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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.

Coupon
1.000%
Announced
Issued
Matures

High yield

1.000%

Median yield 0.957%

Bid-to-cover

2.43

▲ +0.10 since 8 Nov

Sold

$61.96 billion

$54 billion offered

Indirect bidders

52.2%

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 11 December 2018 to 7 December 2021; the latest at 1.000%.0.0%1.0%2.0%3.0%201920202021This auction, 1.000%The high yield was the highest for a 3-year note since 11 February 202036 auctions from 11 December 2018 to 7 December 2021; the latest at 1.000%.0.0%0.5%1.0%1.5%2.0%202020211.000%

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
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

Against its own history

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.

Who bought the 3-year note?

Indirect bidders took 52.2% of the competitive bids accepted

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

Indirect bidders took 52.2% of the competitive bids acceptedIndirect bidders 52.2%, Direct bidders 18.0%, Primary dealers 29.8%Indirect bidders52.2%57.6%Direct bidders18.0%18.0%Primary dealers29.8%24.3%Indirect bidders took 52.2% of the competitive bids acceptedIndirect bidders 52.2%, Direct bidders 18.0%, Primary dealers 29.8%Indirect bidders52.2%57.6%Direct bidders18.0%18.0%Primary dealers29.8%24.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders52.257.6
Direct bidders18.018.0
Primary dealers29.824.3

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$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

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 ratio2.43Last 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.

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 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.

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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