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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.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.465%

Median yield 0.420%

Bid-to-cover

2.54

▲ +0.13 since 12 Jul

Sold

$83.88 billion

$58 billion offered

Indirect bidders

55.4%

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 7 August 2018 to 10 August 2021; the latest at 0.465%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.465%The high yield was the highest for a 3-year note since 10 March 202036 auctions from 7 August 2018 to 10 August 2021; the latest at 0.465%.0.0%0.5%1.0%1.5%2.0%202020210.465%

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
0.4652.54
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

Against its own history

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.

  • Direct bidders' share: Highest for a 3-year note since 9 December 2019 (19 auctions in between).
  • Primary dealers' share: Lowest for a 3-year note since 8 August 2017 (46 auctions in between).

Who bought the 3-year note?

Indirect bidders took 55.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 12 July 2021

Indirect bidders took 55.4% of the competitive bids acceptedIndirect bidders 55.4%, Direct bidders 18.4%, Primary dealers 26.2%Indirect bidders55.4%53.2%Direct bidders18.4%18.3%Primary dealers26.2%28.6%Indirect bidders took 55.4% of the competitive bids acceptedIndirect bidders 55.4%, Direct bidders 18.4%, Primary dealers 26.2%Indirect bidders55.4%53.2%Direct bidders18.4%18.3%Primary dealers26.2%28.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders55.453.2
Direct bidders18.418.3
Primary dealers26.228.6

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$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

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 ratio2.54Last 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.

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 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.

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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