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Treasury auctions · 3-Year Note

3-year note auction of 10 August 2021 (new issue)

The 3-year note sold $83.876 billion at a high yield of 0.465% on , with a bid-to-cover ratio of 2.54.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 7 Aug 2018 to 10 Aug 2021
High yield at each 3-year note auction, 10 Sep 2019 to 10 Aug 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, 7 Aug 2018 to 10 Aug 2021
Bid-to-cover ratio at each 3-year note auction, 10 Sep 2019 to 10 Aug 2021

Who bought the 3-year note of 10 Aug 2021

Shares of the competitive bids accepted

  • Indirect bidders 55.4%
  • Direct bidders 18.4%
  • Primary dealers 26.2%
This auction, 10 Aug 2021
  • Indirect bidders 53.2%
  • Direct bidders 18.3%
  • Primary dealers 28.6%
The 3-year note auction before, 12 Jul 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 bidders55.4%
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
0.4652.54
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

Observed .

Right now

The high yield of 0.465% on 10 August 2021 was the highest for a 3-year note since 10 March 2020.

The direct bidders' share of 18.4% was the highest for a 3-year note since 9 December 2019, with 19 auctions in between.

The primary dealers' share of 26.2% was the lowest for a 3-year note since 8 August 2017, with 46 auctions in between.

Higher than 36 of the 152 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the primary dealers' share was lower than all 24.

The indirect bidders' share was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 55.4%
  • Direct bidders 18.4%
  • Primary dealers 26.2%

Size

Treasury sold $83.876 billion of the $58 billion offered.

Bids received came to $173.242 billion; the bid-to-cover ratio was 2.54.

Its bid-to-cover of 2.54 compares with the 24 auctions before it: lowest 2.20 on , highest 2.69 on ; 69.4% of the way from the low to the high.

2.54

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 August 2024.

Understanding this result

Where it stands today

The high yield was 0.465% at this 3-year note auction, the median yield 0.420% and a bid-to-cover ratio of 2.54.

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$173,241,644,100
Sold$83,876,214,400
Competitive bids accepted$57,952,470,300
Non-competitive bids accepted$42,533,600
Federal Reserve (SOMA) add-on$25,876,210,500
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.465
Median rate, %0.420
Low rate, %0.303
Interest rate (coupon), %0.375
Bids at the high rate filled, %14.81
Bid-to-cover ratio2.54
Indirect bidders accepted$32,109,660,300
Direct bidders accepted$10,678,000,000
Primary dealers accepted$15,164,810,000
Indirect bidders' share, % (ours)55.4
Direct bidders' share, % (ours)18.4
Primary dealers' share, % (ours)26.2
High minus median, basis points (ours)4.5
Treasury par yield curve, 3-year point, same day, %0.47
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 ratio2.542.421 of 1211 of 12
High yield0.4650.2420 of 1212 of 12
Indirect bidders' share55.451.62 of 1210 of 12
Direct bidders' share18.415.80 of 1212 of 12
Primary dealers' share26.232.712 of 120 of 12
High minus median, basis points4.52.81 of 1211 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 ratio2.54Last 24 auctions4 of 2419 of 242.42
Bid-to-cover ratio2.54Since 10 November 2008123 of 15227 of 1522.98
Bid-to-cover ratio2.54All 168 since 6 May 2003124 of 16842 of 1682.92
High yield0.465Last 24 auctions8 of 2416 of 240.338
High yield0.465Since 10 November 2008116 of 15236 of 1521.006
High yield0.465All 235 since 5 May 1981199 of 23536 of 2351.520
Indirect bidders' share55.4Last 24 auctions2 of 2422 of 2450.9
Indirect bidders' share55.4All 152 since 10 November 200814 of 152138 of 15245.7
Direct bidders' share18.4Last 24 auctions2 of 2422 of 2416.0
Direct bidders' share18.4All 152 since 10 November 200823 of 152129 of 15212.0
Primary dealers' share26.2Last 24 auctions24 of 240 of 2433.4
Primary dealers' share26.2All 152 since 10 November 2008150 of 1522 of 15241.8
High minus median, basis points4.5Last 24 auctions2 of 2422 of 243.0
High minus median, basis points4.5Since 10 November 200828 of 152123 of 1523.1
High minus median, basis points4.5All 235 since 5 May 198131 of 235203 of 2352.6

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 10 August 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210810_3.pdf. Compiled by 500metrics, "3-year note auction of 10 August 2021 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2021-08-10.

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