500metrics

Treasury auctions · 3-Year Note

3-year note auction of 11 May 2021 (new issue)

The 3-year note sold $88.769 billion at a high yield of 0.329% on , with a bid-to-cover ratio of 2.42.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 May 2018 to 11 May 2021
High yield at each 3-year note auction, 11 Jun 2019 to 11 May 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, 8 May 2018 to 11 May 2021
Bid-to-cover ratio at each 3-year note auction, 11 Jun 2019 to 11 May 2021

Who bought the 3-year note of 11 May 2021

Shares of the competitive bids accepted

  • Indirect bidders 49.6%
  • Direct bidders 18.1%
  • Primary dealers 32.3%
This auction, 11 May 2021
  • Indirect bidders 51.1%
  • Direct bidders 15.8%
  • Primary dealers 33.1%
The 3-year note auction before, 12 Apr 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 bidders49.6%
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
0.3292.42
0.3762.32
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

Observed .

Right now

The high yield was 0.329% on 11 May 2021, down from 0.376% at the auction before.

Higher than 11 of the 149 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the direct bidders' share was higher than 19 of the 24.

The primary dealers' share was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 49.6%
  • Direct bidders 18.1%
  • Primary dealers 32.3%

Size

Treasury sold $88.769 billion of the $58 billion offered.

Bids received came to $171.236 billion; the bid-to-cover ratio was 2.42.

Its bid-to-cover of 2.42 compares with the 24 auctions before it: lowest 2.20 on , highest 2.69 on ; 44.9% of the way from the low to the high.

2.42

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 May 2024.

Understanding this result

Where it stands today

The high yield was 0.329% at this 3-year note auction, the median yield 0.300% and a bid-to-cover ratio of 2.42.

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$171,236,079,900
Sold$88,769,313,900
Competitive bids accepted$57,851,534,000
Non-competitive bids accepted$43,500,400
Federal Reserve (SOMA) add-on$30,769,279,500
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %0.329
Median rate, %0.300
Low rate, %0.080
Interest rate (coupon), %0.250
Bids at the high rate filled, %15.77
Bid-to-cover ratio2.42
Indirect bidders accepted$28,708,300,000
Direct bidders accepted$10,478,000,000
Primary dealers accepted$18,665,234,000
Indirect bidders' share, % (ours)49.6
Direct bidders' share, % (ours)18.1
Primary dealers' share, % (ours)32.3
High minus median, basis points (ours)2.9
Treasury par yield curve, 3-year point, same day, %0.31
High yield minus that point, basis points (ours)1.9
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 ratio2.422.447 of 125 of 12
High yield0.3290.2202 of 1210 of 12
Indirect bidders' share49.652.59 of 123 of 12
Direct bidders' share18.114.41 of 1211 of 12
Primary dealers' share32.332.98 of 124 of 12
High minus median, basis points2.92.96 of 126 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 ratio2.42Last 24 auctions14 of 249 of 242.44
Bid-to-cover ratio2.42Since 10 November 2008135 of 14912 of 1492.98
Bid-to-cover ratio2.42All 165 since 6 May 2003136 of 16526 of 1652.94
High yield0.329Last 24 auctions14 of 2410 of 240.366
High yield0.329Since 10 November 2008138 of 14911 of 1491.027
High yield0.329All 232 since 5 May 1981221 of 23211 of 2321.544
Indirect bidders' share49.6Last 24 auctions12 of 2412 of 2450.0
Indirect bidders' share49.6All 149 since 10 November 200847 of 149102 of 14945.6
Direct bidders' share18.1Last 24 auctions5 of 2419 of 2415.8
Direct bidders' share18.1All 149 since 10 November 200824 of 149125 of 14911.7
Primary dealers' share32.3Last 24 auctions18 of 246 of 2434.0
Primary dealers' share32.3All 149 since 10 November 2008138 of 14911 of 14942.2
High minus median, basis points2.9Last 24 auctions14 of 2410 of 243.0
High minus median, basis points2.9Since 10 November 200888 of 14959 of 1493.1
High minus median, basis points2.9All 232 since 5 May 1981104 of 232125 of 2322.6

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 11 May 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210511_2.pdf. Compiled by 500metrics, "3-year note auction of 11 May 2021 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2021-05-11.

Page updated