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

The 3-year note sold $50 billion at a high yield of 4.490% on , with a bid-to-cover ratio of 2.42.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.490%

Median yield 4.430%

Bid-to-cover

2.42

▼ −0.25 since 7 Nov

Sold

$50.00 billion

$50 billion offered

Indirect bidders

52.1%

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 January 2021 to 11 December 2023; the latest at 4.490%.0.0%2.0%4.0%6.0%202120222023This auction, 4.490%High yield at the last 36 3-year note auctions36 auctions from 11 January 2021 to 11 December 2023; the latest at 4.490%.1.0%2.0%3.0%4.0%5.0%202220234.490%

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
4.4902.42
4.7012.67
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.422.7211 of 121 of 12
High yield4.4904.3005 of 127 of 12
Indirect bidders' share52.162.112 of 120 of 12
Direct bidders' share21.720.63 of 129 of 12
Primary dealers' share26.217.10 of 1212 of 12
High minus median, basis points6.05.75 of 127 of 12

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

  • Indirect bidders' share: Lowest for a 3-year note since 7 June 2022 (17 auctions in between).
  • Primary dealers' share: Highest for a 3-year note since 11 October 2022 (13 auctions in between).

Who bought the 3-year note?

Indirect bidders took 52.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 November 2023

Indirect bidders took 52.1% of the competitive bids acceptedIndirect bidders 52.1%, Direct bidders 21.7%, Primary dealers 26.2%Indirect bidders52.1%64.6%Direct bidders21.7%19.1%Primary dealers26.2%16.3%Indirect bidders took 52.1% of the competitive bids acceptedIndirect bidders 52.1%, Direct bidders 21.7%, Primary dealers 26.2%Indirect bidders52.1%64.6%Direct bidders21.7%19.1%Primary dealers26.2%16.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders52.164.6
Direct bidders21.719.1
Primary dealers26.216.3

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$50,000,000,000
Bids received$120,796,778,500
Sold$50,000,068,500
Competitive bids accepted$49,555,200,000
Non-competitive bids accepted$244,868,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %4.490
Median rate, %4.430
Low rate, %4.360
Interest rate (coupon), %4.375
Bids at the high rate filled, %73.47
Bid-to-cover ratio2.42
Indirect bidders accepted$25,805,910,000
Direct bidders accepted$10,747,000,000
Primary dealers accepted$13,002,290,000
Indirect bidders' share, % (ours)52.1
Direct bidders' share, % (ours)21.7
Primary dealers' share, % (ours)26.2
High minus median, basis points (ours)6.0
Treasury par yield curve, 3-year point, same day, %4.42
High yield minus that point, basis points (ours)7.0

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 ratio2.42Last 24 auctions22 of 242 of 242.56
Bid-to-cover ratio2.42Since 10 November 2008160 of 18017 of 1802.86
Bid-to-cover ratio2.42All 196 since 6 May 2003161 of 19631 of 1962.80
High yield4.490Last 24 auctions6 of 2418 of 243.894
High yield4.490Since 10 November 20086 of 180174 of 1801.066
High yield4.490All 263 since 5 May 198176 of 263186 of 2631.630
Indirect bidders' share52.1Last 24 auctions23 of 241 of 2461.6
Indirect bidders' share52.1All 180 since 10 November 200861 of 180119 of 18047.7
Direct bidders' share21.7Last 24 auctions5 of 2419 of 2419.2
Direct bidders' share21.7All 180 since 10 November 200816 of 180164 of 18013.2
Primary dealers' share26.2Last 24 auctions4 of 2420 of 2420.1
Primary dealers' share26.2All 180 since 10 November 2008155 of 18025 of 18040.4
High minus median, basis points6.0Last 24 auctions11 of 2413 of 245.8
High minus median, basis points6.0Since 10 November 200819 of 180159 of 1803.4
High minus median, basis points6.0All 263 since 5 May 198120 of 263241 of 2633.0

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 December 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231211_1.pdf. Compiled by 500metrics, "3-year note auction of 11 December 2023 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2023-12-11.

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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