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3-year note auction of 9 January 2024 (new issue)

The 3-year note sold $52 billion at a high yield of 4.105% on , with a bid-to-cover ratio of 2.67.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.105%

Median yield 4.065%

Bid-to-cover

2.67

▲ +0.25 since 11 Dec

Sold

$52.00 billion

$52 billion offered

Indirect bidders

65.3%

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 9 February 2021 to 9 January 2024; the latest at 4.105%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.105%High yield at the last 36 3-year note auctions36 auctions from 9 February 2021 to 9 January 2024; the latest at 4.105%.1.0%2.0%3.0%4.0%5.0%2022202320244.105%

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
4.1052.67
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.672.727 of 124 of 12
High yield4.1054.4448 of 124 of 12
Indirect bidders' share65.362.04 of 128 of 12
Direct bidders' share16.820.89 of 123 of 12
Primary dealers' share17.817.14 of 128 of 12
High minus median, basis points4.05.711 of 120 of 12

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

Who bought the 3-year note?

Indirect bidders took 65.3% of the competitive bids accepted

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

Indirect bidders took 65.3% of the competitive bids acceptedIndirect bidders 65.3%, Direct bidders 16.8%, Primary dealers 17.8%Indirect bidders65.3%52.1%Direct bidders16.8%21.7%Primary dealers17.8%26.2%Indirect bidders took 65.3% of the competitive bids acceptedIndirect bidders 65.3%, Direct bidders 16.8%, Primary dealers 17.8%Indirect bidders65.3%52.1%Direct bidders16.8%21.7%Primary dealers17.8%26.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.352.1
Direct bidders16.821.7
Primary dealers17.826.2

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$138,967,271,900
Sold$52,000,056,800
Competitive bids accepted$51,612,844,900
Non-competitive bids accepted$267,211,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$120,000,000
High yield, %4.105
Median rate, %4.065
Low rate, %3.950
Interest rate (coupon), %4.000
Bids at the high rate filled, %14.89
Bid-to-cover ratio2.67
Indirect bidders accepted$33,707,542,200
Direct bidders accepted$8,692,800,200
Primary dealers accepted$9,212,502,500
Indirect bidders' share, % (ours)65.3
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)17.8
High minus median, basis points (ours)4.0
Treasury par yield curve, 3-year point, same day, %4.09
High yield minus that point, basis points (ours)1.5

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 ratio2.67Last 24 auctions7 of 2416 of 242.56
Bid-to-cover ratio2.67Since 10 November 2008116 of 18163 of 1812.85
Bid-to-cover ratio2.67All 197 since 6 May 2003117 of 19778 of 1972.79
High yield4.105Last 24 auctions10 of 2414 of 244.025
High yield4.105Since 10 November 200810 of 181171 of 1811.066
High yield4.105All 264 since 5 May 198185 of 264179 of 2641.631
Indirect bidders' share65.3Last 24 auctions5 of 2419 of 2461.6
Indirect bidders' share65.3All 181 since 10 November 20087 of 181174 of 18147.7
Direct bidders' share16.8Last 24 auctions19 of 245 of 2419.5
Direct bidders' share16.8All 181 since 10 November 200857 of 181124 of 18113.3
Primary dealers' share17.8Last 24 auctions16 of 248 of 2420.1
Primary dealers' share17.8All 181 since 10 November 2008173 of 1818 of 18140.4
High minus median, basis points4.0Last 24 auctions23 of 240 of 246.0
High minus median, basis points4.0Since 10 November 200871 of 181104 of 1813.4
High minus median, basis points4.0All 264 since 5 May 198175 of 264180 of 2643.0

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 9 January 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240109_2.pdf. Compiled by 500metrics, "3-year note auction of 9 January 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-01-09.

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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