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Treasury auctions · 3-Year Note

3-year note auction of 7 December 2021 (new issue)

The 3-year note sold $61.963 billion at a high yield of 1.000% on , with a bid-to-cover ratio of 2.43.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Dec 2018 to 7 Dec 2021
High yield at each 3-year note auction, 9 Dec 2019 to 7 Dec 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, 11 Dec 2018 to 7 Dec 2021
Bid-to-cover ratio at each 3-year note auction, 9 Dec 2019 to 7 Dec 2021

Who bought the 3-year note of 7 Dec 2021

Shares of the competitive bids accepted

  • Indirect bidders 52.2%
  • Direct bidders 18.0%
  • Primary dealers 29.8%
This auction, 7 Dec 2021
  • Indirect bidders 57.6%
  • Direct bidders 18.0%
  • Primary dealers 24.3%
The 3-year note auction before, 8 Nov 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 bidders52.2%
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
1.0002.43
0.7502.33
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

Observed .

Right now

The high yield of 1.000% on 7 December 2021 was the highest for a 3-year note since 11 February 2020.

Higher than 78 of the 156 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield was higher than 21 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 52.2%
  • Direct bidders 18.0%
  • Primary dealers 29.8%

Size

Treasury sold $61.963 billion of the $54 billion offered.

Bids received came to $139.281 billion; the bid-to-cover ratio was 2.43.

Its bid-to-cover of 2.43 compares with the 24 auctions before it: lowest 2.20 on , highest 2.69 on ; 46.9% of the way from the low to the high.

2.43

Low 2.20 Midpoint 2.445 High 2.69

The security3-Year, new issue

Coupon
1.000%
Announced
Issued
Matures

It adds to the debt that matures in December 2024.

Understanding this result

Where it stands today

The high yield was 1.000% at this 3-year note auction, the median yield 0.957% and a bid-to-cover ratio of 2.43.

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$54,000,000,000
Bids received$139,281,233,400
Sold$61,962,809,400
Competitive bids accepted$53,801,326,000
Non-competitive bids accepted$93,894,100
Federal Reserve (SOMA) add-on$7,962,589,300
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %1.000
Median rate, %0.957
Low rate, %0.849
Interest rate (coupon), %1.000
Bids at the high rate filled, %88.76
Bid-to-cover ratio2.43
Indirect bidders accepted$28,069,600,000
Direct bidders accepted$9,691,000,000
Primary dealers accepted$16,040,726,000
Indirect bidders' share, % (ours)52.2
Direct bidders' share, % (ours)18.0
Primary dealers' share, % (ours)29.8
High minus median, basis points (ours)4.3
Treasury par yield curve, 3-year point, same day, %0.99
High yield minus that point, basis points (ours)1.0
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 ratio2.432.425 of 127 of 12
High yield1.0000.3660 of 1212 of 12
Indirect bidders' share52.252.57 of 125 of 12
Direct bidders' share18.018.28 of 124 of 12
Primary dealers' share29.831.77 of 125 of 12
High minus median, basis points4.33.44 of 128 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 ratio2.43Last 24 auctions13 of 2411 of 242.44
Bid-to-cover ratio2.43Since 10 November 2008137 of 15618 of 1562.96
Bid-to-cover ratio2.43All 172 since 6 May 2003138 of 17233 of 1722.90
High yield1.000Last 24 auctions3 of 2421 of 240.338
High yield1.000Since 10 November 200876 of 15678 of 1560.999
High yield1.000All 239 since 5 May 1981159 of 23978 of 2391.500
Indirect bidders' share52.2Last 24 auctions14 of 2410 of 2452.5
Indirect bidders' share52.2All 156 since 10 November 200837 of 156119 of 15645.8
Direct bidders' share18.0Last 24 auctions10 of 2414 of 2416.0
Direct bidders' share18.0All 156 since 10 November 200832 of 156124 of 15612.1
Primary dealers' share29.8Last 24 auctions18 of 246 of 2432.5
Primary dealers' share29.8All 156 since 10 November 2008145 of 15611 of 15641.2
High minus median, basis points4.3Last 24 auctions5 of 2419 of 243.0
High minus median, basis points4.3Since 10 November 200839 of 156115 of 1563.2
High minus median, basis points4.3All 239 since 5 May 198142 of 239195 of 2392.7

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 7 December 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211207_1.pdf. Compiled by 500metrics, "3-year note auction of 7 December 2021 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2021-12-07.

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