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Treasury auctions · 3-Year Note

3-year note auction of 4 November 2024 (new issue)

The 3-year note sold $72.096 billion at a high yield of 4.152% 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, 7 Dec 2021 to 4 Nov 2024
High yield at each 3-year note auction, 8 Nov 2022 to 4 Nov 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, 7 Dec 2021 to 4 Nov 2024
Bid-to-cover ratio at each 3-year note auction, 8 Nov 2022 to 4 Nov 2024

Who bought the 3-year note of 4 Nov 2024

Shares of the competitive bids accepted

  • Indirect bidders 70.6%
  • Direct bidders 9.6%
  • Primary dealers 19.8%
This auction, 4 Nov 2024
  • Indirect bidders 56.9%
  • Direct bidders 24.0%
  • Primary dealers 19.2%
The 3-year note auction before, 8 Oct 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 bidders70.6%
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
4.1522.60
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

Observed .

Right now

The high yield was 4.152% on 4 November 2024, up from 3.878% at the auction before.

The direct bidders' share of 9.6% was the lowest for a 3-year note since 6 April 2020, with 54 auctions in between.

Higher than 175 of the 191 since 10 November 2008

Its own history

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

The indirect bidders' share was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 70.6%
  • Direct bidders 9.6%
  • Primary dealers 19.8%

Size

Treasury sold $72.096 billion of the $58 billion offered.

Bids received came to $165.049 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
4.125%
Announced
Issued
Matures

It adds to the debt that matures in November 2027.

Understanding this result

Where it stands today

The high yield was 4.152% at this 3-year note auction, the median yield 4.090% 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$58,000,000,000
Bids received$165,049,168,600
Sold$72,095,620,100
Competitive bids accepted$57,778,891,500
Non-competitive bids accepted$221,149,800
Federal Reserve (SOMA) add-on$14,095,578,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.152
Median rate, %4.090
Low rate, %4.000
Interest rate (coupon), %4.125
Bids at the high rate filled, %26.45
Bid-to-cover ratio2.60
Indirect bidders accepted$40,805,641,500
Direct bidders accepted$5,561,000,000
Primary dealers accepted$11,412,250,000
Indirect bidders' share, % (ours)70.6
Direct bidders' share, % (ours)9.6
Primary dealers' share, % (ours)19.8
High minus median, basis points (ours)6.2
Treasury par yield curve, 3-year point, same day, %4.10
High yield minus that point, basis points (ours)5.2
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 ratio2.602.595 of 126 of 12
High yield4.1524.3288 of 124 of 12
Indirect bidders' share70.664.51 of 1211 of 12
Direct bidders' share9.619.412 of 120 of 12
Primary dealers' share19.816.02 of 1210 of 12
High minus median, basis points6.25.41 of 1211 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 auctions12 of 2411 of 242.62
Bid-to-cover ratio2.60Since 10 November 2008128 of 19162 of 1912.82
Bid-to-cover ratio2.60All 207 since 6 May 2003129 of 20777 of 2072.76
High yield4.152Last 24 auctions15 of 249 of 244.327
High yield4.152Since 10 November 200816 of 191175 of 1911.220
High yield4.152All 274 since 5 May 198191 of 274183 of 2741.778
Indirect bidders' share70.6Last 24 auctions3 of 2421 of 2464.1
Indirect bidders' share70.6All 191 since 10 November 20083 of 191188 of 19148.9
Direct bidders' share9.6Last 24 auctions24 of 240 of 2420.0
Direct bidders' share9.6All 191 since 10 November 2008143 of 19148 of 19113.9
Primary dealers' share19.8Last 24 auctions6 of 2418 of 2417.1
Primary dealers' share19.8All 191 since 10 November 2008172 of 19119 of 19139.5
High minus median, basis points6.2Last 24 auctions7 of 2417 of 245.6
High minus median, basis points6.2Since 10 November 200819 of 191171 of 1913.6
High minus median, basis points6.2All 274 since 5 May 198120 of 274253 of 2743.0

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 4 November 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241104_3.pdf. Compiled by 500metrics, "3-year note auction of 4 November 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-11-04.

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