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3-year note auction of 11 January 2022 (new issue)

The 3-year note sold $60.343 billion at a high yield of 1.237% on , with a bid-to-cover ratio of 2.47.

Coupon
1.125%
Announced
Issued
Matures

High yield

1.237%

Median yield 1.190%

Bid-to-cover

2.47

▲ +0.04 since 7 Dec

Sold

$60.34 billion

$52 billion offered

Indirect bidders

61.6%

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 8 January 2019 to 11 January 2022; the latest at 1.237%.0.0%1.0%2.0%3.0%2019202020212022This auction, 1.237%The high yield was the highest for a 3-year note since 11 February 202036 auctions from 8 January 2019 to 11 January 2022; the latest at 1.237%.0.0%0.5%1.0%1.5%2020202120221.237%

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
1.2372.47
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.423 of 128 of 12
High yield1.2370.4010 of 1212 of 12
Indirect bidders' share61.652.50 of 1212 of 12
Direct bidders' share15.518.211 of 121 of 12
Primary dealers' share22.830.512 of 120 of 12
High minus median, basis points4.73.81 of 1210 of 12

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

  • Indirect bidders' share: Highest for a 3-year note since 8 August 2017 (51 auctions in between).
  • Primary dealers' share: Lowest of all 157 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Indirect bidders took 61.6% of the competitive bids accepted

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

Indirect bidders took 61.6% of the competitive bids acceptedIndirect bidders 61.6%, Direct bidders 15.5%, Primary dealers 22.8%Indirect bidders61.6%52.2%Direct bidders15.5%18.0%Primary dealers22.8%29.8%Indirect bidders took 61.6% of the competitive bids acceptedIndirect bidders 61.6%, Direct bidders 15.5%, Primary dealers 22.8%Indirect bidders61.6%52.2%Direct bidders15.5%18.0%Primary dealers22.8%29.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.652.2
Direct bidders15.518.0
Primary dealers22.829.8

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$52,000,000,000
Bids received$136,749,901,900
Sold$60,343,434,900
Competitive bids accepted$51,896,683,000
Non-competitive bids accepted$98,417,600
Federal Reserve (SOMA) add-on$8,343,334,300
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %1.237
Median rate, %1.190
Low rate, %1.050
Interest rate (coupon), %1.125
Bids at the high rate filled, %5.37
Bid-to-cover ratio2.47
Indirect bidders accepted$31,993,833,000
Direct bidders accepted$8,049,000,000
Primary dealers accepted$11,853,850,000
Indirect bidders' share, % (ours)61.6
Direct bidders' share, % (ours)15.5
Primary dealers' share, % (ours)22.8
High minus median, basis points (ours)4.7
Treasury par yield curve, 3-year point, same day, %1.22
High yield minus that point, basis points (ours)1.7

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 ratio2.47Last 24 auctions6 of 2417 of 242.44
Bid-to-cover ratio2.47Since 10 November 2008130 of 15726 of 1572.95
Bid-to-cover ratio2.47All 173 since 6 May 2003131 of 17341 of 1732.89
High yield1.237Last 24 auctions2 of 2422 of 240.338
High yield1.237Since 10 November 200860 of 15797 of 1571.000
High yield1.237All 240 since 5 May 1981143 of 24097 of 2401.495
Indirect bidders' share61.6Last 24 auctions0 of 2424 of 2452.5
Indirect bidders' share61.6All 157 since 10 November 20085 of 157152 of 15745.8
Direct bidders' share15.5Last 24 auctions14 of 2410 of 2416.0
Direct bidders' share15.5All 157 since 10 November 200852 of 157105 of 15712.1
Primary dealers' share22.8Last 24 auctions24 of 240 of 2432.5
Primary dealers' share22.8All 157 since 10 November 2008157 of 1570 of 15741.1
High minus median, basis points4.7Last 24 auctions2 of 2421 of 243.0
High minus median, basis points4.7Since 10 November 200826 of 157129 of 1573.2
High minus median, basis points4.7All 240 since 5 May 198129 of 240209 of 2402.7

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 11 January 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220111_1.pdf. Compiled by 500metrics, "3-year note auction of 11 January 2022 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2022-01-11.

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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