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3-year note auction of 10 October 2023 (new issue)

The 3-year note sold $46 billion at a high yield of 4.740% on , with a bid-to-cover ratio of 2.56.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.740%

Median yield 4.670%

Bid-to-cover

2.56

▼ −0.19 since 11 Sep

Sold

$46.00 billion

$46 billion offered

Indirect bidders

56.0%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 6 February 2007

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 6 February 200736 auctions from 9 November 2020 to 10 October 2023; the latest at 4.740%.0.0%2.0%4.0%6.0%202120222023This auction, 4.740%The high yield was the highest for a 3-year note since 6 February 200736 auctions from 9 November 2020 to 10 October 2023; the latest at 4.740%.0.0%1.0%2.0%3.0%4.0%5.0%202220234.740%

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
4.7402.56
4.6602.75
4.3982.90
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.7210 of 122 of 12
High yield4.7404.2600 of 1212 of 12
Indirect bidders' share56.061.911 of 121 of 12
Direct bidders' share21.920.11 of 1211 of 12
Primary dealers' share22.117.51 of 1211 of 12
High minus median, basis points7.06.13 of 129 of 12

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

Who bought the 3-year note?

Indirect bidders took 56.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 September 2023

Indirect bidders took 56.0% of the competitive bids acceptedIndirect bidders 56.0%, Direct bidders 21.9%, Primary dealers 22.1%Indirect bidders56.0%57.7%Direct bidders21.9%22.1%Primary dealers22.1%20.3%Indirect bidders took 56.0% of the competitive bids acceptedIndirect bidders 56.0%, Direct bidders 21.9%, Primary dealers 22.1%Indirect bidders56.0%57.7%Direct bidders21.9%22.1%Primary dealers22.1%20.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.057.7
Direct bidders21.922.1
Primary dealers22.120.3

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$46,000,000,000
Bids received$117,850,808,300
Sold$46,000,008,300
Competitive bids accepted$45,786,940,000
Non-competitive bids accepted$213,068,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.740
Median rate, %4.670
Low rate, %4.630
Interest rate (coupon), %4.625
Bids at the high rate filled, %94.40
Bid-to-cover ratio2.56
Indirect bidders accepted$25,625,740,000
Direct bidders accepted$10,047,400,000
Primary dealers accepted$10,113,800,000
Indirect bidders' share, % (ours)56.0
Direct bidders' share, % (ours)21.9
Primary dealers' share, % (ours)22.1
High minus median, basis points (ours)7.0
Treasury par yield curve, 3-year point, same day, %4.74
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 ratio2.56Last 24 auctions11 of 2413 of 242.52
Bid-to-cover ratio2.56Since 10 November 2008128 of 17846 of 1782.88
Bid-to-cover ratio2.56All 194 since 6 May 2003129 of 19461 of 1942.82
High yield4.740Last 24 auctions0 of 2424 of 243.630
High yield4.740Since 10 November 20080 of 178178 of 1781.061
High yield4.740All 261 since 5 May 198165 of 261196 of 2611.592
Indirect bidders' share56.0Last 24 auctions17 of 247 of 2461.4
Indirect bidders' share56.0All 178 since 10 November 200830 of 178148 of 17847.6
Direct bidders' share21.9Last 24 auctions2 of 2422 of 2418.7
Direct bidders' share21.9All 178 since 10 November 200813 of 178165 of 17813.1
Primary dealers' share22.1Last 24 auctions9 of 2415 of 2420.3
Primary dealers' share22.1All 178 since 10 November 2008163 of 17815 of 17840.5
High minus median, basis points7.0Last 24 auctions4 of 2420 of 245.8
High minus median, basis points7.0Since 10 November 20088 of 178168 of 1783.4
High minus median, basis points7.0All 261 since 5 May 19819 of 261250 of 2613.0

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 10 October 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231010_4.pdf. Compiled by 500metrics, "3-year note auction of 10 October 2023 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2023-10-10.

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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