
Interest rate (coupon), %4.625
Bids at the high rate filled, %4.28
Bid-to-cover ratio2.67
Indirect bidders accepted$30,689,600,800
Direct bidders accepted$9,090,010,400
Primary dealers accepted$7,726,280,000
Indirect bidders' share, % (ours)64.6
Direct bidders' share, % (ours)19.1
Primary dealers' share, % (ours)16.3
High minus median, basis points (ours)5.2
Treasury par yield curve, 3-year point, same day, %4.64
High yield minus that point, basis points (ours)6.1
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 ratio2.672.727 of 125 of 12
High yield4.7014.3001 of 1211 of 12
Indirect bidders' share64.661.94 of 128 of 12
Direct bidders' share19.120.68 of 124 of 12
Primary dealers' share16.317.59 of 123 of 12
High minus median, basis points5.26.19 of 123 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 ratio2.67Last 24 auctions7 of 2417 of 242.56
Bid-to-cover ratio2.67Since 10 November 2008116 of 17962 of 1792.87
Bid-to-cover ratio2.67All 195 since 6 May 2003117 of 19577 of 1952.82
High yield4.701Last 24 auctions1 of 2423 of 243.752
High yield4.701Since 10 November 20081 of 179178 of 1791.066
High yield4.701All 262 since 5 May 198167 of 262195 of 2621.611
Indirect bidders' share64.6Last 24 auctions5 of 2419 of 2461.4
Indirect bidders' share64.6All 179 since 10 November 20087 of 179172 of 17947.7
Direct bidders' share19.1Last 24 auctions12 of 2412 of 2419.0
Direct bidders' share19.1All 179 since 10 November 200831 of 179148 of 17913.2
Primary dealers' share16.3Last 24 auctions21 of 243 of 2420.3
Primary dealers' share16.3All 179 since 10 November 2008176 of 1793 of 17940.5
High minus median, basis points5.2Last 24 auctions18 of 245 of 246.0
High minus median, basis points5.2Since 10 November 200837 of 179141 of 1793.4
High minus median, basis points5.2All 262 since 5 May 198138 of 262223 of 2623.0

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 7 November 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231107_2.pdf. Compiled by 500metrics, "3-year note auction of 7 November 2023 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2023-11-07.

Page updated