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3-year note auction of 6 February 2018 (new issue)

The 3-year note sold $30.914 billion at a high yield of 2.280% on , with a bid-to-cover ratio of 3.00.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.280%

Median yield 2.230%

Bid-to-cover

3.00

▼ −0.13 since 9 Jan

Sold

$30.91 billion

$26 billion offered

Indirect bidders

49.8%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 7 May 2007

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 7 May 200736 auctions from 10 March 2015 to 6 February 2018; the latest at 2.280%.0.5%1.0%1.5%2.0%2.5%2015201620172018This auction, 2.280%The high yield was the highest for a 3-year note since 7 May 200736 auctions from 10 March 2015 to 6 February 2018; the latest at 2.280%.0.5%1.0%1.5%2.0%2.5%2016201720182.280%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
2.2803.00
2.0803.13
1.9323.15
1.7502.76
1.6572.83
1.4332.70
1.5203.13
1.5732.87
1.5003.00
1.5722.76
1.5252.62
1.6302.74
1.4232.78
1.4722.97
1.4522.65
1.0342.69
1.0452.92
0.9472.77
0.8502.98
0.7652.69
0.9302.79
0.8752.93
0.8902.72
1.0392.71
0.8442.74
1.1742.94
1.2553.14
1.2712.82
0.8953.14
1.0563.23
1.0133.34
0.9323.16
1.1253.33
1.0003.34
0.8653.25
1.1043.33

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.002.803 of 128 of 12
High yield2.2801.5720 of 1212 of 12
Indirect bidders' share49.853.910 of 122 of 12
Direct bidders' share9.78.74 of 128 of 12
Primary dealers' share40.537.52 of 1210 of 12
High minus median, basis points5.04.65 of 127 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 3-year note?

Indirect bidders took 49.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 January 2018

Indirect bidders took 49.8% of the competitive bids acceptedIndirect bidders 49.8%, Direct bidders 9.7%, Primary dealers 40.5%Indirect bidders49.8%54.9%Direct bidders9.7%11.5%Primary dealers40.5%33.6%Indirect bidders took 49.8% of the competitive bids acceptedIndirect bidders 49.8%, Direct bidders 9.7%, Primary dealers 40.5%Indirect bidders49.8%54.9%Direct bidders9.7%11.5%Primary dealers40.5%33.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders49.854.9
Direct bidders9.711.5
Primary dealers40.533.6

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as3-Year, new issue
Offering amount$26,000,000,000
Bids received$83,019,113,600
Sold$30,914,178,300
Competitive bids accepted$25,838,064,700
Non-competitive bids accepted$61,991,500
Federal Reserve (SOMA) add-on$4,914,122,100
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.280
Median rate, %2.230
Low rate, %2.000
Interest rate (coupon), %2.250
Bids at the high rate filled, %9.79
Bid-to-cover ratio3.00
Indirect bidders accepted$12,856,534,700
Direct bidders accepted$2,507,000,000
Primary dealers accepted$10,474,530,000
Indirect bidders' share, % (ours)49.8
Direct bidders' share, % (ours)9.7
Primary dealers' share, % (ours)40.5
High minus median, basis points (ours)5.0
Treasury par yield curve, 3-year point, same day, %2.30
High yield minus that point, basis points (ours)-2.0

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 this number cannot tell you

  • 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 longer windows

Each measure against earlier 3-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio3.00Last 24 auctions3 of 2420 of 242.78
Bid-to-cover ratio3.00Since 10 November 200872 of 11138 of 1113.18
Bid-to-cover ratio3.00All 127 since 6 May 200372 of 12754 of 1273.13
High yield2.280Last 24 auctions0 of 2424 of 241.442
High yield2.280Since 10 November 20080 of 111111 of 1110.994
High yield2.280All 194 since 5 May 198182 of 194112 of 1941.510
Indirect bidders' share49.8Last 24 auctions16 of 248 of 2453.1
Indirect bidders' share49.8All 111 since 10 November 200831 of 11180 of 11140.6
Direct bidders' share9.7Last 24 auctions10 of 2414 of 249.2
Direct bidders' share9.7All 111 since 10 November 200869 of 11142 of 11111.1
Primary dealers' share40.5Last 24 auctions8 of 2416 of 2438.7
Primary dealers' share40.5All 111 since 10 November 200874 of 11137 of 11145.1
High minus median, basis points5.0Last 24 auctions5 of 2416 of 244.2
High minus median, basis points5.0Since 10 November 200819 of 11189 of 1113.3
High minus median, basis points5.0All 194 since 5 May 198120 of 194169 of 1942.4

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 6 February 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180206_3.pdf. Compiled by 500metrics, "3-year note auction of 6 February 2018 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2018-02-06.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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