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3-year note auction of 9 November 2020 (new issue)

The 3-year note sold $68.807 billion at a high yield of 0.250% on , with a bid-to-cover ratio of 2.40.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.250%

Median yield 0.230%

Bid-to-cover

2.40

▼ −0.04 since 6 Oct

Sold

$68.81 billion

$54 billion offered

Indirect bidders

38.9%

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 7 November 2017 to 9 November 2020; the latest at 0.250%.0.0%1.0%2.0%3.0%201820192020This auction, 0.250%High yield at the last 36 3-year note auctions36 auctions from 7 November 2017 to 9 November 2020; the latest at 0.250%.0.0%1.0%2.0%3.0%201920200.250%

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
0.2502.40
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.449 of 123 of 12
High yield0.2500.3147 of 125 of 12
Indirect bidders' share38.952.812 of 120 of 12
Direct bidders' share14.313.25 of 127 of 12
Primary dealers' share46.834.20 of 1212 of 12
High minus median, basis points2.03.012 of 120 of 12

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

  • Indirect bidders' share: Lowest for a 3-year note since 7 May 2019 (16 auctions in between).
  • Primary dealers' share: Highest for a 3-year note since 5 November 2018 (22 auctions in between).
  • High minus median, basis points: Lowest for a 3-year note since 7 October 2014 (71 auctions in between).

Who bought the 3-year note?

Primary dealers took 46.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 6 October 2020

Primary dealers took 46.8% of the competitive bids acceptedIndirect bidders 38.9%, Direct bidders 14.3%, Primary dealers 46.8%Indirect bidders38.9%55.7%Direct bidders14.3%12.6%Primary dealers46.8%31.7%Primary dealers took 46.8% of the competitive bids acceptedIndirect bidders 38.9%, Direct bidders 14.3%, Primary dealers 46.8%Indirect bidders38.9%55.7%Direct bidders14.3%12.6%Primary dealers46.8%31.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.955.7
Direct bidders14.312.6
Primary dealers46.831.7

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$54,000,000,000
Bids received$144,472,276,700
Sold$68,806,998,700
Competitive bids accepted$53,864,522,000
Non-competitive bids accepted$30,595,100
Federal Reserve (SOMA) add-on$14,806,881,600
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %0.250
Median rate, %0.230
Low rate, %0.080
Interest rate (coupon), %0.250
Bids at the high rate filled, %39.82
Bid-to-cover ratio2.40
Indirect bidders accepted$20,947,791,000
Direct bidders accepted$7,693,937,000
Primary dealers accepted$25,222,794,000
Indirect bidders' share, % (ours)38.9
Direct bidders' share, % (ours)14.3
Primary dealers' share, % (ours)46.8
High minus median, basis points (ours)2.0
Treasury par yield curve, 3-year point, same day, %0.25
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 ratio2.40Last 24 auctions20 of 244 of 242.46
Bid-to-cover ratio2.40Since 10 November 2008136 of 1437 of 1433.01
Bid-to-cover ratio2.40All 159 since 6 May 2003138 of 15921 of 1592.95
High yield0.250Last 24 auctions19 of 245 of 241.570
High yield0.250Since 10 November 2008138 of 1435 of 1431.045
High yield0.250All 226 since 5 May 1981221 of 2265 of 2261.572
Indirect bidders' share38.9Last 24 auctions23 of 241 of 2449.1
Indirect bidders' share38.9All 143 since 10 November 200892 of 14351 of 14344.7
Direct bidders' share14.3Last 24 auctions12 of 2412 of 2413.9
Direct bidders' share14.3All 143 since 10 November 200848 of 14395 of 14311.5
Primary dealers' share46.8Last 24 auctions1 of 2423 of 2436.6
Primary dealers' share46.8All 143 since 10 November 200852 of 14391 of 14342.5
High minus median, basis points2.0Last 24 auctions24 of 240 of 243.2
High minus median, basis points2.0Since 10 November 2008121 of 14318 of 1433.2
High minus median, basis points2.0All 226 since 5 May 1981141 of 22674 of 2262.6

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 9 November 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201109_5.pdf. Compiled by 500metrics, "3-year note auction of 9 November 2020 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2020-11-09.

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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