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Treasury auctions · 3-Year Note

3-year note auction of 8 October 2024 (new issue)

The 3-year note sold $58.796 billion at a high yield of 3.878% on , with a bid-to-cover ratio of 2.45.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Nov 2021 to 8 Oct 2024
High yield at each 3-year note auction, 11 Oct 2022 to 8 Oct 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 Nov 2021 to 8 Oct 2024
Bid-to-cover ratio at each 3-year note auction, 11 Oct 2022 to 8 Oct 2024

Who bought the 3-year note of 8 Oct 2024

Shares of the competitive bids accepted

  • Indirect bidders 56.9%
  • Direct bidders 24.0%
  • Primary dealers 19.2%
This auction, 8 Oct 2024
  • Indirect bidders 78.2%
  • Direct bidders 11.3%
  • Primary dealers 10.5%
The 3-year note auction before, 10 Sep 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 bidders56.9%
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
3.8782.45
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

Observed .

Right now

The high yield was 3.878% on 8 October 2024, up from 3.440% at the auction before.

The direct bidders' share of 24.0% was the highest for a 3-year note since 6 May 2014, with 123 auctions in between.

Higher than 170 of the 190 since 10 November 2008

Its own history

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

The primary dealers' share was higher than 16 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 56.9%
  • Direct bidders 24.0%
  • Primary dealers 19.2%

Size

Treasury sold $58.796 billion of the $58 billion offered.

Bids received came to $143.022 billion; the bid-to-cover ratio was 2.45.

Its bid-to-cover of 2.45 compares with the 24 auctions before it: lowest 2.33 on , highest 2.93 on ; 20.0% of the way from the low to the high.

2.45

Low 2.33 Midpoint 2.630 High 2.93

The security3-Year, new issue

Coupon
3.875%
Announced
Issued
Matures

It adds to the debt that matures in October 2027.

Understanding this result

Where it stands today

The high yield was 3.878% at this 3-year note auction, the median yield 3.820% and a bid-to-cover ratio of 2.45.

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$143,021,848,200
Sold$58,796,091,400
Competitive bids accepted$57,802,343,200
Non-competitive bids accepted$192,713,200
Federal Reserve (SOMA) add-on$796,035,000
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.878
Median rate, %3.820
Low rate, %3.700
Interest rate (coupon), %3.875
Bids at the high rate filled, %87.39
Bid-to-cover ratio2.45
Indirect bidders accepted$32,869,545,700
Direct bidders accepted$13,852,695,000
Primary dealers accepted$11,080,102,500
Indirect bidders' share, % (ours)56.9
Direct bidders' share, % (ours)24.0
Primary dealers' share, % (ours)19.2
High minus median, basis points (ours)5.8
Treasury par yield curve, 3-year point, same day, %3.86
High yield minus that point, basis points (ours)1.8
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 ratio2.452.5910 of 122 of 12
High yield3.8784.44410 of 122 of 12
Indirect bidders' share56.964.510 of 122 of 12
Direct bidders' share24.019.40 of 1212 of 12
Primary dealers' share19.216.04 of 128 of 12
High minus median, basis points5.85.45 of 127 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 ratio2.45Last 24 auctions21 of 243 of 242.62
Bid-to-cover ratio2.45Since 10 November 2008157 of 19029 of 1902.82
Bid-to-cover ratio2.45All 206 since 6 May 2003158 of 20644 of 2062.76
High yield3.878Last 24 auctions20 of 244 of 244.358
High yield3.878Since 10 November 200820 of 190170 of 1901.210
High yield3.878All 273 since 5 May 198195 of 273178 of 2731.776
Indirect bidders' share56.9Last 24 auctions21 of 243 of 2464.1
Indirect bidders' share56.9All 190 since 10 November 200837 of 190153 of 19048.7
Direct bidders' share24.0Last 24 auctions0 of 2424 of 2419.7
Direct bidders' share24.0All 190 since 10 November 20085 of 190185 of 19013.8
Primary dealers' share19.2Last 24 auctions8 of 2416 of 2417.1
Primary dealers' share19.2All 190 since 10 November 2008174 of 19016 of 19039.6
High minus median, basis points5.8Last 24 auctions12 of 2412 of 245.7
High minus median, basis points5.8Since 10 November 200826 of 190162 of 1903.6
High minus median, basis points5.8All 273 since 5 May 198127 of 273244 of 2733.0

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 8 October 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241008_2.pdf. Compiled by 500metrics, "3-year note auction of 8 October 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-10-08.

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