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3-year note auction of 9 July 2019 (new issue)

The 3-year note sold $38.324 billion at a high yield of 1.857% on , with a bid-to-cover ratio of 2.39.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.857%

Median yield 1.821%

Bid-to-cover

2.39

▼ −0.23 since 11 Jun

Sold

$38.32 billion

$38 billion offered

Indirect bidders

48.5%

Of competitive bids accepted

The high yield was the lowest for a 3-year note since 7 November 2017

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note since 7 November 201736 auctions from 9 August 2016 to 9 July 2019; the latest at 1.857%.0.0%1.0%2.0%3.0%2016201720182019This auction, 1.857%The high yield was the lowest for a 3-year note since 7 November 201736 auctions from 9 August 2016 to 9 July 2019; the latest at 1.857%.1.0%1.5%2.0%2.5%3.0%2017201820191.857%

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
1.8572.39
1.8612.62
2.2482.48
2.3012.49
2.4482.56
2.5022.55
2.5592.44
2.7482.59
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.5612 of 120 of 12
High yield1.8572.62212 of 120 of 12
Indirect bidders' share48.546.04 of 128 of 12
Direct bidders' share17.912.33 of 129 of 12
Primary dealers' share33.641.511 of 121 of 12
High minus median, basis points3.62.62 of 129 of 12

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

  • Bid-to-cover ratio: Lowest for a 3-year note since 10 March 2009 (123 auctions in between).

Who bought the 3-year note?

Indirect bidders took 48.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 June 2019

Indirect bidders took 48.5% of the competitive bids acceptedIndirect bidders 48.5%, Direct bidders 17.9%, Primary dealers 33.6%Indirect bidders48.5%56.6%Direct bidders17.9%13.4%Primary dealers33.6%30.0%Indirect bidders took 48.5% of the competitive bids acceptedIndirect bidders 48.5%, Direct bidders 17.9%, Primary dealers 33.6%Indirect bidders48.5%56.6%Direct bidders17.9%13.4%Primary dealers33.6%30.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders48.556.6
Direct bidders17.913.4
Primary dealers33.630.0

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$38,000,000,000
Bids received$91,228,764,100
Sold$38,323,614,100
Competitive bids accepted$37,971,150,000
Non-competitive bids accepted$28,939,900
Federal Reserve (SOMA) add-on$323,524,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.857
Median rate, %1.821
Low rate, %1.700
Interest rate (coupon), %1.750
Bids at the high rate filled, %45.35
Bid-to-cover ratio2.39
Indirect bidders accepted$18,417,675,000
Direct bidders accepted$6,803,000,000
Primary dealers accepted$12,750,475,000
Indirect bidders' share, % (ours)48.5
Direct bidders' share, % (ours)17.9
Primary dealers' share, % (ours)33.6
High minus median, basis points (ours)3.6
Treasury par yield curve, 3-year point, same day, %1.88
High yield minus that point, basis points (ours)-2.3

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 ratio2.39Last 24 auctions24 of 240 of 242.69
Bid-to-cover ratio2.39Since 10 November 2008125 of 1283 of 1283.13
Bid-to-cover ratio2.39All 144 since 6 May 2003127 of 14416 of 1443.00
High yield1.857Last 24 auctions19 of 245 of 242.442
High yield1.857Since 10 November 200820 of 128108 of 1281.048
High yield1.857All 211 since 5 May 1981103 of 211108 of 2111.776
Indirect bidders' share48.5Last 24 auctions13 of 2411 of 2449.3
Indirect bidders' share48.5All 128 since 10 November 200842 of 12886 of 12842.3
Direct bidders' share17.9Last 24 auctions3 of 2421 of 2410.3
Direct bidders' share17.9All 128 since 10 November 200822 of 128106 of 12811.1
Primary dealers' share33.6Last 24 auctions21 of 243 of 2440.5
Primary dealers' share33.6All 128 since 10 November 2008119 of 1289 of 12844.0
High minus median, basis points3.6Last 24 auctions12 of 2410 of 243.7
High minus median, basis points3.6Since 10 November 200850 of 12875 of 1283.2
High minus median, basis points3.6All 211 since 5 May 198157 of 211151 of 2112.5

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 9 July 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190709_1.pdf. Compiled by 500metrics, "3-year note auction of 9 July 2019 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2019-07-09.

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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