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3-year note auction of 4 November 2024 (new issue)

The 3-year note sold $72.096 billion at a high yield of 4.152% on , with a bid-to-cover ratio of 2.60.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.152%

Median yield 4.090%

Bid-to-cover

2.60

▲ +0.15 since 8 Oct

Sold

$72.10 billion

$58 billion offered

Indirect bidders

70.6%

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 7 December 2021 to 4 November 2024; the latest at 4.152%.1.0%2.0%3.0%4.0%5.0%202220232024This auction, 4.152%High yield at the last 36 3-year note auctions36 auctions from 7 December 2021 to 4 November 2024; the latest at 4.152%.3.0%3.5%4.0%4.5%5.0%202320244.152%

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
4.1522.60
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.602.595 of 126 of 12
High yield4.1524.3288 of 124 of 12
Indirect bidders' share70.664.51 of 1211 of 12
Direct bidders' share9.619.412 of 120 of 12
Primary dealers' share19.816.02 of 1210 of 12
High minus median, basis points6.25.41 of 1211 of 12

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

  • Direct bidders' share: Lowest for a 3-year note since 6 April 2020 (54 auctions in between).

Who bought the 3-year note?

Indirect bidders took 70.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 October 2024

Indirect bidders took 70.6% of the competitive bids acceptedIndirect bidders 70.6%, Direct bidders 9.6%, Primary dealers 19.8%Indirect bidders70.6%56.9%Direct bidders9.6%24.0%Primary dealers19.8%19.2%Indirect bidders took 70.6% of the competitive bids acceptedIndirect bidders 70.6%, Direct bidders 9.6%, Primary dealers 19.8%Indirect bidders70.6%56.9%Direct bidders9.6%24.0%Primary dealers19.8%19.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.656.9
Direct bidders9.624.0
Primary dealers19.819.2

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$165,049,168,600
Sold$72,095,620,100
Competitive bids accepted$57,778,891,500
Non-competitive bids accepted$221,149,800
Federal Reserve (SOMA) add-on$14,095,578,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.152
Median rate, %4.090
Low rate, %4.000
Interest rate (coupon), %4.125
Bids at the high rate filled, %26.45
Bid-to-cover ratio2.60
Indirect bidders accepted$40,805,641,500
Direct bidders accepted$5,561,000,000
Primary dealers accepted$11,412,250,000
Indirect bidders' share, % (ours)70.6
Direct bidders' share, % (ours)9.6
Primary dealers' share, % (ours)19.8
High minus median, basis points (ours)6.2
Treasury par yield curve, 3-year point, same day, %4.10
High yield minus that point, basis points (ours)5.2

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 ratio2.60Last 24 auctions12 of 2411 of 242.62
Bid-to-cover ratio2.60Since 10 November 2008128 of 19162 of 1912.82
Bid-to-cover ratio2.60All 207 since 6 May 2003129 of 20777 of 2072.76
High yield4.152Last 24 auctions15 of 249 of 244.327
High yield4.152Since 10 November 200816 of 191175 of 1911.220
High yield4.152All 274 since 5 May 198191 of 274183 of 2741.778
Indirect bidders' share70.6Last 24 auctions3 of 2421 of 2464.1
Indirect bidders' share70.6All 191 since 10 November 20083 of 191188 of 19148.9
Direct bidders' share9.6Last 24 auctions24 of 240 of 2420.0
Direct bidders' share9.6All 191 since 10 November 2008143 of 19148 of 19113.9
Primary dealers' share19.8Last 24 auctions6 of 2418 of 2417.1
Primary dealers' share19.8All 191 since 10 November 2008172 of 19119 of 19139.5
High minus median, basis points6.2Last 24 auctions7 of 2417 of 245.6
High minus median, basis points6.2Since 10 November 200819 of 191171 of 1913.6
High minus median, basis points6.2All 274 since 5 May 198120 of 274253 of 2743.0

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 4 November 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241104_3.pdf. Compiled by 500metrics, "3-year note auction of 4 November 2024 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2024-11-04.

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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