500metrics

All sources checked Checked

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

The 3-year note sold $58.957 billion at a high yield of 4.548% on , with a bid-to-cover ratio of 2.50.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.548%

Median yield 4.489%

Bid-to-cover

2.50

▼ −0.10 since 11 Mar

Sold

$58.96 billion

$58 billion offered

Indirect bidders

60.3%

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 11 May 2021 to 9 April 2024; the latest at 4.548%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.548%High yield at the last 36 3-year note auctions36 auctions from 11 May 2021 to 9 April 2024; the latest at 4.548%.2.5%3.0%3.5%4.0%4.5%5.0%2022202320244.548%

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
4.5482.50
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.6711 of 121 of 12
High yield4.5484.3273 of 129 of 12
Indirect bidders' share60.365.09 of 123 of 12
Direct bidders' share20.419.55 of 127 of 12
Primary dealers' share19.316.53 of 129 of 12
High minus median, basis points5.95.24 of 127 of 12

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

Who bought the 3-year note?

Indirect bidders took 60.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 March 2024

Indirect bidders took 60.3% of the competitive bids acceptedIndirect bidders 60.3%, Direct bidders 20.4%, Primary dealers 19.3%Indirect bidders60.3%70.0%Direct bidders20.4%15.6%Primary dealers19.3%14.4%Indirect bidders took 60.3% of the competitive bids acceptedIndirect bidders 60.3%, Direct bidders 20.4%, Primary dealers 19.3%Indirect bidders60.3%70.0%Direct bidders20.4%15.6%Primary dealers19.3%14.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.370.0
Direct bidders20.415.6
Primary dealers19.314.4

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$58,000,000,000
Bids received$145,805,811,200
Sold$58,956,538,700
Competitive bids accepted$57,734,532,500
Non-competitive bids accepted$260,480,700
Federal Reserve (SOMA) add-on$956,525,500
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %4.548
Median rate, %4.489
Low rate, %4.430
Interest rate (coupon), %4.500
Bids at the high rate filled, %34.81
Bid-to-cover ratio2.50
Indirect bidders accepted$34,792,805,000
Direct bidders accepted$11,793,000,000
Primary dealers accepted$11,148,727,500
Indirect bidders' share, % (ours)60.3
Direct bidders' share, % (ours)20.4
Primary dealers' share, % (ours)19.3
High minus median, basis points (ours)5.9
Treasury par yield curve, 3-year point, same day, %4.52
High yield minus that point, basis points (ours)2.8

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 ratio2.50Last 24 auctions17 of 246 of 242.58
Bid-to-cover ratio2.50Since 10 November 2008145 of 18438 of 1842.84
Bid-to-cover ratio2.50All 200 since 6 May 2003146 of 20053 of 2002.78
High yield4.548Last 24 auctions5 of 2419 of 244.137
High yield4.548Since 10 November 20085 of 184179 of 1841.114
High yield4.548All 267 since 5 May 198175 of 267192 of 2671.657
Indirect bidders' share60.3Last 24 auctions16 of 248 of 2461.8
Indirect bidders' share60.3All 184 since 10 November 200825 of 184159 of 18447.8
Direct bidders' share20.4Last 24 auctions10 of 2414 of 2419.5
Direct bidders' share20.4All 184 since 10 November 200821 of 184163 of 18413.4
Primary dealers' share19.3Last 24 auctions12 of 2412 of 2418.7
Primary dealers' share19.3All 184 since 10 November 2008172 of 18412 of 18440.0
High minus median, basis points5.9Last 24 auctions11 of 2412 of 245.8
High minus median, basis points5.9Since 10 November 200822 of 184161 of 1843.5
High minus median, basis points5.9All 267 since 5 May 198123 of 267243 of 2673.0

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 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240409_2.pdf. Compiled by 500metrics, "3-year note auction of 9 April 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-04-09.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.