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3-year note auction of 11 February 2020 (new issue)

The 3-year note sold $54.9 billion at a high yield of 1.394% on , with a bid-to-cover ratio of 2.56.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.394%

Median yield 1.364%

Bid-to-cover

2.56

▲ +0.11 since 7 Jan

Sold

$54.90 billion

$38 billion offered

Indirect bidders

43.9%

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 7 February 2017 to 11 February 2020; the latest at 1.394%.1.0%1.5%2.0%2.5%3.0%2017201820192020This auction, 1.394%The high yield was the lowest for a 3-year note since 8 November 201636 auctions from 7 February 2017 to 11 February 2020; the latest at 1.394%.1.0%1.5%2.0%2.5%3.0%2018201920201.394%

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
1.3942.56
1.5672.45
1.6322.56
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.461 of 129 of 12
High yield1.3941.85912 of 120 of 12
Indirect bidders' share43.946.49 of 123 of 12
Direct bidders' share18.117.85 of 127 of 12
Primary dealers' share38.036.64 of 128 of 12
High minus median, basis points3.03.27 of 125 of 12

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

Who bought the 3-year note?

Indirect bidders took 43.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 January 2020

Indirect bidders took 43.9% of the competitive bids acceptedIndirect bidders 43.9%, Direct bidders 18.1%, Primary dealers 38.0%Indirect bidders43.9%47.5%Direct bidders18.1%16.7%Primary dealers38.0%35.8%Indirect bidders took 43.9% of the competitive bids acceptedIndirect bidders 43.9%, Direct bidders 18.1%, Primary dealers 38.0%Indirect bidders43.9%47.5%Direct bidders18.1%16.7%Primary dealers38.0%35.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.947.5
Direct bidders18.116.7
Primary dealers38.035.8

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$114,104,988,100
Sold$54,899,762,100
Competitive bids accepted$37,847,024,000
Non-competitive bids accepted$52,998,400
Federal Reserve (SOMA) add-on$16,899,739,700
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.394
Median rate, %1.364
Low rate, %1.250
Interest rate (coupon), %1.375
Bids at the high rate filled, %9.24
Bid-to-cover ratio2.56
Indirect bidders accepted$16,623,674,000
Direct bidders accepted$6,845,000,000
Primary dealers accepted$14,378,350,000
Indirect bidders' share, % (ours)43.9
Direct bidders' share, % (ours)18.1
Primary dealers' share, % (ours)38.0
High minus median, basis points (ours)3.0
Treasury par yield curve, 3-year point, same day, %1.39
High yield minus that point, basis points (ours)0.4

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 ratio2.56Last 24 auctions10 of 2411 of 242.56
Bid-to-cover ratio2.56Since 10 November 2008116 of 13415 of 1343.06
Bid-to-cover ratio2.56All 150 since 6 May 2003117 of 15030 of 1502.98
High yield1.394Last 24 auctions24 of 240 of 242.442
High yield1.394Since 10 November 200851 of 13483 of 1341.061
High yield1.394All 217 since 5 May 1981134 of 21783 of 2171.657
Indirect bidders' share43.9Last 24 auctions19 of 245 of 2447.2
Indirect bidders' share43.9All 134 since 10 November 200864 of 13470 of 13442.7
Direct bidders' share18.1Last 24 auctions5 of 2419 of 2412.4
Direct bidders' share18.1All 134 since 10 November 200823 of 134111 of 13411.2
Primary dealers' share38.0Last 24 auctions14 of 2410 of 2439.9
Primary dealers' share38.0All 134 since 10 November 2008104 of 13430 of 13443.5
High minus median, basis points3.0Last 24 auctions14 of 2410 of 243.2
High minus median, basis points3.0Since 10 November 200875 of 13455 of 1343.2
High minus median, basis points3.0All 217 since 5 May 198184 of 217122 of 2172.6

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 11 February 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200211_2.pdf. Compiled by 500metrics, "3-year note auction of 11 February 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-02-11.

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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