500metrics

All sources checked Checked

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.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.635%

Median yield 0.595%

Bid-to-cover

2.36

▼ −0.09 since 7 Sep

Sold

$62.36 billion

$58 billion offered

Indirect bidders

44.2%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 11 February 2020

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 11 February 202036 auctions from 10 October 2018 to 12 October 2021; the latest at 0.635%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.635%The high yield was the highest for a 3-year note since 11 February 202036 auctions from 10 October 2018 to 12 October 2021; the latest at 0.635%.0.0%0.5%1.0%1.5%2.0%202020210.635%

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
0.6352.36
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

Against its own history

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.

Who bought the 3-year note?

Indirect bidders took 44.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 September 2021

Indirect bidders took 44.2% of the competitive bids acceptedIndirect bidders 44.2%, Direct bidders 18.9%, Primary dealers 36.9%Indirect bidders44.2%56.7%Direct bidders18.9%19.0%Primary dealers36.9%24.4%Indirect bidders took 44.2% of the competitive bids acceptedIndirect bidders 44.2%, Direct bidders 18.9%, Primary dealers 36.9%Indirect bidders44.2%56.7%Direct bidders18.9%19.0%Primary dealers36.9%24.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders44.256.7
Direct bidders18.919.0
Primary dealers36.924.4

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$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

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 ratio2.36Last 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.

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 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.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.