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3-year note auction of 11 July 2023 (new issue)

The 3-year note sold $40 billion at a high yield of 4.534% on , with a bid-to-cover ratio of 2.88.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.534%

Median yield 4.475%

Bid-to-cover

2.88

▲ +0.18 since 12 Jun

Sold

$40.00 billion

$40 billion offered

Indirect bidders

69.4%

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 August 2020 to 11 July 2023; the latest at 4.534%.0.0%2.0%4.0%6.0%2020202120222023This auction, 4.534%High yield at the last 36 3-year note auctions36 auctions from 11 August 2020 to 11 July 2023; the latest at 4.534%.0.0%2.0%4.0%6.0%2021202220234.534%

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
4.5342.88
4.2022.70
3.6952.93
3.8102.59
4.6352.73
4.0732.33
3.9772.84
4.0932.55
4.6052.57
4.3182.57
3.5642.49
3.2022.50
3.0932.43
2.9272.45
2.8092.59
2.7382.48
1.7752.39
1.5922.45
1.2372.47
1.0002.43
0.7502.33
0.6352.36
0.4472.45
0.4652.54
0.4262.41
0.3252.47
0.3292.42
0.3762.32
0.3552.69
0.1962.39
0.2342.52
0.2112.28
0.2502.40
0.1932.44
0.1702.28
0.1792.44

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.882.571 of 1211 of 12
High yield4.5344.0252 of 1210 of 12
Indirect bidders' share69.461.62 of 1210 of 12
Direct bidders' share19.820.06 of 126 of 12
Primary dealers' share10.818.712 of 120 of 12
High minus median, basis points5.96.27 of 125 of 12

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

  • Primary dealers' share: Lowest of all 175 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Indirect bidders took 69.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 12 June 2023

Indirect bidders took 69.4% of the competitive bids acceptedIndirect bidders 69.4%, Direct bidders 19.8%, Primary dealers 10.8%Indirect bidders69.4%61.5%Direct bidders19.8%21.7%Primary dealers10.8%16.7%Indirect bidders took 69.4% of the competitive bids acceptedIndirect bidders 69.4%, Direct bidders 19.8%, Primary dealers 10.8%Indirect bidders69.4%61.5%Direct bidders19.8%21.7%Primary dealers10.8%16.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.461.5
Direct bidders19.821.7
Primary dealers10.816.7

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$40,000,000,000
Bids received$115,286,447,500
Sold$40,000,012,600
Competitive bids accepted$39,633,005,100
Non-competitive bids accepted$162,007,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$205,000,000
High yield, %4.534
Median rate, %4.475
Low rate, %4.250
Interest rate (coupon), %4.500
Bids at the high rate filled, %20.19
Bid-to-cover ratio2.88
Indirect bidders accepted$27,516,725,000
Direct bidders accepted$7,844,280,100
Primary dealers accepted$4,272,000,000
Indirect bidders' share, % (ours)69.4
Direct bidders' share, % (ours)19.8
Primary dealers' share, % (ours)10.8
High minus median, basis points (ours)5.9
Treasury par yield curve, 3-year point, same day, %4.52
High yield minus that point, basis points (ours)1.4

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 ratio2.88Last 24 auctions1 of 2423 of 242.48
Bid-to-cover ratio2.88Since 10 November 200887 of 17588 of 1752.87
Bid-to-cover ratio2.88All 191 since 6 May 200388 of 191103 of 1912.82
High yield4.534Last 24 auctions2 of 2422 of 243.010
High yield4.534Since 10 November 20082 of 175173 of 1751.055
High yield4.534All 258 since 5 May 198172 of 258186 of 2581.573
Indirect bidders' share69.4Last 24 auctions2 of 2422 of 2459.7
Indirect bidders' share69.4All 175 since 10 November 20082 of 175173 of 17547.5
Direct bidders' share19.8Last 24 auctions7 of 2417 of 2418.5
Direct bidders' share19.8All 175 since 10 November 200822 of 175153 of 17513.0
Primary dealers' share10.8Last 24 auctions24 of 240 of 2421.8
Primary dealers' share10.8All 175 since 10 November 2008175 of 1750 of 17540.5
High minus median, basis points5.9Last 24 auctions10 of 2414 of 245.6
High minus median, basis points5.9Since 10 November 200819 of 175156 of 1753.4
High minus median, basis points5.9All 258 since 5 May 198120 of 258238 of 2583.0

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 July 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230711_3.pdf. Compiled by 500metrics, "3-year note auction of 11 July 2023 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2023-07-11.

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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