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3-year note auction of 7 June 2022 (new issue)

The 3-year note sold $46.587 billion at a high yield of 2.927% on , with a bid-to-cover ratio of 2.45.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.927%

Median yield 2.870%

Bid-to-cover

2.45

▼ −0.14 since 10 May

Sold

$46.59 billion

$44 billion offered

Indirect bidders

51.5%

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 11 June 2019 to 7 June 2022; the latest at 2.927%.0.0%1.0%2.0%3.0%2019202020212022This auction, 2.927%The high yield was the highest for a 3-year note since 5 November 201836 auctions from 11 June 2019 to 7 June 2022; the latest at 2.927%.0.0%1.0%2.0%3.0%2020202120222.927%

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
2.9272.45
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.455 of 125 of 12
High yield2.9270.8750 of 1212 of 12
Indirect bidders' share51.555.211 of 121 of 12
Direct bidders' share23.618.20 of 1212 of 12
Primary dealers' share24.926.27 of 125 of 12
High minus median, basis points5.74.74 of 128 of 12

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

  • Direct bidders' share: Highest for a 3-year note since 9 December 2019 (29 auctions in between).

Who bought the 3-year note?

Indirect bidders took 51.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 May 2022

Indirect bidders took 51.5% of the competitive bids acceptedIndirect bidders 51.5%, Direct bidders 23.6%, Primary dealers 24.9%Indirect bidders51.5%62.0%Direct bidders23.6%18.0%Primary dealers24.9%20.0%Indirect bidders took 51.5% of the competitive bids acceptedIndirect bidders 51.5%, Direct bidders 23.6%, Primary dealers 24.9%Indirect bidders51.5%62.0%Direct bidders23.6%18.0%Primary dealers24.9%20.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.562.0
Direct bidders23.618.0
Primary dealers24.920.0

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$44,000,000,000
Bids received$110,521,080,900
Sold$46,587,278,700
Competitive bids accepted$43,625,747,800
Non-competitive bids accepted$174,362,800
Federal Reserve (SOMA) add-on$2,587,168,100
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %2.927
Median rate, %2.870
Low rate, %2.780
Interest rate (coupon), %2.875
Bids at the high rate filled, %63.87
Bid-to-cover ratio2.45
Indirect bidders accepted$22,473,550,000
Direct bidders accepted$10,284,652,800
Primary dealers accepted$10,867,545,000
Indirect bidders' share, % (ours)51.5
Direct bidders' share, % (ours)23.6
Primary dealers' share, % (ours)24.9
High minus median, basis points (ours)5.7
Treasury par yield curve, 3-year point, same day, %2.91
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 ratio2.45Last 24 auctions8 of 2414 of 242.44
Bid-to-cover ratio2.45Since 10 November 2008134 of 16225 of 1622.94
Bid-to-cover ratio2.45All 178 since 6 May 2003135 of 17840 of 1782.84
High yield2.927Last 24 auctions0 of 2424 of 240.366
High yield2.927Since 10 November 20082 of 162160 of 1621.006
High yield2.927All 245 since 5 May 198180 of 245165 of 2451.519
Indirect bidders' share51.5Last 24 auctions17 of 247 of 2453.4
Indirect bidders' share51.5All 162 since 10 November 200846 of 162116 of 16246.2
Direct bidders' share23.6Last 24 auctions0 of 2424 of 2416.8
Direct bidders' share23.6All 162 since 10 November 20086 of 162156 of 16212.3
Primary dealers' share24.9Last 24 auctions19 of 245 of 2431.0
Primary dealers' share24.9All 162 since 10 November 2008156 of 1626 of 16241.0
High minus median, basis points5.7Last 24 auctions4 of 2420 of 243.8
High minus median, basis points5.7Since 10 November 200814 of 162146 of 1623.3
High minus median, basis points5.7All 245 since 5 May 198115 of 245228 of 2452.8

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 7 June 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220607_1.pdf. Compiled by 500metrics, "3-year note auction of 7 June 2022 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2022-06-07.

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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