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3-year note auction of 10 May 2022 (new issue)

The 3-year note sold $76.493 billion at a high yield of 2.809% on , with a bid-to-cover ratio of 2.59.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.809%

Median yield 2.740%

Bid-to-cover

2.59

▲ +0.11 since 11 Apr

Sold

$76.49 billion

$45 billion offered

Indirect bidders

62.0%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 5 November 2018

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 5 November 201836 auctions from 7 May 2019 to 10 May 2022; the latest at 2.809%.0.0%1.0%2.0%3.0%2019202020212022This auction, 2.809%The high yield was the highest for a 3-year note since 5 November 201836 auctions from 7 May 2019 to 10 May 2022; the latest at 2.809%.0.0%1.0%2.0%3.0%2020202120222.809%

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
2.8092.59
2.7382.48
1.7752.39
1.5922.45
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.592.440 of 1212 of 12
High yield2.8090.6920 of 1212 of 12
Indirect bidders' share62.054.61 of 1211 of 12
Direct bidders' share18.018.28 of 124 of 12
Primary dealers' share20.026.912 of 120 of 12
High minus median, basis points6.94.61 of 1211 of 12

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

  • Bid-to-cover ratio: Highest for a 3-year note since 9 March 2021 (13 auctions in between).
  • Primary dealers' share: Lowest of all 161 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Indirect bidders took 62.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 April 2022

Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 18.0%, Primary dealers 20.0%Indirect bidders62.0%53.4%Direct bidders18.0%17.6%Primary dealers20.0%29.0%Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 18.0%, Primary dealers 20.0%Indirect bidders62.0%53.4%Direct bidders18.0%17.6%Primary dealers20.0%29.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.053.4
Direct bidders18.017.6
Primary dealers20.029.0

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$45,000,000,000
Bids received$148,253,382,400
Sold$76,492,768,400
Competitive bids accepted$44,663,736,000
Non-competitive bids accepted$231,398,900
Federal Reserve (SOMA) add-on$31,492,633,500
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %2.809
Median rate, %2.740
Low rate, %2.690
Interest rate (coupon), %2.750
Bids at the high rate filled, %56.80
Bid-to-cover ratio2.59
Indirect bidders accepted$27,670,630,000
Direct bidders accepted$8,057,306,000
Primary dealers accepted$8,935,800,000
Indirect bidders' share, % (ours)62.0
Direct bidders' share, % (ours)18.0
Primary dealers' share, % (ours)20.0
High minus median, basis points (ours)6.9
Treasury par yield curve, 3-year point, same day, %2.81
High yield minus that point, basis points (ours)-0.1

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 ratio2.59Last 24 auctions1 of 2423 of 242.44
Bid-to-cover ratio2.59Since 10 November 2008116 of 16144 of 1612.94
Bid-to-cover ratio2.59All 177 since 6 May 2003117 of 17759 of 1772.85
High yield2.809Last 24 auctions0 of 2424 of 240.342
High yield2.809Since 10 November 20083 of 161158 of 1611.000
High yield2.809All 244 since 5 May 198182 of 244162 of 2441.510
Indirect bidders' share62.0Last 24 auctions1 of 2423 of 2453.4
Indirect bidders' share62.0All 161 since 10 November 20086 of 161155 of 16146.2
Direct bidders' share18.0Last 24 auctions9 of 2415 of 2416.0
Direct bidders' share18.0All 161 since 10 November 200833 of 161128 of 16112.3
Primary dealers' share20.0Last 24 auctions24 of 240 of 2431.5
Primary dealers' share20.0All 161 since 10 November 2008161 of 1610 of 16141.0
High minus median, basis points6.9Last 24 auctions1 of 2423 of 243.4
High minus median, basis points6.9Since 10 November 20087 of 161154 of 1613.3
High minus median, basis points6.9All 244 since 5 May 19818 of 244236 of 2442.8

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 May 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220510_1.pdf. Compiled by 500metrics, "3-year note auction of 10 May 2022 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2022-05-10.

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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