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3-year note auction of 7 May 2024 (new issue)

The 3-year note sold $65.29 billion at a high yield of 4.605% on , with a bid-to-cover ratio of 2.63.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.605%

Median yield 4.550%

Bid-to-cover

2.63

▲ +0.13 since 9 Apr

Sold

$65.29 billion

$58 billion offered

Indirect bidders

65.5%

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 8 June 2021 to 7 May 2024; the latest at 4.605%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.605%High yield at the last 36 3-year note auctions36 auctions from 8 June 2021 to 7 May 2024; the latest at 4.605%.2.5%3.0%3.5%4.0%4.5%5.0%2022202320244.605%

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
4.6052.63
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.632.677 of 125 of 12
High yield4.6054.4443 of 129 of 12
Indirect bidders' share65.565.05 of 127 of 12
Direct bidders' share19.619.56 of 126 of 12
Primary dealers' share14.916.58 of 124 of 12
High minus median, basis points5.55.66 of 126 of 12

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

Who bought the 3-year note?

Indirect bidders took 65.5% of the competitive bids accepted

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

Indirect bidders took 65.5% of the competitive bids acceptedIndirect bidders 65.5%, Direct bidders 19.6%, Primary dealers 14.9%Indirect bidders65.5%60.3%Direct bidders19.6%20.4%Primary dealers14.9%19.3%Indirect bidders took 65.5% of the competitive bids acceptedIndirect bidders 65.5%, Direct bidders 19.6%, Primary dealers 14.9%Indirect bidders65.5%60.3%Direct bidders19.6%20.4%Primary dealers14.9%19.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.560.3
Direct bidders19.620.4
Primary dealers14.919.3

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$58,000,000,000
Bids received$159,930,388,000
Sold$65,290,209,800
Competitive bids accepted$57,695,955,800
Non-competitive bids accepted$299,235,900
Federal Reserve (SOMA) add-on$7,290,018,100
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %4.605
Median rate, %4.550
Low rate, %4.500
Interest rate (coupon), %4.500
Bids at the high rate filled, %87.59
Bid-to-cover ratio2.63
Indirect bidders accepted$37,804,224,000
Direct bidders accepted$11,311,061,800
Primary dealers accepted$8,580,670,000
Indirect bidders' share, % (ours)65.5
Direct bidders' share, % (ours)19.6
Primary dealers' share, % (ours)14.9
High minus median, basis points (ours)5.5
Treasury par yield curve, 3-year point, same day, %4.60
High yield minus that point, basis points (ours)0.5

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 ratio2.63Last 24 auctions9 of 2415 of 242.58
Bid-to-cover ratio2.63Since 10 November 2008122 of 18563 of 1852.83
Bid-to-cover ratio2.63All 201 since 6 May 2003123 of 20178 of 2012.77
High yield4.605Last 24 auctions4 of 2419 of 244.186
High yield4.605Since 10 November 20084 of 185180 of 1851.125
High yield4.605All 268 since 5 May 198172 of 268195 of 2681.704
Indirect bidders' share65.5Last 24 auctions6 of 2418 of 2461.8
Indirect bidders' share65.5All 185 since 10 November 20089 of 185176 of 18547.9
Direct bidders' share19.6Last 24 auctions12 of 2412 of 2419.7
Direct bidders' share19.6All 185 since 10 November 200828 of 185157 of 18513.4
Primary dealers' share14.9Last 24 auctions20 of 244 of 2418.6
Primary dealers' share14.9All 185 since 10 November 2008181 of 1854 of 18539.9
High minus median, basis points5.5Last 24 auctions14 of 248 of 245.9
High minus median, basis points5.5Since 10 November 200832 of 185150 of 1853.5
High minus median, basis points5.5All 268 since 5 May 198133 of 268232 of 2683.0

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 7 May 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240507_2.pdf. Compiled by 500metrics, "3-year note auction of 7 May 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-05-07.

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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