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3-year note auction of 11 March 2024 (new issue)

The 3-year note sold $56 billion at a high yield of 4.256% on , with a bid-to-cover ratio of 2.60.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.256%

Median yield 4.207%

Bid-to-cover

2.60

▲ +0.02 since 6 Feb

Sold

$56.00 billion

$56 billion offered

Indirect bidders

70.0%

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 12 April 2021 to 11 March 2024; the latest at 4.256%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.256%High yield at the last 36 3-year note auctions36 auctions from 12 April 2021 to 11 March 2024; the latest at 4.256%.2.0%3.0%4.0%5.0%2022202320244.256%

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
4.2562.60
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.602.688 of 124 of 12
High yield4.2564.4447 of 125 of 12
Indirect bidders' share70.063.52 of 1210 of 12
Direct bidders' share15.620.211 of 121 of 12
Primary dealers' share14.416.89 of 123 of 12
High minus median, basis points4.95.48 of 124 of 12

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

Who bought the 3-year note?

Indirect bidders took 70.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 6 February 2024

Indirect bidders took 70.0% of the competitive bids acceptedIndirect bidders 70.0%, Direct bidders 15.6%, Primary dealers 14.4%Indirect bidders70.0%66.0%Direct bidders15.6%18.3%Primary dealers14.4%15.7%Indirect bidders took 70.0% of the competitive bids acceptedIndirect bidders 70.0%, Direct bidders 15.6%, Primary dealers 14.4%Indirect bidders70.0%66.0%Direct bidders15.6%18.3%Primary dealers14.4%15.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.066.0
Direct bidders15.618.3
Primary dealers14.415.7

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$56,000,000,000
Bids received$145,816,422,300
Sold$56,000,018,600
Competitive bids accepted$55,785,211,300
Non-competitive bids accepted$214,807,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.256
Median rate, %4.207
Low rate, %4.150
Interest rate (coupon), %4.250
Bids at the high rate filled, %30.57
Bid-to-cover ratio2.60
Indirect bidders accepted$39,075,615,000
Direct bidders accepted$8,677,596,300
Primary dealers accepted$8,032,000,000
Indirect bidders' share, % (ours)70.0
Direct bidders' share, % (ours)15.6
Primary dealers' share, % (ours)14.4
High minus median, basis points (ours)4.9
Treasury par yield curve, 3-year point, same day, %4.26
High yield minus that point, basis points (ours)-0.4

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 ratio2.60Last 24 auctions9 of 2415 of 242.58
Bid-to-cover ratio2.60Since 10 November 2008125 of 18358 of 1832.84
Bid-to-cover ratio2.60All 199 since 6 May 2003126 of 19973 of 1992.78
High yield4.256Last 24 auctions9 of 2415 of 244.099
High yield4.256Since 10 November 20089 of 183174 of 1831.104
High yield4.256All 266 since 5 May 198183 of 266183 of 2661.644
Indirect bidders' share70.0Last 24 auctions2 of 2422 of 2461.6
Indirect bidders' share70.0All 183 since 10 November 20082 of 183181 of 18347.8
Direct bidders' share15.6Last 24 auctions22 of 242 of 2419.5
Direct bidders' share15.6All 183 since 10 November 200874 of 183109 of 18313.4
Primary dealers' share14.4Last 24 auctions21 of 243 of 2419.8
Primary dealers' share14.4All 183 since 10 November 2008180 of 1833 of 18340.0
High minus median, basis points4.9Last 24 auctions19 of 245 of 246.0
High minus median, basis points4.9Since 10 November 200845 of 183138 of 1833.5
High minus median, basis points4.9All 266 since 5 May 198148 of 266218 of 2663.0

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 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240311_3.pdf. Compiled by 500metrics, "3-year note auction of 11 March 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-03-11.

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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