500metrics

All sources checked Checked

3-year note auction of 5 November 2018 (new issue)

The 3-year note sold $44.546 billion at a high yield of 2.983% on , with a bid-to-cover ratio of 2.54.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.983%

Median yield 2.960%

Bid-to-cover

2.54

▼ −0.02 since 10 Oct

Sold

$44.55 billion

$37 billion offered

Indirect bidders

49.1%

Of competitive bids accepted

High yield at the last 36 3-year note auctions

High yield at each 3-year note auction, %

High yield at the last 36 3-year note auctions36 auctions from 8 December 2015 to 5 November 2018; the latest at 2.983%.0.0%1.0%2.0%3.0%201620172018This auction, 2.983%High yield at the last 36 3-year note auctions36 auctions from 8 December 2015 to 5 November 2018; the latest at 2.983%.1.0%1.5%2.0%2.5%3.0%201720182.983%

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
2.9832.54
2.9892.56
2.8212.68
2.7652.65
2.6852.51
2.6642.83
2.6642.76
2.4502.85
2.4362.94
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.8011 of 121 of 12
High yield2.9832.5571 of 1211 of 12
Indirect bidders' share49.148.76 of 126 of 12
Direct bidders' share3.09.712 of 120 of 12
Primary dealers' share47.940.81 of 1211 of 12
High minus median, basis points2.33.811 of 121 of 12

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

  • Direct bidders' share: Lowest for a 3-year note since 8 December 2009 (106 auctions in between).

Who bought the 3-year note?

Indirect bidders took 49.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 October 2018

Indirect bidders took 49.1% of the competitive bids acceptedIndirect bidders 49.1%, Direct bidders 3.0%, Primary dealers 47.9%Indirect bidders49.1%46.9%Direct bidders3.0%9.8%Primary dealers47.9%43.3%Indirect bidders took 49.1% of the competitive bids acceptedIndirect bidders 49.1%, Direct bidders 3.0%, Primary dealers 47.9%Indirect bidders49.1%46.9%Direct bidders3.0%9.8%Primary dealers47.9%43.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders49.146.9
Direct bidders3.09.8
Primary dealers47.943.3

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$37,000,000,000
Bids received$101,534,425,100
Sold$44,545,606,000
Competitive bids accepted$36,702,980,900
Non-competitive bids accepted$97,186,400
Federal Reserve (SOMA) add-on$7,545,438,700
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %2.983
Median rate, %2.960
Low rate, %2.860
Interest rate (coupon), %2.875
Bids at the high rate filled, %51.29
Bid-to-cover ratio2.54
Indirect bidders accepted$18,015,387,400
Direct bidders accepted$1,102,628,500
Primary dealers accepted$17,584,965,000
Indirect bidders' share, % (ours)49.1
Direct bidders' share, % (ours)3.0
Primary dealers' share, % (ours)47.9
High minus median, basis points (ours)2.3
Treasury par yield curve, 3-year point, same day, %2.99
High yield minus that point, basis points (ours)-0.7

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 ratio2.54Last 24 auctions23 of 241 of 242.77
Bid-to-cover ratio2.54Since 10 November 2008115 of 1205 of 1203.14
Bid-to-cover ratio2.54All 136 since 6 May 2003116 of 13620 of 1363.06
High yield2.983Last 24 auctions1 of 2423 of 241.704
High yield2.983Since 10 November 20081 of 120119 of 1201.020
High yield2.983All 203 since 5 May 198179 of 203124 of 2031.573
Indirect bidders' share49.1Last 24 auctions15 of 249 of 2450.4
Indirect bidders' share49.1All 120 since 10 November 200836 of 12084 of 12041.8
Direct bidders' share3.0Last 24 auctions24 of 240 of 249.3
Direct bidders' share3.0All 120 since 10 November 2008112 of 1208 of 12010.8
Primary dealers' share47.9Last 24 auctions3 of 2421 of 2440.2
Primary dealers' share47.9All 120 since 10 November 200845 of 12075 of 12044.7
High minus median, basis points2.3Last 24 auctions22 of 242 of 244.2
High minus median, basis points2.3Since 10 November 200888 of 12031 of 1203.4
High minus median, basis points2.3All 203 since 5 May 1981107 of 20395 of 2032.4

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 5 November 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20181105_3.pdf. Compiled by 500metrics, "3-year note auction of 5 November 2018 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2018-11-05.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.