500metrics

All sources checked Checked

3-year note auction of 9 August 2022 (new issue)

The 3-year note sold $68.564 billion at a high yield of 3.202% on , with a bid-to-cover ratio of 2.50.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.202%

Median yield 3.140%

Bid-to-cover

2.50

▲ +0.07 since 11 Jul

Sold

$68.56 billion

$42 billion offered

Indirect bidders

63.1%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 7 May 2007

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 7 May 200736 auctions from 6 August 2019 to 9 August 2022; the latest at 3.202%.0.0%1.0%2.0%3.0%4.0%2019202020212022This auction, 3.202%The high yield was the highest for a 3-year note since 7 May 200736 auctions from 6 August 2019 to 9 August 2022; the latest at 3.202%.0.0%1.0%2.0%3.0%4.0%202120223.202%

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
3.2022.50
3.0932.43
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.452 of 1210 of 12
High yield3.2021.4140 of 1212 of 12
Indirect bidders' share63.156.01 of 1211 of 12
Direct bidders' share17.318.210 of 122 of 12
Primary dealers' share19.624.612 of 120 of 12
High minus median, basis points6.25.42 of 1210 of 12

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

  • Primary dealers' share: Lowest of all 164 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Indirect bidders took 63.1% of the competitive bids accepted

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

Indirect bidders took 63.1% of the competitive bids acceptedIndirect bidders 63.1%, Direct bidders 17.3%, Primary dealers 19.6%Indirect bidders63.1%60.4%Direct bidders17.3%19.4%Primary dealers19.6%20.3%Indirect bidders took 63.1% of the competitive bids acceptedIndirect bidders 63.1%, Direct bidders 17.3%, Primary dealers 19.6%Indirect bidders63.1%60.4%Direct bidders17.3%19.4%Primary dealers19.6%20.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.160.4
Direct bidders17.319.4
Primary dealers19.620.3

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$42,000,000,000
Bids received$131,590,042,600
Sold$68,564,317,600
Competitive bids accepted$41,704,680,000
Non-competitive bids accepted$195,323,600
Federal Reserve (SOMA) add-on$26,564,314,000
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.202
Median rate, %3.140
Low rate, %3.075
Interest rate (coupon), %3.125
Bids at the high rate filled, %25.45
Bid-to-cover ratio2.50
Indirect bidders accepted$26,305,555,000
Direct bidders accepted$7,207,500,000
Primary dealers accepted$8,191,625,000
Indirect bidders' share, % (ours)63.1
Direct bidders' share, % (ours)17.3
Primary dealers' share, % (ours)19.6
High minus median, basis points (ours)6.2
Treasury par yield curve, 3-year point, same day, %3.20
High yield minus that point, basis points (ours)0.2

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 ratio2.50Last 24 auctions4 of 2420 of 242.44
Bid-to-cover ratio2.50Since 10 November 2008129 of 16435 of 1642.94
Bid-to-cover ratio2.50All 180 since 6 May 2003130 of 18050 of 1802.83
High yield3.202Last 24 auctions0 of 2424 of 240.436
High yield3.202Since 10 November 20080 of 164164 of 1641.020
High yield3.202All 247 since 5 May 198177 of 247170 of 2471.520
Indirect bidders' share63.1Last 24 auctions1 of 2423 of 2453.3
Indirect bidders' share63.1All 164 since 10 November 20084 of 164160 of 16446.2
Direct bidders' share17.3Last 24 auctions14 of 2410 of 2418.0
Direct bidders' share17.3All 164 since 10 November 200842 of 164122 of 16412.3
Primary dealers' share19.6Last 24 auctions24 of 240 of 2429.4
Primary dealers' share19.6All 164 since 10 November 2008164 of 1640 of 16440.9
High minus median, basis points6.2Last 24 auctions2 of 2422 of 244.2
High minus median, basis points6.2Since 10 November 200810 of 164154 of 1643.3
High minus median, basis points6.2All 247 since 5 May 198111 of 247236 of 2472.8

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 9 August 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220809_2.pdf. Compiled by 500metrics, "3-year note auction of 9 August 2022 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2022-08-09.

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.