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3-year note auction of 10 September 2024 (new issue)

The 3-year note sold $58.554 billion at a high yield of 3.440% on , with a bid-to-cover ratio of 2.66.

Coupon
3.375%
Announced
Issued
Matures

High yield

3.440%

Median yield 3.403%

Bid-to-cover

2.66

▲ +0.11 since 6 Aug

Sold

$58.55 billion

$58 billion offered

Indirect bidders

78.2%

Of competitive bids accepted

The high yield was the lowest for a 3-year note since 9 August 2022

High yield at each 3-year note auction, %

The high yield was the lowest for a 3-year note since 9 August 202236 auctions from 12 October 2021 to 10 September 2024; the latest at 3.440%.0.0%2.0%4.0%6.0%2021202220232024This auction, 3.440%The high yield was the lowest for a 3-year note since 9 August 202236 auctions from 12 October 2021 to 10 September 2024; the latest at 3.440%.3.0%3.5%4.0%4.5%5.0%202320243.440%

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
3.4402.66
3.8102.55
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.594 of 128 of 12
High yield3.4404.51912 of 120 of 12
Indirect bidders' share78.264.30 of 1212 of 12
Direct bidders' share11.319.912 of 120 of 12
Primary dealers' share10.517.112 of 120 of 12
High minus median, basis points3.75.712 of 120 of 12

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

  • Indirect bidders' share: Highest of all 189 earlier 3-year note auctions we hold.
  • Direct bidders' share: Lowest for a 3-year note since 8 February 2022 (30 auctions in between).
  • Primary dealers' share: Lowest for a 3-year note since 8 August 2023 (12 auctions in between).
  • High minus median, basis points: Lowest for a 3-year note since 8 June 2021 (38 auctions in between).

Who bought the 3-year note?

Indirect bidders took 78.2% of the competitive bids accepted

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

Indirect bidders took 78.2% of the competitive bids acceptedIndirect bidders 78.2%, Direct bidders 11.3%, Primary dealers 10.5%Indirect bidders78.2%64.4%Direct bidders11.3%20.3%Primary dealers10.5%15.4%Indirect bidders took 78.2% of the competitive bids acceptedIndirect bidders 78.2%, Direct bidders 11.3%, Primary dealers 10.5%Indirect bidders78.2%64.4%Direct bidders11.3%20.3%Primary dealers10.5%15.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders78.264.4
Direct bidders11.320.3
Primary dealers10.515.4

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$154,967,032,700
Sold$58,554,417,200
Competitive bids accepted$57,711,214,500
Non-competitive bids accepted$188,964,200
Federal Reserve (SOMA) add-on$554,238,500
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.440
Median rate, %3.403
Low rate, %2.880
Interest rate (coupon), %3.375
Bids at the high rate filled, %41.38
Bid-to-cover ratio2.66
Indirect bidders accepted$45,155,539,500
Direct bidders accepted$6,524,000,000
Primary dealers accepted$6,031,675,000
Indirect bidders' share, % (ours)78.2
Direct bidders' share, % (ours)11.3
Primary dealers' share, % (ours)10.5
High minus median, basis points (ours)3.7
Treasury par yield curve, 3-year point, same day, %3.42
High yield minus that point, basis points (ours)2.0

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 ratio2.66Last 24 auctions10 of 2414 of 242.60
Bid-to-cover ratio2.66Since 10 November 2008120 of 18968 of 1892.83
Bid-to-cover ratio2.66All 205 since 6 May 2003121 of 20583 of 2052.76
High yield3.440Last 24 auctions24 of 240 of 244.358
High yield3.440Since 10 November 200824 of 189165 of 1891.200
High yield3.440All 272 since 5 May 1981101 of 272171 of 2721.776
Indirect bidders' share78.2Last 24 auctions0 of 2424 of 2463.2
Indirect bidders' share78.2All 189 since 10 November 20080 of 189189 of 18948.5
Direct bidders' share11.3Last 24 auctions24 of 240 of 2420.0
Direct bidders' share11.3All 189 since 10 November 2008118 of 18971 of 18913.9
Primary dealers' share10.5Last 24 auctions23 of 241 of 2417.5
Primary dealers' share10.5All 189 since 10 November 2008188 of 1891 of 18939.6
High minus median, basis points3.7Last 24 auctions24 of 240 of 245.9
High minus median, basis points3.7Since 10 November 200889 of 18999 of 1893.6
High minus median, basis points3.7All 272 since 5 May 198196 of 272175 of 2723.0

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 10 September 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240910_2.pdf. Compiled by 500metrics, "3-year note auction of 10 September 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-09-10.

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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