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Treasury auctions · 3-Year Note

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

The 3-year note sold $61.595 billion at a high yield of 0.355% on , with a bid-to-cover ratio of 2.69.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 12 Mar 2018 to 9 Mar 2021
High yield at each 3-year note auction, 11 Mar 2019 to 9 Mar 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, 12 Mar 2018 to 9 Mar 2021
Bid-to-cover ratio at each 3-year note auction, 11 Mar 2019 to 9 Mar 2021

Who bought the 3-year note of 9 Mar 2021

Shares of the competitive bids accepted

  • Indirect bidders 47.8%
  • Direct bidders 18.2%
  • Primary dealers 34.0%
This auction, 9 Mar 2021
  • Indirect bidders 52.7%
  • Direct bidders 16.0%
  • Primary dealers 31.2%
The 3-year note auction before, 9 Feb 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 bidders47.8%
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
0.3552.69
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

Observed .

Right now

The high yield of 0.355% on 9 March 2021 was the highest for a 3-year note since 10 March 2020.

The bid-to-cover ratio of 2.69 was the highest for a 3-year note since 11 June 2018, with 31 auctions in between.

The direct bidders' share of 18.2% was the highest for a 3-year note since 9 December 2019, with 14 auctions in between.

Higher than 19 of the 147 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the bid-to-cover ratio was higher than all 24.

The high minus median was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 47.8%
  • Direct bidders 18.2%
  • Primary dealers 34.0%

Size

Treasury sold $61.595 billion of the $58 billion offered.

Bids received came to $159.547 billion; the bid-to-cover ratio was 2.69.

Its bid-to-cover of 2.69 compares with the 24 auctions before it: lowest 2.20 on , highest 2.69 on ; 100.0% of the way from the low to the high.

2.69

Low 2.20 Midpoint 2.445 High 2.69

The security3-Year, new issue

Coupon
0.250%
Announced
Issued
Matures

It adds to the debt that matures in March 2024.

Understanding this result

Where it stands today

The high yield was 0.355% at this 3-year note auction, the median yield 0.319% and a bid-to-cover ratio of 2.69.

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$159,546,723,800
Sold$61,595,110,800
Competitive bids accepted$57,869,787,000
Non-competitive bids accepted$25,773,800
Federal Reserve (SOMA) add-on$3,594,550,000
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %0.355
Median rate, %0.319
Low rate, %0.080
Interest rate (coupon), %0.250
Bids at the high rate filled, %90.33
Bid-to-cover ratio2.69
Indirect bidders accepted$27,638,949,500
Direct bidders accepted$10,561,000,000
Primary dealers accepted$19,669,837,500
Indirect bidders' share, % (ours)47.8
Direct bidders' share, % (ours)18.2
Primary dealers' share, % (ours)34.0
High minus median, basis points (ours)3.6
Treasury par yield curve, 3-year point, same day, %0.35
High yield minus that point, basis points (ours)0.5
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 ratio2.692.420 of 1212 of 12
High yield0.3550.2201 of 1211 of 12
Indirect bidders' share47.853.011 of 121 of 12
Direct bidders' share18.213.20 of 1212 of 12
Primary dealers' share34.032.95 of 127 of 12
High minus median, basis points3.63.02 of 1210 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 ratio2.69Last 24 auctions0 of 2424 of 242.44
Bid-to-cover ratio2.69Since 10 November 2008105 of 14740 of 1473.00
Bid-to-cover ratio2.69All 163 since 6 May 2003106 of 16355 of 1632.94
High yield0.355Last 24 auctions13 of 2411 of 240.978
High yield0.355Since 10 November 2008128 of 14719 of 1471.034
High yield0.355All 230 since 5 May 1981211 of 23019 of 2301.564
Indirect bidders' share47.8Last 24 auctions15 of 249 of 2449.4
Indirect bidders' share47.8All 147 since 10 November 200857 of 14790 of 14744.8
Direct bidders' share18.2Last 24 auctions5 of 2419 of 2415.2
Direct bidders' share18.2All 147 since 10 November 200823 of 147124 of 14711.6
Primary dealers' share34.0Last 24 auctions14 of 2410 of 2435.3
Primary dealers' share34.0All 147 since 10 November 2008127 of 14720 of 14742.2
High minus median, basis points3.6Last 24 auctions3 of 2420 of 243.0
High minus median, basis points3.6Since 10 November 200852 of 14791 of 1473.1
High minus median, basis points3.6All 230 since 5 May 198159 of 230167 of 2302.6

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 March 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210309_2.pdf. Compiled by 500metrics, "3-year note auction of 9 March 2021 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2021-03-09.

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