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

The 3-year note sold $53.455 billion at a high yield of 0.193% on , with a bid-to-cover ratio of 2.44.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.193%

Median yield 0.165%

Bid-to-cover

2.44

▲ +0.16 since 8 Sep

Sold

$53.45 billion

$52 billion offered

Indirect bidders

55.7%

Of competitive bids accepted

High yield at the last 36 3-year note auctions

High yield at each 3-year note auction, %

High yield at the last 36 3-year note auctions36 auctions from 11 October 2017 to 6 October 2020; the latest at 0.193%.0.0%1.0%2.0%3.0%2017201820192020This auction, 0.193%High yield at the last 36 3-year note auctions36 auctions from 11 October 2017 to 6 October 2020; the latest at 0.193%.0.0%1.0%2.0%3.0%201920200.193%

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
0.1932.44
0.1702.28
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.445 of 125 of 12
High yield0.1930.4569 of 123 of 12
Indirect bidders' share55.751.51 of 1211 of 12
Direct bidders' share12.613.99 of 123 of 12
Primary dealers' share31.736.010 of 122 of 12
High minus median, basis points2.83.210 of 122 of 12

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

Who bought the 3-year note?

Indirect bidders took 55.7% of the competitive bids accepted

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

Indirect bidders took 55.7% of the competitive bids acceptedIndirect bidders 55.7%, Direct bidders 12.6%, Primary dealers 31.7%Indirect bidders55.7%50.7%Direct bidders12.6%13.0%Primary dealers31.7%36.3%Indirect bidders took 55.7% of the competitive bids acceptedIndirect bidders 55.7%, Direct bidders 12.6%, Primary dealers 31.7%Indirect bidders55.7%50.7%Direct bidders12.6%13.0%Primary dealers31.7%36.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders55.750.7
Direct bidders12.613.0
Primary dealers31.736.3

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$52,000,000,000
Bids received$128,188,704,700
Sold$53,454,724,700
Competitive bids accepted$51,976,275,000
Non-competitive bids accepted$18,867,800
Federal Reserve (SOMA) add-on$1,454,581,900
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.193
Median rate, %0.165
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %24.58
Bid-to-cover ratio2.44
Indirect bidders accepted$28,927,605,000
Direct bidders accepted$6,565,000,000
Primary dealers accepted$16,483,670,000
Indirect bidders' share, % (ours)55.7
Direct bidders' share, % (ours)12.6
Primary dealers' share, % (ours)31.7
High minus median, basis points (ours)2.8
Treasury par yield curve, 3-year point, same day, %0.17
High yield minus that point, basis points (ours)2.3

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 auctions14 of 247 of 242.48
Bid-to-cover ratio2.44Since 10 November 2008128 of 14211 of 1423.02
Bid-to-cover ratio2.44All 158 since 6 May 2003129 of 15826 of 1582.96
High yield0.193Last 24 auctions21 of 243 of 241.602
High yield0.193Since 10 November 2008139 of 1423 of 1421.048
High yield0.193All 225 since 5 May 1981222 of 2253 of 2251.573
Indirect bidders' share55.7Last 24 auctions2 of 2422 of 2448.8
Indirect bidders' share55.7All 142 since 10 November 200813 of 142129 of 14244.3
Direct bidders' share12.6Last 24 auctions16 of 248 of 2413.9
Direct bidders' share12.6All 142 since 10 November 200859 of 14283 of 14211.5
Primary dealers' share31.7Last 24 auctions21 of 243 of 2437.1
Primary dealers' share31.7All 142 since 10 November 2008134 of 1428 of 14242.7
High minus median, basis points2.8Last 24 auctions16 of 247 of 243.2
High minus median, basis points2.8Since 10 November 200888 of 14252 of 1423.2
High minus median, basis points2.8All 225 since 5 May 1981105 of 225118 of 2252.6

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 October 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201006_4.pdf. Compiled by 500metrics, "3-year note auction of 6 October 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-10-06.

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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