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Treasury auctions · 3-Year Note

3-year note auction of 9 February 2021 (new issue)

The 3-year note sold $79.041 billion at a high yield of 0.196% on , with a bid-to-cover ratio of 2.39.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 6 Feb 2018 to 9 Feb 2021
High yield at each 3-year note auction, 11 Mar 2019 to 9 Feb 2021

Bid-to-cover ratio at each 3-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 3-year note auction, 6 Feb 2018 to 9 Feb 2021
Bid-to-cover ratio at each 3-year note auction, 11 Mar 2019 to 9 Feb 2021

Who bought the 3-year note of 9 Feb 2021

Shares of the competitive bids accepted

  • Indirect bidders 52.7%
  • Direct bidders 16.0%
  • Primary dealers 31.2%
This auction, 9 Feb 2021
  • Indirect bidders 52.2%
  • Direct bidders 14.6%
  • Primary dealers 33.2%
The 3-year note auction before, 11 Jan 2021

Each point is one 3-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders52.7%
Inspect and compare dates
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
0.1962.39
0.2342.52
0.2112.28
0.2502.40
0.1932.44
0.1702.28
0.1792.44
0.1902.44
0.2802.55
0.2302.54
0.3482.27
0.5632.20
1.3942.56
1.5672.45
1.6322.56
1.4132.43
1.5732.42
1.5622.41
1.8572.39
1.8612.62
2.2482.48
2.3012.49
2.4482.56
2.5022.55
2.5592.44
2.7482.59
2.9832.54
2.9892.56
2.8212.68
2.7652.65
2.6852.51
2.6642.83
2.6642.76
2.4502.85
2.4362.94
2.2803.00

Observed .

Right now

The high yield was 0.196% on 9 February 2021, down from 0.234% at the auction before.

Higher than 4 of the 146 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the indirect bidders' share was higher than 17 of the 24.

The primary dealers' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 52.7%
  • Direct bidders 16.0%
  • Primary dealers 31.2%

Size

Treasury sold $79.041 billion of the $58 billion offered.

Bids received came to $159.726 billion; the bid-to-cover ratio was 2.39.

Its bid-to-cover of 2.39 compares with the 24 auctions before it: lowest 2.20 on , highest 2.62 on ; 45.2% of the way from the low to the high.

2.39

Low 2.20 Midpoint 2.410 High 2.62

The security3-Year, new issue

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in February 2024.

Understanding this result

Where it stands today

The high yield was 0.196% at this 3-year note auction, the median yield 0.165% and a bid-to-cover ratio of 2.39.

What do these figures measure?

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.

Read more

How does it compare with the par yield curve?

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 these figures cannot tell

  • 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 numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as3-Year, new issue
Offering amount$58,000,000,000
Bids received$159,726,290,600
Sold$79,041,210,600
Competitive bids accepted$57,857,920,000
Non-competitive bids accepted$32,120,400
Federal Reserve (SOMA) add-on$21,041,170,200
Foreign and international (FIMA) non-competitive$110,000,000
High yield, %0.196
Median rate, %0.165
Low rate, %0.090
Interest rate (coupon), %0.125
Bids at the high rate filled, %11.36
Bid-to-cover ratio2.39
Indirect bidders accepted$30,512,000,000
Direct bidders accepted$9,286,000,000
Primary dealers accepted$18,059,920,000
Indirect bidders' share, % (ours)52.7
Direct bidders' share, % (ours)16.0
Primary dealers' share, % (ours)31.2
High minus median, basis points (ours)3.1
Treasury par yield curve, 3-year point, same day, %0.19
High yield minus that point, basis points (ours)0.6
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.448 of 124 of 12
High yield0.1960.2328 of 124 of 12
Indirect bidders' share52.752.86 of 126 of 12
Direct bidders' share16.013.21 of 1211 of 12
Primary dealers' share31.234.111 of 121 of 12
High minus median, basis points3.13.03 of 128 of 12

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

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 ratio2.39Last 24 auctions19 of 244 of 242.44
Bid-to-cover ratio2.39Since 10 November 2008138 of 1467 of 1463.00
Bid-to-cover ratio2.39All 162 since 6 May 2003140 of 16220 of 1622.94
High yield0.196Last 24 auctions20 of 244 of 241.404
High yield0.196Since 10 November 2008142 of 1464 of 1461.036
High yield0.196All 229 since 5 May 1981225 of 2294 of 2291.567
Indirect bidders' share52.7Last 24 auctions7 of 2417 of 2449.2
Indirect bidders' share52.7All 146 since 10 November 200826 of 146120 of 14644.8
Direct bidders' share16.0Last 24 auctions11 of 2413 of 2415.2
Direct bidders' share16.0All 146 since 10 November 200837 of 146109 of 14611.6
Primary dealers' share31.2Last 24 auctions21 of 243 of 2435.8
Primary dealers' share31.2All 146 since 10 November 2008138 of 1468 of 14642.4
High minus median, basis points3.1Last 24 auctions10 of 2413 of 243.0
High minus median, basis points3.1Since 10 November 200873 of 14667 of 1463.2
High minus median, basis points3.1All 229 since 5 May 198181 of 229141 of 2292.6

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 9 February 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210209_3.pdf. Compiled by 500metrics, "3-year note auction of 9 February 2021 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2021-02-09.

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