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

The 3-year note sold $64.176 billion at a high yield of 0.447% on , with a bid-to-cover ratio of 2.45.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.447%

Median yield 0.400%

Bid-to-cover

2.45

▼ −0.09 since 10 Aug

Sold

$64.18 billion

$58 billion offered

Indirect bidders

56.7%

Of competitive bids accepted

High yield at the last 36 3-year note auctions

High yield at each 3-year note auction, %

High yield at the last 36 3-year note auctions36 auctions from 11 September 2018 to 7 September 2021; the latest at 0.447%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.447%High yield at the last 36 3-year note auctions36 auctions from 11 September 2018 to 7 September 2021; the latest at 0.447%.0.0%0.5%1.0%1.5%2.0%202020210.447%

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
0.4472.45
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
2.8212.68

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.424 of 128 of 12
High yield0.4470.2881 of 1211 of 12
Indirect bidders' share56.751.60 of 1212 of 12
Direct bidders' share19.016.00 of 1212 of 12
Primary dealers' share24.432.712 of 120 of 12
High minus median, basis points4.72.80 of 1212 of 12

The table scrolls sideways; the first column stays in place.

  • Indirect bidders' share: Highest for a 3-year note since 11 August 2020 (12 auctions in between).
  • Direct bidders' share: Highest for a 3-year note since 9 December 2019 (20 auctions in between).
  • Primary dealers' share: Lowest for a 3-year note since 9 November 2009 (140 auctions in between).
  • High minus median, basis points: Highest for a 3-year note since 10 March 2020 (17 auctions in between).

Who bought the 3-year note?

Indirect bidders took 56.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 August 2021

Indirect bidders took 56.7% of the competitive bids acceptedIndirect bidders 56.7%, Direct bidders 19.0%, Primary dealers 24.4%Indirect bidders56.7%55.4%Direct bidders19.0%18.4%Primary dealers24.4%26.2%Indirect bidders took 56.7% of the competitive bids acceptedIndirect bidders 56.7%, Direct bidders 19.0%, Primary dealers 24.4%Indirect bidders56.7%55.4%Direct bidders19.0%18.4%Primary dealers24.4%26.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.755.4
Direct bidders19.018.4
Primary dealers24.426.2

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$148,044,791,300
Sold$64,176,071,300
Competitive bids accepted$57,956,330,000
Non-competitive bids accepted$37,207,900
Federal Reserve (SOMA) add-on$6,176,033,400
Foreign and international (FIMA) non-competitive$6,500,000
High yield, %0.447
Median rate, %0.400
Low rate, %0.080
Interest rate (coupon), %0.375
Bids at the high rate filled, %57.12
Bid-to-cover ratio2.45
Indirect bidders accepted$32,843,050,000
Direct bidders accepted$10,992,000,000
Primary dealers accepted$14,121,280,000
Indirect bidders' share, % (ours)56.7
Direct bidders' share, % (ours)19.0
Primary dealers' share, % (ours)24.4
High minus median, basis points (ours)4.7
Treasury par yield curve, 3-year point, same day, %0.45
High yield minus that point, basis points (ours)-0.3

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 ratio2.45Last 24 auctions8 of 2415 of 242.44
Bid-to-cover ratio2.45Since 10 November 2008131 of 15321 of 1532.98
Bid-to-cover ratio2.45All 169 since 6 May 2003132 of 16936 of 1692.92
High yield0.447Last 24 auctions8 of 2416 of 240.338
High yield0.447Since 10 November 2008118 of 15335 of 1531.000
High yield0.447All 236 since 5 May 1981201 of 23635 of 2361.520
Indirect bidders' share56.7Last 24 auctions1 of 2423 of 2451.6
Indirect bidders' share56.7All 153 since 10 November 200811 of 153142 of 15345.8
Direct bidders' share19.0Last 24 auctions2 of 2422 of 2416.0
Direct bidders' share19.0All 153 since 10 November 200820 of 153133 of 15312.0
Primary dealers' share24.4Last 24 auctions24 of 240 of 2433.2
Primary dealers' share24.4All 153 since 10 November 2008152 of 1531 of 15341.5
High minus median, basis points4.7Last 24 auctions1 of 2423 of 243.0
High minus median, basis points4.7Since 10 November 200825 of 153127 of 1533.1
High minus median, basis points4.7All 236 since 5 May 198128 of 236207 of 2362.6

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 7 September 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210907_5.pdf. Compiled by 500metrics, "3-year note auction of 7 September 2021 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2021-09-07.

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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