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3-year note auction of 6 February 2024 (new issue)

The 3-year note sold $57.994 billion at a high yield of 4.169% on , with a bid-to-cover ratio of 2.58.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.169%

Median yield 4.130%

Bid-to-cover

2.58

▼ −0.09 since 9 Jan

Sold

$57.99 billion

$54 billion offered

Indirect bidders

66.0%

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 March 2021 to 6 February 2024; the latest at 4.169%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.169%High yield at the last 36 3-year note auctions36 auctions from 9 March 2021 to 6 February 2024; the latest at 4.169%.1.0%2.0%3.0%4.0%5.0%2022202320244.169%

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
4.1692.58
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.689 of 123 of 12
High yield4.1694.4448 of 124 of 12
Indirect bidders' share66.062.03 of 129 of 12
Direct bidders' share18.320.89 of 123 of 12
Primary dealers' share15.717.39 of 123 of 12
High minus median, basis points3.95.712 of 120 of 12

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

  • High minus median, basis points: Lowest for a 3-year note since 8 June 2021 (31 auctions in between).

Who bought the 3-year note?

Indirect bidders took 66.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 January 2024

Indirect bidders took 66.0% of the competitive bids acceptedIndirect bidders 66.0%, Direct bidders 18.3%, Primary dealers 15.7%Indirect bidders66.0%65.3%Direct bidders18.3%16.8%Primary dealers15.7%17.8%Indirect bidders took 66.0% of the competitive bids acceptedIndirect bidders 66.0%, Direct bidders 18.3%, Primary dealers 15.7%Indirect bidders66.0%65.3%Direct bidders18.3%16.8%Primary dealers15.7%17.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.065.3
Direct bidders18.316.8
Primary dealers15.717.8

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$143,344,994,900
Sold$57,993,720,900
Competitive bids accepted$53,644,646,000
Non-competitive bids accepted$280,376,200
Federal Reserve (SOMA) add-on$3,993,698,700
Foreign and international (FIMA) non-competitive$75,000,000
High yield, %4.169
Median rate, %4.130
Low rate, %4.088
Interest rate (coupon), %4.125
Bids at the high rate filled, %15.70
Bid-to-cover ratio2.58
Indirect bidders accepted$35,379,670,000
Direct bidders accepted$9,836,976,000
Primary dealers accepted$8,428,000,000
Indirect bidders' share, % (ours)66.0
Direct bidders' share, % (ours)18.3
Primary dealers' share, % (ours)15.7
High minus median, basis points (ours)3.9
Treasury par yield curve, 3-year point, same day, %4.14
High yield minus that point, basis points (ours)2.9

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 ratio2.58Last 24 auctions11 of 2413 of 242.57
Bid-to-cover ratio2.58Since 10 November 2008128 of 18254 of 1822.84
Bid-to-cover ratio2.58All 198 since 6 May 2003129 of 19869 of 1982.78
High yield4.169Last 24 auctions10 of 2414 of 244.083
High yield4.169Since 10 November 200810 of 182172 of 1821.085
High yield4.169All 265 since 5 May 198185 of 265180 of 2651.632
Indirect bidders' share66.0Last 24 auctions5 of 2419 of 2461.6
Indirect bidders' share66.0All 182 since 10 November 20086 of 182176 of 18247.7
Direct bidders' share18.3Last 24 auctions15 of 249 of 2419.5
Direct bidders' share18.3All 182 since 10 November 200841 of 182141 of 18213.3
Primary dealers' share15.7Last 24 auctions21 of 243 of 2419.9
Primary dealers' share15.7All 182 since 10 November 2008179 of 1823 of 18240.2
High minus median, basis points3.9Last 24 auctions24 of 240 of 246.0
High minus median, basis points3.9Since 10 November 200878 of 182102 of 1823.4
High minus median, basis points3.9All 265 since 5 May 198185 of 265178 of 2653.0

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 6 February 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240206_2.pdf. Compiled by 500metrics, "3-year note auction of 6 February 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-02-06.

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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