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Treasury auctions · 3-Year Note

3-year note auction of 11 March 2024 (new issue)

The 3-year note sold $56 billion at a high yield of 4.256% on , with a bid-to-cover ratio of 2.60.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 12 Apr 2021 to 11 Mar 2024
High yield at each 3-year note auction, 11 Apr 2022 to 11 Mar 2024

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, 12 Apr 2021 to 11 Mar 2024
Bid-to-cover ratio at each 3-year note auction, 11 Apr 2022 to 11 Mar 2024

Who bought the 3-year note of 11 Mar 2024

Shares of the competitive bids accepted

  • Indirect bidders 70.0%
  • Direct bidders 15.6%
  • Primary dealers 14.4%
This auction, 11 Mar 2024
  • Indirect bidders 66.0%
  • Direct bidders 18.3%
  • Primary dealers 15.7%
The 3-year note auction before, 6 Feb 2024

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 bidders70.0%
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
4.2562.60
4.1692.58
4.1052.67
4.4902.42
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

Observed .

Right now

The high yield was 4.256% on 11 March 2024, up from 4.169% at the auction before.

Higher than 174 of the 183 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 direct bidders' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 70.0%
  • Direct bidders 15.6%
  • Primary dealers 14.4%

Size

Treasury sold $56 billion of the $56 billion offered.

Bids received came to $145.816 billion; the bid-to-cover ratio was 2.60.

Its bid-to-cover of 2.60 compares with the 24 auctions before it: lowest 2.33 on , highest 2.93 on ; 45.0% of the way from the low to the high.

2.60

Low 2.33 Midpoint 2.630 High 2.93

The security3-Year, new issue

Coupon
4.250%
Announced
Issued
Matures

It adds to the debt that matures in March 2027.

Understanding this result

Where it stands today

The high yield was 4.256% at this 3-year note auction, the median yield 4.207% and a bid-to-cover ratio of 2.60.

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$56,000,000,000
Bids received$145,816,422,300
Sold$56,000,018,600
Competitive bids accepted$55,785,211,300
Non-competitive bids accepted$214,807,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.256
Median rate, %4.207
Low rate, %4.150
Interest rate (coupon), %4.250
Bids at the high rate filled, %30.57
Bid-to-cover ratio2.60
Indirect bidders accepted$39,075,615,000
Direct bidders accepted$8,677,596,300
Primary dealers accepted$8,032,000,000
Indirect bidders' share, % (ours)70.0
Direct bidders' share, % (ours)15.6
Primary dealers' share, % (ours)14.4
High minus median, basis points (ours)4.9
Treasury par yield curve, 3-year point, same day, %4.26
High yield minus that point, basis points (ours)-0.4
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 ratio2.602.688 of 124 of 12
High yield4.2564.4447 of 125 of 12
Indirect bidders' share70.063.52 of 1210 of 12
Direct bidders' share15.620.211 of 121 of 12
Primary dealers' share14.416.89 of 123 of 12
High minus median, basis points4.95.48 of 124 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 ratio2.60Last 24 auctions9 of 2415 of 242.58
Bid-to-cover ratio2.60Since 10 November 2008125 of 18358 of 1832.84
Bid-to-cover ratio2.60All 199 since 6 May 2003126 of 19973 of 1992.78
High yield4.256Last 24 auctions9 of 2415 of 244.099
High yield4.256Since 10 November 20089 of 183174 of 1831.104
High yield4.256All 266 since 5 May 198183 of 266183 of 2661.644
Indirect bidders' share70.0Last 24 auctions2 of 2422 of 2461.6
Indirect bidders' share70.0All 183 since 10 November 20082 of 183181 of 18347.8
Direct bidders' share15.6Last 24 auctions22 of 242 of 2419.5
Direct bidders' share15.6All 183 since 10 November 200874 of 183109 of 18313.4
Primary dealers' share14.4Last 24 auctions21 of 243 of 2419.8
Primary dealers' share14.4All 183 since 10 November 2008180 of 1833 of 18340.0
High minus median, basis points4.9Last 24 auctions19 of 245 of 246.0
High minus median, basis points4.9Since 10 November 200845 of 183138 of 1833.5
High minus median, basis points4.9All 266 since 5 May 198148 of 266218 of 2663.0

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 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240311_3.pdf. Compiled by 500metrics, "3-year note auction of 11 March 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-03-11.

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