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3-year note auction of 6 April 2020 (new issue)

The 3-year note sold $40.132 billion at a high yield of 0.348% on , with a bid-to-cover ratio of 2.27.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.348%

Median yield 0.318%

Bid-to-cover

2.27

▲ +0.07 since 10 Mar

Sold

$40.13 billion

$40 billion offered

Indirect bidders

55.4%

Of competitive bids accepted

The high yield was the lowest for a 3-year note since 9 April 2013

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note since 9 April 201336 auctions from 10 April 2017 to 6 April 2020; the latest at 0.348%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.348%The high yield was the lowest for a 3-year note since 9 April 201336 auctions from 10 April 2017 to 6 April 2020; the latest at 0.348%.0.0%1.0%2.0%3.0%2018201920200.348%

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
0.3482.27
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.272.4611 of 121 of 12
High yield0.3481.60212 of 120 of 12
Indirect bidders' share55.447.11 of 1211 of 12
Direct bidders' share4.117.411 of 121 of 12
Primary dealers' share40.537.33 of 129 of 12
High minus median, basis points3.03.27 of 124 of 12

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

Who bought the 3-year note?

Indirect bidders took 55.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 March 2020

Indirect bidders took 55.4% of the competitive bids acceptedIndirect bidders 55.4%, Direct bidders 4.1%, Primary dealers 40.5%Indirect bidders55.4%52.3%Direct bidders4.1%3.7%Primary dealers40.5%44.0%Indirect bidders took 55.4% of the competitive bids acceptedIndirect bidders 55.4%, Direct bidders 4.1%, Primary dealers 40.5%Indirect bidders55.4%52.3%Direct bidders4.1%3.7%Primary dealers40.5%44.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders55.452.3
Direct bidders4.13.7
Primary dealers40.544.0

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$40,000,000,000
Bids received$91,101,944,400
Sold$40,131,675,300
Competitive bids accepted$39,872,330,900
Non-competitive bids accepted$27,690,200
Federal Reserve (SOMA) add-on$131,654,200
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.348
Median rate, %0.318
Low rate, %0.230
Interest rate (coupon), %0.250
Bids at the high rate filled, %71.46
Bid-to-cover ratio2.27
Indirect bidders accepted$22,087,950,900
Direct bidders accepted$1,622,000,000
Primary dealers accepted$16,162,380,000
Indirect bidders' share, % (ours)55.4
Direct bidders' share, % (ours)4.1
Primary dealers' share, % (ours)40.5
High minus median, basis points (ours)3.0
Treasury par yield curve, 3-year point, same day, %0.35
High yield minus that point, basis points (ours)-0.2

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 ratio2.27Last 24 auctions23 of 241 of 242.56
Bid-to-cover ratio2.27Since 10 November 2008132 of 1364 of 1363.06
Bid-to-cover ratio2.27All 152 since 6 May 2003138 of 15212 of 1522.98
High yield0.348Last 24 auctions24 of 240 of 242.442
High yield0.348Since 10 November 2008130 of 1366 of 1361.061
High yield0.348All 219 since 5 May 1981213 of 2196 of 2191.632
Indirect bidders' share55.4Last 24 auctions1 of 2423 of 2446.8
Indirect bidders' share55.4All 136 since 10 November 200812 of 136124 of 13642.7
Direct bidders' share4.1Last 24 auctions22 of 242 of 2413.0
Direct bidders' share4.1All 136 since 10 November 2008125 of 13611 of 13611.2
Primary dealers' share40.5Last 24 auctions11 of 2413 of 2439.9
Primary dealers' share40.5All 136 since 10 November 200886 of 13650 of 13643.5
High minus median, basis points3.0Last 24 auctions13 of 2410 of 243.2
High minus median, basis points3.0Since 10 November 200876 of 13655 of 1363.2
High minus median, basis points3.0All 219 since 5 May 198185 of 219122 of 2192.6

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 6 April 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200406_3.pdf. Compiled by 500metrics, "3-year note auction of 6 April 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-04-06.

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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