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3-year note auction of 10 March 2020 (new issue)

The 3-year note sold $38.037 billion at a high yield of 0.563% on , with a bid-to-cover ratio of 2.20.

Coupon
0.500%
Announced
Issued
Matures

High yield

0.563%

Median yield 0.490%

Bid-to-cover

2.20

▼ −0.36 since 11 Feb

Sold

$38.04 billion

$38 billion offered

Indirect bidders

52.3%

Of competitive bids accepted

The high yield was the lowest for a 3-year note since 7 May 2013

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note since 7 May 201336 auctions from 7 March 2017 to 10 March 2020; the latest at 0.563%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.563%The high yield was the lowest for a 3-year note since 7 May 201336 auctions from 7 March 2017 to 10 March 2020; the latest at 0.563%.0.0%1.0%2.0%3.0%2018201920200.563%

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
0.5632.20
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.202.4812 of 120 of 12
High yield0.5631.74412 of 120 of 12
Indirect bidders' share52.346.41 of 1211 of 12
Direct bidders' share3.718.012 of 120 of 12
Primary dealers' share44.036.60 of 1212 of 12
High minus median, basis points7.33.10 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 3-year note since 10 December 2008 (133 auctions in between).
  • Direct bidders' share: Lowest for a 3-year note since 5 November 2018 (14 auctions in between).
  • Primary dealers' share: Highest for a 3-year note since 5 November 2018 (14 auctions in between).
  • High minus median, basis points: Highest for a 3-year note since 7 July 2009 (126 auctions in between).

Who bought the 3-year note?

Indirect bidders took 52.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 February 2020

Indirect bidders took 52.3% of the competitive bids acceptedIndirect bidders 52.3%, Direct bidders 3.7%, Primary dealers 44.0%Indirect bidders52.3%43.9%Direct bidders3.7%18.1%Primary dealers44.0%38.0%Indirect bidders took 52.3% of the competitive bids acceptedIndirect bidders 52.3%, Direct bidders 3.7%, Primary dealers 44.0%Indirect bidders52.3%43.9%Direct bidders3.7%18.1%Primary dealers44.0%38.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders52.343.9
Direct bidders3.718.1
Primary dealers44.038.0

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$83,703,086,600
Sold$38,036,596,200
Competitive bids accepted$37,958,109,600
Non-competitive bids accepted$31,948,100
Federal Reserve (SOMA) add-on$36,538,500
Foreign and international (FIMA) non-competitive$10,000,000
High yield, %0.563
Median rate, %0.490
Low rate, %0.080
Interest rate (coupon), %0.500
Bids at the high rate filled, %80.56
Bid-to-cover ratio2.20
Indirect bidders accepted$19,836,109,600
Direct bidders accepted$1,408,000,000
Primary dealers accepted$16,714,000,000
Indirect bidders' share, % (ours)52.3
Direct bidders' share, % (ours)3.7
Primary dealers' share, % (ours)44.0
High minus median, basis points (ours)7.3
Treasury par yield curve, 3-year point, same day, %0.58
High yield minus that point, basis points (ours)-1.7

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 ratio2.20Last 24 auctions24 of 240 of 242.56
Bid-to-cover ratio2.20Since 10 November 2008134 of 1351 of 1353.06
Bid-to-cover ratio2.20All 151 since 6 May 2003142 of 1519 of 1512.98
High yield0.563Last 24 auctions24 of 240 of 242.442
High yield0.563Since 10 November 2008113 of 13522 of 1351.066
High yield0.563All 218 since 5 May 1981196 of 21822 of 2181.644
Indirect bidders' share52.3Last 24 auctions1 of 2423 of 2446.8
Indirect bidders' share52.3All 135 since 10 November 200822 of 135113 of 13542.7
Direct bidders' share3.7Last 24 auctions23 of 241 of 2413.0
Direct bidders' share3.7All 135 since 10 November 2008125 of 13510 of 13511.2
Primary dealers' share44.0Last 24 auctions3 of 2421 of 2439.9
Primary dealers' share44.0All 135 since 10 November 200864 of 13571 of 13543.4
High minus median, basis points7.3Last 24 auctions0 of 2424 of 243.2
High minus median, basis points7.3Since 10 November 20083 of 135132 of 1353.2
High minus median, basis points7.3All 218 since 5 May 19813 of 218215 of 2182.6

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 10 March 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200310_1.pdf. Compiled by 500metrics, "3-year note auction of 10 March 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-03-10.

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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