500metrics

Treasury auctions · 3-Year Note

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

The 3-year note sold $62.364 billion at a high yield of 0.635% on , with a bid-to-cover ratio of 2.36.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 10 Oct 2018 to 12 Oct 2021
High yield at each 3-year note auction, 9 Dec 2019 to 12 Oct 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 Oct 2018 to 12 Oct 2021
Bid-to-cover ratio at each 3-year note auction, 9 Dec 2019 to 12 Oct 2021

Who bought the 3-year note of 12 Oct 2021

Shares of the competitive bids accepted

  • Indirect bidders 44.2%
  • Direct bidders 18.9%
  • Primary dealers 36.9%
This auction, 12 Oct 2021
  • Indirect bidders 56.7%
  • Direct bidders 19.0%
  • Primary dealers 24.4%
The 3-year note auction before, 7 Sep 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 bidders44.2%
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
0.6352.36
0.4472.45
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

Observed .

Right now

The high yield of 0.635% on 12 October 2021 was the highest for a 3-year note since 11 February 2020.

Higher than 46 of the 154 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the direct bidders' share was higher than 22 of the 24.

The indirect bidders' 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 44.2%
  • Direct bidders 18.9%
  • Primary dealers 36.9%

Size

Treasury sold $62.364 billion of the $58 billion offered.

Bids received came to $141.016 billion; the bid-to-cover ratio was 2.36.

Its bid-to-cover of 2.36 compares with the 24 auctions before it: lowest 2.20 on , highest 2.69 on ; 32.7% of the way from the low to the high.

2.36

Low 2.20 Midpoint 2.445 High 2.69

The security3-Year, new issue

Coupon
0.625%
Announced
Issued
Matures

It adds to the debt that matures in October 2024.

Understanding this result

Where it stands today

The high yield was 0.635% at this 3-year note auction, the median yield 0.595% and a bid-to-cover ratio of 2.36.

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$141,015,937,800
Sold$62,364,041,500
Competitive bids accepted$57,751,703,700
Non-competitive bids accepted$43,321,100
Federal Reserve (SOMA) add-on$4,364,016,700
Foreign and international (FIMA) non-competitive$205,000,000
High yield, %0.635
Median rate, %0.595
Low rate, %0.520
Interest rate (coupon), %0.625
Bids at the high rate filled, %7.43
Bid-to-cover ratio2.36
Indirect bidders accepted$25,544,698,700
Direct bidders accepted$10,897,000,000
Primary dealers accepted$21,310,005,000
Indirect bidders' share, % (ours)44.2
Direct bidders' share, % (ours)18.9
Primary dealers' share, % (ours)36.9
High minus median, basis points (ours)4.0
Treasury par yield curve, 3-year point, same day, %0.64
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 ratio2.362.4310 of 122 of 12
High yield0.6350.3270 of 1212 of 12
Indirect bidders' share44.252.511 of 121 of 12
Direct bidders' share18.917.11 of 1211 of 12
Primary dealers' share36.932.01 of 1211 of 12
High minus median, basis points4.03.03 of 129 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 ratio2.36Last 24 auctions19 of 245 of 242.44
Bid-to-cover ratio2.36Since 10 November 2008146 of 1548 of 1542.98
Bid-to-cover ratio2.36All 170 since 6 May 2003150 of 17020 of 1702.92
High yield0.635Last 24 auctions5 of 2419 of 240.338
High yield0.635Since 10 November 2008108 of 15446 of 1541.000
High yield0.635All 237 since 5 May 1981191 of 23746 of 2371.519
Indirect bidders' share44.2Last 24 auctions22 of 242 of 2452.2
Indirect bidders' share44.2All 154 since 10 November 200882 of 15472 of 15445.8
Direct bidders' share18.9Last 24 auctions2 of 2422 of 2416.0
Direct bidders' share18.9All 154 since 10 November 200821 of 154133 of 15412.0
Primary dealers' share36.9Last 24 auctions6 of 2418 of 2432.9
Primary dealers' share36.9All 154 since 10 November 2008117 of 15437 of 15441.4
High minus median, basis points4.0Last 24 auctions4 of 2419 of 243.0
High minus median, basis points4.0Since 10 November 200846 of 154104 of 1543.2
High minus median, basis points4.0All 237 since 5 May 198150 of 237180 of 2372.6

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 October 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211012_2.pdf. Compiled by 500metrics, "3-year note auction of 12 October 2021 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2021-10-12.

Page updated