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

The 3-year note sold $67.424 billion at a high yield of 4.399% on , with a bid-to-cover ratio of 2.67.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.399%

Median yield 4.350%

Bid-to-cover

2.67

▲ +0.24 since 10 Jun

Sold

$67.42 billion

$58 billion offered

Indirect bidders

64.0%

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 10 August 2021 to 9 July 2024; the latest at 4.399%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.399%High yield at the last 36 3-year note auctions36 auctions from 10 August 2021 to 9 July 2024; the latest at 4.399%.3.0%3.5%4.0%4.5%5.0%2022202320244.399%

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
4.3992.67
4.6592.43
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.672.623 of 127 of 12
High yield4.3994.5418 of 124 of 12
Indirect bidders' share64.065.08 of 124 of 12
Direct bidders' share21.319.43 of 129 of 12
Primary dealers' share14.817.19 of 123 of 12
High minus median, basis points4.95.78 of 123 of 12

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

Who bought the 3-year note?

Indirect bidders took 64.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 June 2024

Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 21.3%, Primary dealers 14.8%Indirect bidders64.0%64.1%Direct bidders21.3%15.9%Primary dealers14.8%20.0%Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 21.3%, Primary dealers 14.8%Indirect bidders64.0%64.1%Direct bidders21.3%15.9%Primary dealers14.8%20.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.064.1
Direct bidders21.315.9
Primary dealers14.820.0

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$164,119,003,800
Sold$67,423,503,800
Competitive bids accepted$57,489,880,000
Non-competitive bids accepted$260,128,600
Federal Reserve (SOMA) add-on$9,423,495,200
Foreign and international (FIMA) non-competitive$250,000,000
High yield, %4.399
Median rate, %4.350
Low rate, %4.300
Interest rate (coupon), %4.375
Bids at the high rate filled, %78.35
Bid-to-cover ratio2.67
Indirect bidders accepted$36,774,163,000
Direct bidders accepted$12,220,717,000
Primary dealers accepted$8,495,000,000
Indirect bidders' share, % (ours)64.0
Direct bidders' share, % (ours)21.3
Primary dealers' share, % (ours)14.8
High minus median, basis points (ours)4.9
Treasury par yield curve, 3-year point, same day, %4.37
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 ratio2.67Last 24 auctions7 of 2415 of 242.58
Bid-to-cover ratio2.67Since 10 November 2008116 of 18768 of 1872.83
Bid-to-cover ratio2.67All 203 since 6 May 2003117 of 20383 of 2032.76
High yield4.399Last 24 auctions10 of 2414 of 244.287
High yield4.399Since 10 November 200810 of 187177 of 1871.174
High yield4.399All 270 since 5 May 198183 of 270187 of 2701.762
Indirect bidders' share64.0Last 24 auctions10 of 2414 of 2462.3
Indirect bidders' share64.0All 187 since 10 November 200814 of 187173 of 18748.1
Direct bidders' share21.3Last 24 auctions5 of 2419 of 2419.6
Direct bidders' share21.3All 187 since 10 November 200817 of 187170 of 18713.7
Primary dealers' share14.8Last 24 auctions20 of 244 of 2417.9
Primary dealers' share14.8All 187 since 10 November 2008183 of 1874 of 18739.9
High minus median, basis points4.9Last 24 auctions18 of 245 of 245.9
High minus median, basis points4.9Since 10 November 200848 of 187138 of 1873.5
High minus median, basis points4.9All 270 since 5 May 198151 of 270218 of 2703.0

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 July 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240709_3.pdf. Compiled by 500metrics, "3-year note auction of 9 July 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-07-09.

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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