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3-year note auction of 8 October 2019 (new issue)

The 3-year note sold $38 billion at a high yield of 1.413% on , with a bid-to-cover ratio of 2.43.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.413%

Median yield 1.379%

Bid-to-cover

2.43

▲ +0.01 since 10 Sep

Sold

$38.00 billion

$38 billion offered

Indirect bidders

45.8%

Of competitive bids accepted

The high yield was the lowest for a 3-year note since 8 November 2016

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note since 8 November 201636 auctions from 8 November 2016 to 8 October 2019; the latest at 1.413%.1.0%1.5%2.0%2.5%3.0%201720182019This auction, 1.413%The high yield was the lowest for a 3-year note since 8 November 201636 auctions from 8 November 2016 to 8 October 2019; the latest at 1.413%.1.0%1.5%2.0%2.5%3.0%201820191.413%

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
1.4132.43
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.432.529 of 123 of 12
High yield1.4132.37412 of 120 of 12
Indirect bidders' share45.846.88 of 124 of 12
Direct bidders' share16.917.26 of 126 of 12
Primary dealers' share37.337.96 of 126 of 12
High minus median, basis points3.43.24 of 127 of 12

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

Who bought the 3-year note?

Indirect bidders took 45.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 September 2019

Indirect bidders took 45.8% of the competitive bids acceptedIndirect bidders 45.8%, Direct bidders 16.9%, Primary dealers 37.3%Indirect bidders45.8%46.2%Direct bidders16.9%16.6%Primary dealers37.3%37.2%Indirect bidders took 45.8% of the competitive bids acceptedIndirect bidders 45.8%, Direct bidders 16.9%, Primary dealers 37.3%Indirect bidders45.8%46.2%Direct bidders16.9%16.6%Primary dealers37.3%37.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders45.846.2
Direct bidders16.916.6
Primary dealers37.337.2

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$92,175,766,600
Sold$38,000,042,000
Competitive bids accepted$37,971,665,400
Non-competitive bids accepted$28,376,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.413
Median rate, %1.379
Low rate, %0.880
Interest rate (coupon), %1.375
Bids at the high rate filled, %71.54
Bid-to-cover ratio2.43
Indirect bidders accepted$17,389,955,400
Direct bidders accepted$6,418,000,000
Primary dealers accepted$14,163,710,000
Indirect bidders' share, % (ours)45.8
Direct bidders' share, % (ours)16.9
Primary dealers' share, % (ours)37.3
High minus median, basis points (ours)3.4
Treasury par yield curve, 3-year point, same day, %1.38
High yield minus that point, basis points (ours)3.3

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 ratio2.43Last 24 auctions21 of 243 of 242.60
Bid-to-cover ratio2.43Since 10 November 2008124 of 1317 of 1313.10
Bid-to-cover ratio2.43All 147 since 6 May 2003125 of 14722 of 1473.00
High yield1.413Last 24 auctions24 of 240 of 242.442
High yield1.413Since 10 November 200847 of 13184 of 1311.055
High yield1.413All 214 since 5 May 1981130 of 21484 of 2141.763
Indirect bidders' share45.8Last 24 auctions17 of 247 of 2448.0
Indirect bidders' share45.8All 131 since 10 November 200856 of 13175 of 13142.6
Direct bidders' share16.9Last 24 auctions6 of 2418 of 2411.5
Direct bidders' share16.9All 131 since 10 November 200826 of 131105 of 13111.1
Primary dealers' share37.3Last 24 auctions16 of 248 of 2439.9
Primary dealers' share37.3All 131 since 10 November 2008108 of 13123 of 13143.7
High minus median, basis points3.4Last 24 auctions12 of 2411 of 243.5
High minus median, basis points3.4Since 10 November 200857 of 13167 of 1313.3
High minus median, basis points3.4All 214 since 5 May 198165 of 214142 of 2142.5

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 8 October 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191008_2.pdf. Compiled by 500metrics, "3-year note auction of 8 October 2019 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2019-10-08.

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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