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Treasury auctions · 3-Year Note

3-year note auction of 7 May 2024 (new issue)

The 3-year note sold $65.29 billion at a high yield of 4.605% on , with a bid-to-cover ratio of 2.63.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Jun 2021 to 7 May 2024
High yield at each 3-year note auction, 10 May 2022 to 7 May 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, 8 Jun 2021 to 7 May 2024
Bid-to-cover ratio at each 3-year note auction, 10 May 2022 to 7 May 2024

Who bought the 3-year note of 7 May 2024

Shares of the competitive bids accepted

  • Indirect bidders 65.5%
  • Direct bidders 19.6%
  • Primary dealers 14.9%
This auction, 7 May 2024
  • Indirect bidders 60.3%
  • Direct bidders 20.4%
  • Primary dealers 19.3%
The 3-year note auction before, 9 Apr 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 bidders65.5%
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
4.6052.63
4.5482.50
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

Observed .

Right now

The high yield of 4.605% on 7 May 2024 was the highest for a 3-year note since 7 November 2023.

Higher than 180 of the 185 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield was higher than 19 of the 24.

The primary dealers' share was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 65.5%
  • Direct bidders 19.6%
  • Primary dealers 14.9%

Size

Treasury sold $65.29 billion of the $58 billion offered.

Bids received came to $159.93 billion; the bid-to-cover ratio was 2.63.

Its bid-to-cover of 2.63 compares with the 24 auctions before it: lowest 2.33 on , highest 2.93 on ; 50.0% of the way from the low to the high.

2.63

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 May 2027.

Understanding this result

Where it stands today

The high yield was 4.605% at this 3-year note auction, the median yield 4.550% and a bid-to-cover ratio of 2.63.

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$58,000,000,000
Bids received$159,930,388,000
Sold$65,290,209,800
Competitive bids accepted$57,695,955,800
Non-competitive bids accepted$299,235,900
Federal Reserve (SOMA) add-on$7,290,018,100
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %4.605
Median rate, %4.550
Low rate, %4.500
Interest rate (coupon), %4.500
Bids at the high rate filled, %87.59
Bid-to-cover ratio2.63
Indirect bidders accepted$37,804,224,000
Direct bidders accepted$11,311,061,800
Primary dealers accepted$8,580,670,000
Indirect bidders' share, % (ours)65.5
Direct bidders' share, % (ours)19.6
Primary dealers' share, % (ours)14.9
High minus median, basis points (ours)5.5
Treasury par yield curve, 3-year point, same day, %4.60
High yield minus that point, basis points (ours)0.5
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 ratio2.632.677 of 125 of 12
High yield4.6054.4443 of 129 of 12
Indirect bidders' share65.565.05 of 127 of 12
Direct bidders' share19.619.56 of 126 of 12
Primary dealers' share14.916.58 of 124 of 12
High minus median, basis points5.55.66 of 126 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 ratio2.63Last 24 auctions9 of 2415 of 242.58
Bid-to-cover ratio2.63Since 10 November 2008122 of 18563 of 1852.83
Bid-to-cover ratio2.63All 201 since 6 May 2003123 of 20178 of 2012.77
High yield4.605Last 24 auctions4 of 2419 of 244.186
High yield4.605Since 10 November 20084 of 185180 of 1851.125
High yield4.605All 268 since 5 May 198172 of 268195 of 2681.704
Indirect bidders' share65.5Last 24 auctions6 of 2418 of 2461.8
Indirect bidders' share65.5All 185 since 10 November 20089 of 185176 of 18547.9
Direct bidders' share19.6Last 24 auctions12 of 2412 of 2419.7
Direct bidders' share19.6All 185 since 10 November 200828 of 185157 of 18513.4
Primary dealers' share14.9Last 24 auctions20 of 244 of 2418.6
Primary dealers' share14.9All 185 since 10 November 2008181 of 1854 of 18539.9
High minus median, basis points5.5Last 24 auctions14 of 248 of 245.9
High minus median, basis points5.5Since 10 November 200832 of 185150 of 1853.5
High minus median, basis points5.5All 268 since 5 May 198133 of 268232 of 2683.0

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 May 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240507_2.pdf. Compiled by 500metrics, "3-year note auction of 7 May 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-05-07.

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