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3-year note auction of 10 September 2019 (new issue)

The 3-year note sold $38 billion at a high yield of 1.573% on , with a bid-to-cover ratio of 2.42.

Coupon
1.500%
Announced
Issued
Matures

High yield

1.573%

Median yield 1.540%

Bid-to-cover

2.42

▲ +0.01 since 6 Aug

Sold

$38.00 billion

$38 billion offered

Indirect bidders

46.2%

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 12 October 2016 to 10 September 2019; the latest at 1.573%.1.0%1.5%2.0%2.5%3.0%2016201720182019This auction, 1.573%High yield at the last 36 3-year note auctions36 auctions from 12 October 2016 to 10 September 2019; the latest at 1.573%.1.5%2.0%2.5%3.0%201820191.573%

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
1.5732.42
1.5622.41
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.422.5410 of 122 of 12
High yield1.5732.47511 of 121 of 12
Indirect bidders' share46.246.88 of 124 of 12
Direct bidders' share16.615.66 of 126 of 12
Primary dealers' share37.239.57 of 125 of 12
High minus median, basis points3.33.05 of 127 of 12

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

Who bought the 3-year note?

Indirect bidders took 46.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 6 August 2019

Indirect bidders took 46.2% of the competitive bids acceptedIndirect bidders 46.2%, Direct bidders 16.6%, Primary dealers 37.2%Indirect bidders46.2%46.7%Direct bidders16.6%19.3%Primary dealers37.2%34.0%Indirect bidders took 46.2% of the competitive bids acceptedIndirect bidders 46.2%, Direct bidders 16.6%, Primary dealers 37.2%Indirect bidders46.2%46.7%Direct bidders16.6%19.3%Primary dealers37.2%34.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.246.7
Direct bidders16.619.3
Primary dealers37.234.0

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$92,116,674,200
Sold$38,000,053,000
Competitive bids accepted$37,916,593,800
Non-competitive bids accepted$33,459,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.573
Median rate, %1.540
Low rate, %0.880
Interest rate (coupon), %1.500
Bids at the high rate filled, %74.98
Bid-to-cover ratio2.42
Indirect bidders accepted$17,512,203,800
Direct bidders accepted$6,281,000,000
Primary dealers accepted$14,123,390,000
Indirect bidders' share, % (ours)46.2
Direct bidders' share, % (ours)16.6
Primary dealers' share, % (ours)37.2
High minus median, basis points (ours)3.3
Treasury par yield curve, 3-year point, same day, %1.61
High yield minus that point, basis points (ours)-3.7

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 ratio2.42Last 24 auctions22 of 242 of 242.64
Bid-to-cover ratio2.42Since 10 November 2008124 of 1305 of 1303.12
Bid-to-cover ratio2.42All 146 since 6 May 2003125 of 14619 of 1463.00
High yield1.573Last 24 auctions22 of 242 of 242.442
High yield1.573Since 10 November 200827 of 130102 of 1301.052
High yield1.573All 213 since 5 May 1981110 of 213102 of 2131.776
Indirect bidders' share46.2Last 24 auctions16 of 248 of 2448.0
Indirect bidders' share46.2All 130 since 10 November 200854 of 13076 of 13042.5
Direct bidders' share16.6Last 24 auctions6 of 2418 of 2411.1
Direct bidders' share16.6All 130 since 10 November 200827 of 130103 of 13011.1
Primary dealers' share37.2Last 24 auctions17 of 247 of 2440.5
Primary dealers' share37.2All 130 since 10 November 2008108 of 13022 of 13043.8
High minus median, basis points3.3Last 24 auctions14 of 2410 of 243.6
High minus median, basis points3.3Since 10 November 200864 of 13065 of 1303.2
High minus median, basis points3.3All 213 since 5 May 198172 of 213140 of 2132.5

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 10 September 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190910_2.pdf. Compiled by 500metrics, "3-year note auction of 10 September 2019 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2019-09-10.

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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