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3-year note auction of 8 October 2024 (new issue)

The 3-year note sold $58.796 billion at a high yield of 3.878% on , with a bid-to-cover ratio of 2.45.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.878%

Median yield 3.820%

Bid-to-cover

2.45

▼ −0.21 since 10 Sep

Sold

$58.80 billion

$58 billion offered

Indirect bidders

56.9%

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 November 2021 to 8 October 2024; the latest at 3.878%.0.0%1.0%2.0%3.0%4.0%5.0%202220232024This auction, 3.878%High yield at the last 36 3-year note auctions36 auctions from 8 November 2021 to 8 October 2024; the latest at 3.878%.3.0%3.5%4.0%4.5%5.0%202320243.878%

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
3.8782.45
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.5910 of 122 of 12
High yield3.8784.44410 of 122 of 12
Indirect bidders' share56.964.510 of 122 of 12
Direct bidders' share24.019.40 of 1212 of 12
Primary dealers' share19.216.04 of 128 of 12
High minus median, basis points5.85.45 of 127 of 12

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

  • Direct bidders' share: Highest for a 3-year note since 6 May 2014 (123 auctions in between).

Who bought the 3-year note?

Indirect bidders took 56.9% of the competitive bids accepted

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

Indirect bidders took 56.9% of the competitive bids acceptedIndirect bidders 56.9%, Direct bidders 24.0%, Primary dealers 19.2%Indirect bidders56.9%78.2%Direct bidders24.0%11.3%Primary dealers19.2%10.5%Indirect bidders took 56.9% of the competitive bids acceptedIndirect bidders 56.9%, Direct bidders 24.0%, Primary dealers 19.2%Indirect bidders56.9%78.2%Direct bidders24.0%11.3%Primary dealers19.2%10.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.978.2
Direct bidders24.011.3
Primary dealers19.210.5

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$143,021,848,200
Sold$58,796,091,400
Competitive bids accepted$57,802,343,200
Non-competitive bids accepted$192,713,200
Federal Reserve (SOMA) add-on$796,035,000
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.878
Median rate, %3.820
Low rate, %3.700
Interest rate (coupon), %3.875
Bids at the high rate filled, %87.39
Bid-to-cover ratio2.45
Indirect bidders accepted$32,869,545,700
Direct bidders accepted$13,852,695,000
Primary dealers accepted$11,080,102,500
Indirect bidders' share, % (ours)56.9
Direct bidders' share, % (ours)24.0
Primary dealers' share, % (ours)19.2
High minus median, basis points (ours)5.8
Treasury par yield curve, 3-year point, same day, %3.86
High yield minus that point, basis points (ours)1.8

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 ratio2.45Last 24 auctions21 of 243 of 242.62
Bid-to-cover ratio2.45Since 10 November 2008157 of 19029 of 1902.82
Bid-to-cover ratio2.45All 206 since 6 May 2003158 of 20644 of 2062.76
High yield3.878Last 24 auctions20 of 244 of 244.358
High yield3.878Since 10 November 200820 of 190170 of 1901.210
High yield3.878All 273 since 5 May 198195 of 273178 of 2731.776
Indirect bidders' share56.9Last 24 auctions21 of 243 of 2464.1
Indirect bidders' share56.9All 190 since 10 November 200837 of 190153 of 19048.7
Direct bidders' share24.0Last 24 auctions0 of 2424 of 2419.7
Direct bidders' share24.0All 190 since 10 November 20085 of 190185 of 19013.8
Primary dealers' share19.2Last 24 auctions8 of 2416 of 2417.1
Primary dealers' share19.2All 190 since 10 November 2008174 of 19016 of 19039.6
High minus median, basis points5.8Last 24 auctions12 of 2412 of 245.7
High minus median, basis points5.8Since 10 November 200826 of 190162 of 1903.6
High minus median, basis points5.8All 273 since 5 May 198127 of 273244 of 2733.0

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 8 October 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241008_2.pdf. Compiled by 500metrics, "3-year note auction of 8 October 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-10-08.

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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