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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.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.426%

Median yield 0.380%

Bid-to-cover

2.41

▼ −0.06 since 8 Jun

Sold

$67.55 billion

$58 billion offered

Indirect bidders

53.2%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 10 March 2020

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 10 March 202036 auctions from 10 July 2018 to 12 July 2021; the latest at 0.426%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.426%The high yield was the highest for a 3-year note since 10 March 202036 auctions from 10 July 2018 to 12 July 2021; the latest at 0.426%.0.0%0.5%1.0%1.5%2.0%2019202020210.426%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
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

Against its own history

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.

  • Direct bidders' share: Highest for a 3-year note since 9 December 2019 (18 auctions in between).
  • High minus median, basis points: Highest for a 3-year note since 10 March 2020 (15 auctions in between).

Who bought the 3-year note?

Indirect bidders took 53.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 June 2021

Indirect bidders took 53.2% of the competitive bids acceptedIndirect bidders 53.2%, Direct bidders 18.3%, Primary dealers 28.6%Indirect bidders53.2%54.2%Direct bidders18.3%18.3%Primary dealers28.6%27.6%Indirect bidders took 53.2% of the competitive bids acceptedIndirect bidders 53.2%, Direct bidders 18.3%, Primary dealers 28.6%Indirect bidders53.2%54.2%Direct bidders18.3%18.3%Primary dealers28.6%27.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.254.2
Direct bidders18.318.3
Primary dealers28.627.6

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

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

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 this number cannot tell you

  • 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 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.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. 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.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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