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3-year note auction of 7 July 2020 (new issue)

The 3-year note sold $50.036 billion at a high yield of 0.190% on , with a bid-to-cover ratio of 2.44.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.190%

Median yield 0.160%

Bid-to-cover

2.44

▼ −0.11 since 8 Jun

Sold

$50.04 billion

$46 billion offered

Indirect bidders

54.3%

Of competitive bids accepted

The high yield was the lowest for a 3-year note of all 222 earlier auctions we hold

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note of all 222 earlier auctions we hold36 auctions from 11 July 2017 to 7 July 2020; the latest at 0.190%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.190%The high yield was the lowest for a 3-year note of all 222 earlier auctions we hold36 auctions from 11 July 2017 to 7 July 2020; the latest at 0.190%.0.0%1.0%2.0%3.0%2018201920200.190%

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
0.1902.44
0.2802.55
0.2302.54
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.446 of 126 of 12
High yield0.1901.48812 of 120 of 12
Indirect bidders' share54.348.83 of 129 of 12
Direct bidders' share13.316.79 of 123 of 12
Primary dealers' share32.434.99 of 123 of 12
High minus median, basis points3.03.28 of 122 of 12

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

Who bought the 3-year note?

Indirect bidders took 54.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 June 2020

Indirect bidders took 54.3% of the competitive bids acceptedIndirect bidders 54.3%, Direct bidders 13.3%, Primary dealers 32.4%Indirect bidders54.3%53.3%Direct bidders13.3%14.5%Primary dealers32.4%32.2%Indirect bidders took 54.3% of the competitive bids acceptedIndirect bidders 54.3%, Direct bidders 13.3%, Primary dealers 32.4%Indirect bidders54.3%53.3%Direct bidders13.3%14.5%Primary dealers32.4%32.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders54.353.3
Direct bidders13.314.5
Primary dealers32.432.2

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$46,000,000,000
Bids received$116,250,061,300
Sold$50,035,625,700
Competitive bids accepted$45,882,774,400
Non-competitive bids accepted$14,234,200
Federal Reserve (SOMA) add-on$4,035,617,100
Foreign and international (FIMA) non-competitive$103,000,000
High yield, %0.190
Median rate, %0.160
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %82.90
Bid-to-cover ratio2.44
Indirect bidders accepted$24,915,474,400
Direct bidders accepted$6,080,000,000
Primary dealers accepted$14,887,300,000
Indirect bidders' share, % (ours)54.3
Direct bidders' share, % (ours)13.3
Primary dealers' share, % (ours)32.4
High minus median, basis points (ours)3.0
Treasury par yield curve, 3-year point, same day, %0.19
High yield minus that point, basis points (ours)0.0

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 ratio2.44Last 24 auctions17 of 246 of 242.54
Bid-to-cover ratio2.44Since 10 November 2008128 of 13910 of 1393.03
Bid-to-cover ratio2.44All 155 since 6 May 2003129 of 15525 of 1552.97
High yield0.190Last 24 auctions24 of 240 of 242.054
High yield0.190Since 10 November 2008139 of 1390 of 1391.055
High yield0.190All 222 since 5 May 1981222 of 2220 of 2221.602
Indirect bidders' share54.3Last 24 auctions3 of 2421 of 2447.2
Indirect bidders' share54.3All 139 since 10 November 200818 of 139121 of 13943.8
Direct bidders' share13.3Last 24 auctions13 of 2411 of 2413.9
Direct bidders' share13.3All 139 since 10 November 200854 of 13985 of 13911.2
Primary dealers' share32.4Last 24 auctions21 of 243 of 2438.3
Primary dealers' share32.4All 139 since 10 November 2008131 of 1398 of 13943.3
High minus median, basis points3.0Last 24 auctions13 of 249 of 243.2
High minus median, basis points3.0Since 10 November 200878 of 13955 of 1393.2
High minus median, basis points3.0All 222 since 5 May 198187 of 222122 of 2222.6

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 7 July 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200707_3.pdf. Compiled by 500metrics, "3-year note auction of 7 July 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-07-07.

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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