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

The 3-year note sold $76.548 billion at a high yield of 0.179% on , with a bid-to-cover ratio of 2.44.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.179%

Median yield 0.146%

Bid-to-cover

2.44

▬ Unchanged since 7 Jul

Sold

$76.55 billion

$48 billion offered

Indirect bidders

57.0%

Of competitive bids accepted

The high yield was the lowest for a 3-year note of all 223 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 223 earlier auctions we hold36 auctions from 8 August 2017 to 11 August 2020; the latest at 0.179%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.179%The high yield was the lowest for a 3-year note of all 223 earlier auctions we hold36 auctions from 8 August 2017 to 11 August 2020; the latest at 0.179%.0.0%1.0%2.0%3.0%2018201920200.179%

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
0.1792.44
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.445 of 126 of 12
High yield0.1791.40412 of 120 of 12
Indirect bidders' share57.048.80 of 1212 of 12
Direct bidders' share12.316.710 of 122 of 12
Primary dealers' share30.734.911 of 121 of 12
High minus median, basis points3.33.24 of 127 of 12

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

  • Indirect bidders' share: Highest for a 3-year note since 11 December 2017 (30 auctions in between).

Who bought the 3-year note?

Indirect bidders took 57.0% of the competitive bids accepted

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

Indirect bidders took 57.0% of the competitive bids acceptedIndirect bidders 57.0%, Direct bidders 12.3%, Primary dealers 30.7%Indirect bidders57.0%54.3%Direct bidders12.3%13.3%Primary dealers30.7%32.4%Indirect bidders took 57.0% of the competitive bids acceptedIndirect bidders 57.0%, Direct bidders 12.3%, Primary dealers 30.7%Indirect bidders57.0%54.3%Direct bidders12.3%13.3%Primary dealers30.7%32.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.054.3
Direct bidders12.313.3
Primary dealers30.732.4

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$48,000,000,000
Bids received$145,783,845,000
Sold$76,548,181,000
Competitive bids accepted$47,864,336,000
Non-competitive bids accepted$30,710,100
Federal Reserve (SOMA) add-on$28,548,134,900
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %0.179
Median rate, %0.146
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %92.32
Bid-to-cover ratio2.44
Indirect bidders accepted$27,291,560,000
Direct bidders accepted$5,883,464,000
Primary dealers accepted$14,689,312,000
Indirect bidders' share, % (ours)57.0
Direct bidders' share, % (ours)12.3
Primary dealers' share, % (ours)30.7
High minus median, basis points (ours)3.3
Treasury par yield curve, 3-year point, same day, %0.18
High yield minus that point, basis points (ours)-0.1

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 auctions16 of 246 of 242.52
Bid-to-cover ratio2.44Since 10 November 2008128 of 14010 of 1403.02
Bid-to-cover ratio2.44All 156 since 6 May 2003129 of 15625 of 1562.97
High yield0.179Last 24 auctions24 of 240 of 241.859
High yield0.179Since 10 November 2008140 of 1400 of 1401.052
High yield0.179All 223 since 5 May 1981223 of 2230 of 2231.573
Indirect bidders' share57.0Last 24 auctions0 of 2424 of 2447.2
Indirect bidders' share57.0All 140 since 10 November 20089 of 140131 of 14043.8
Direct bidders' share12.3Last 24 auctions16 of 248 of 2413.9
Direct bidders' share12.3All 140 since 10 November 200860 of 14080 of 14011.4
Primary dealers' share30.7Last 24 auctions22 of 242 of 2437.6
Primary dealers' share30.7All 140 since 10 November 2008133 of 1407 of 14043.2
High minus median, basis points3.3Last 24 auctions8 of 2415 of 243.0
High minus median, basis points3.3Since 10 November 200867 of 14071 of 1403.2
High minus median, basis points3.3All 223 since 5 May 198175 of 223146 of 2232.6

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 August 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200811_4.pdf. Compiled by 500metrics, "3-year note auction of 11 August 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-08-11.

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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