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Treasury auctions · 3-Year Note

3-year note auction of 12 July 2021 (new issue)

The 3-year note sold $67.548 billion at a high yield of 0.426% on , with a bid-to-cover ratio of 2.41.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 10 Jul 2018 to 12 Jul 2021
High yield at each 3-year note auction, 6 Aug 2019 to 12 Jul 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, 10 Jul 2018 to 12 Jul 2021
Bid-to-cover ratio at each 3-year note auction, 6 Aug 2019 to 12 Jul 2021

Who bought the 3-year note of 12 Jul 2021

Shares of the competitive bids accepted

  • Indirect bidders 53.2%
  • Direct bidders 18.3%
  • Primary dealers 28.6%
This auction, 12 Jul 2021
  • Indirect bidders 54.2%
  • Direct bidders 18.3%
  • Primary dealers 27.6%
The 3-year note auction before, 8 Jun 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 bidders53.2%
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
0.4262.41
0.3252.47
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

Observed .

Right now

The high yield of 0.426% on 12 July 2021 was the highest for a 3-year note since 10 March 2020.

The direct bidders' share of 18.3% was the highest for a 3-year note since 9 December 2019, with 18 auctions in between.

The high minus median of 4.6 basis points was the highest for a 3-year note since 10 March 2020, with 15 auctions in between.

Higher than 33 of the 151 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high minus median was higher than 23 of the 24.

The primary dealers' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 53.2%
  • Direct bidders 18.3%
  • Primary dealers 28.6%

Size

Treasury sold $67.548 billion of the $58 billion offered.

Bids received came to $149.392 billion; the bid-to-cover ratio was 2.41.

Its bid-to-cover of 2.41 compares with the 24 auctions before it: lowest 2.20 on , highest 2.69 on ; 42.9% of the way from the low to the high.

2.41

Low 2.20 Midpoint 2.445 High 2.69

The security3-Year, new issue

Coupon
0.375%
Announced
Issued
Matures

It adds to the debt that matures in July 2024.

Understanding this result

Where it stands today

The high yield was 0.426% at this 3-year note auction, the median yield 0.380% and a bid-to-cover ratio of 2.41.

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$149,392,402,300
Sold$67,548,183,300
Competitive bids accepted$57,962,031,000
Non-competitive bids accepted$38,100,400
Federal Reserve (SOMA) add-on$9,548,051,900
Foreign and international (FIMA) non-competitive$0
High yield, %0.426
Median rate, %0.380
Low rate, %0.080
Interest rate (coupon), %0.375
Bids at the high rate filled, %52.23
Bid-to-cover ratio2.41
Indirect bidders accepted$30,816,365,000
Direct bidders accepted$10,596,000,000
Primary dealers accepted$16,549,666,000
Indirect bidders' share, % (ours)53.2
Direct bidders' share, % (ours)18.3
Primary dealers' share, % (ours)28.6
High minus median, basis points (ours)4.6
Treasury par yield curve, 3-year point, same day, %0.43
High yield minus that point, basis points (ours)-0.4
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 ratio2.412.437 of 125 of 12
High yield0.4260.2220 of 1212 of 12
Indirect bidders' share53.251.64 of 128 of 12
Direct bidders' share18.315.20 of 1212 of 12
Primary dealers' share28.632.811 of 121 of 12
High minus median, basis points4.62.80 of 1212 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 ratio2.41Last 24 auctions15 of 248 of 242.44
Bid-to-cover ratio2.41Since 10 November 2008139 of 15111 of 1512.98
Bid-to-cover ratio2.41All 167 since 6 May 2003141 of 16725 of 1672.93
High yield0.426Last 24 auctions9 of 2415 of 240.338
High yield0.426Since 10 November 2008118 of 15133 of 1511.013
High yield0.426All 234 since 5 May 1981201 of 23433 of 2341.522
Indirect bidders' share53.2Last 24 auctions8 of 2416 of 2450.9
Indirect bidders' share53.2All 151 since 10 November 200826 of 151125 of 15145.7
Direct bidders' share18.3Last 24 auctions2 of 2422 of 2415.8
Direct bidders' share18.3All 151 since 10 November 200823 of 151128 of 15111.9
Primary dealers' share28.6Last 24 auctions22 of 242 of 2433.4
Primary dealers' share28.6All 151 since 10 November 2008144 of 1517 of 15142.0
High minus median, basis points4.6Last 24 auctions1 of 2423 of 243.0
High minus median, basis points4.6Since 10 November 200826 of 151124 of 1513.1
High minus median, basis points4.6All 234 since 5 May 198129 of 234204 of 2342.6

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 12 July 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210712_1.pdf. Compiled by 500metrics, "3-year note auction of 12 July 2021 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2021-07-12.

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