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Treasury auctions · 3-Year Note

3-year note auction of 10 September 2024 (new issue)

The 3-year note sold $58.554 billion at a high yield of 3.440% on , with a bid-to-cover ratio of 2.66.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 12 Oct 2021 to 10 Sep 2024
High yield at each 3-year note auction, 12 Sep 2022 to 10 Sep 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 Oct 2021 to 10 Sep 2024
Bid-to-cover ratio at each 3-year note auction, 12 Sep 2022 to 10 Sep 2024

Who bought the 3-year note of 10 Sep 2024

Shares of the competitive bids accepted

  • Indirect bidders 78.2%
  • Direct bidders 11.3%
  • Primary dealers 10.5%
This auction, 10 Sep 2024
  • Indirect bidders 64.4%
  • Direct bidders 20.3%
  • Primary dealers 15.4%
The 3-year note auction before, 6 Aug 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 bidders78.2%
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
3.4402.66
3.8102.55
4.3992.67
4.6592.43
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

Observed .

Right now

The high yield of 3.440% on 10 September 2024 was the lowest for a 3-year note since 9 August 2022.

The indirect bidders' share of 78.2% was the highest of all 189 earlier 3-year note auctions we hold.

The direct bidders' share of 11.3% was the lowest for a 3-year note since 8 February 2022, with 30 auctions in between.

Higher than 165 of the 189 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the indirect bidders' share was higher than all 24.

The high yield, the direct bidders' share and the high minus median were lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 78.2%
  • Direct bidders 11.3%
  • Primary dealers 10.5%

Size

Treasury sold $58.554 billion of the $58 billion offered.

Bids received came to $154.967 billion; the bid-to-cover ratio was 2.66.

Its bid-to-cover of 2.66 compares with the 24 auctions before it: lowest 2.33 on , highest 2.93 on ; 55.0% of the way from the low to the high.

2.66

Low 2.33 Midpoint 2.630 High 2.93

The security3-Year, new issue

Coupon
3.375%
Announced
Issued
Matures

It adds to the debt that matures in September 2027.

Understanding this result

Where it stands today

The high yield was 3.440% at this 3-year note auction, the median yield 3.403% and a bid-to-cover ratio of 2.66.

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$154,967,032,700
Sold$58,554,417,200
Competitive bids accepted$57,711,214,500
Non-competitive bids accepted$188,964,200
Federal Reserve (SOMA) add-on$554,238,500
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.440
Median rate, %3.403
Low rate, %2.880
Interest rate (coupon), %3.375
Bids at the high rate filled, %41.38
Bid-to-cover ratio2.66
Indirect bidders accepted$45,155,539,500
Direct bidders accepted$6,524,000,000
Primary dealers accepted$6,031,675,000
Indirect bidders' share, % (ours)78.2
Direct bidders' share, % (ours)11.3
Primary dealers' share, % (ours)10.5
High minus median, basis points (ours)3.7
Treasury par yield curve, 3-year point, same day, %3.42
High yield minus that point, basis points (ours)2.0
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 ratio2.662.594 of 128 of 12
High yield3.4404.51912 of 120 of 12
Indirect bidders' share78.264.30 of 1212 of 12
Direct bidders' share11.319.912 of 120 of 12
Primary dealers' share10.517.112 of 120 of 12
High minus median, basis points3.75.712 of 120 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 ratio2.66Last 24 auctions10 of 2414 of 242.60
Bid-to-cover ratio2.66Since 10 November 2008120 of 18968 of 1892.83
Bid-to-cover ratio2.66All 205 since 6 May 2003121 of 20583 of 2052.76
High yield3.440Last 24 auctions24 of 240 of 244.358
High yield3.440Since 10 November 200824 of 189165 of 1891.200
High yield3.440All 272 since 5 May 1981101 of 272171 of 2721.776
Indirect bidders' share78.2Last 24 auctions0 of 2424 of 2463.2
Indirect bidders' share78.2All 189 since 10 November 20080 of 189189 of 18948.5
Direct bidders' share11.3Last 24 auctions24 of 240 of 2420.0
Direct bidders' share11.3All 189 since 10 November 2008118 of 18971 of 18913.9
Primary dealers' share10.5Last 24 auctions23 of 241 of 2417.5
Primary dealers' share10.5All 189 since 10 November 2008188 of 1891 of 18939.6
High minus median, basis points3.7Last 24 auctions24 of 240 of 245.9
High minus median, basis points3.7Since 10 November 200889 of 18999 of 1893.6
High minus median, basis points3.7All 272 since 5 May 198196 of 272175 of 2723.0

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 September 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240910_2.pdf. Compiled by 500metrics, "3-year note auction of 10 September 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-09-10.

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