500metrics

All sources checked Checked

3-year note auction of 12 September 2022 (new issue)

The 3-year note sold $41 billion at a high yield of 3.564% on , with a bid-to-cover ratio of 2.49.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.564%

Median yield 3.500%

Bid-to-cover

2.49

▼ −0.01 since 9 Aug

Sold

$41.00 billion

$41 billion offered

Indirect bidders

54.5%

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 10 September 2019 to 12 September 2022; the latest at 3.564%.0.0%1.0%2.0%3.0%4.0%2019202020212022This auction, 3.564%The high yield was the highest for a 3-year note since 7 May 200736 auctions from 10 September 2019 to 12 September 2022; the latest at 3.564%.0.0%1.0%2.0%3.0%4.0%202120223.564%

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
3.5642.49
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.452 of 1210 of 12
High yield3.5641.6840 of 1212 of 12
Indirect bidders' share54.557.18 of 124 of 12
Direct bidders' share21.918.01 of 1211 of 12
Primary dealers' share23.624.47 of 125 of 12
High minus median, basis points6.45.62 of 1210 of 12

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

Who bought the 3-year note?

Indirect bidders took 54.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 August 2022

Indirect bidders took 54.5% of the competitive bids acceptedIndirect bidders 54.5%, Direct bidders 21.9%, Primary dealers 23.6%Indirect bidders54.5%63.1%Direct bidders21.9%17.3%Primary dealers23.6%19.6%Indirect bidders took 54.5% of the competitive bids acceptedIndirect bidders 54.5%, Direct bidders 21.9%, Primary dealers 23.6%Indirect bidders54.5%63.1%Direct bidders21.9%17.3%Primary dealers23.6%19.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders54.563.1
Direct bidders21.917.3
Primary dealers23.619.6

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$41,000,000,000
Bids received$102,244,035,000
Sold$41,000,013,000
Competitive bids accepted$40,791,578,000
Non-competitive bids accepted$208,435,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.564
Median rate, %3.500
Low rate, %3.390
Interest rate (coupon), %3.500
Bids at the high rate filled, %82.62
Bid-to-cover ratio2.49
Indirect bidders accepted$22,250,993,000
Direct bidders accepted$8,913,000,000
Primary dealers accepted$9,627,585,000
Indirect bidders' share, % (ours)54.5
Direct bidders' share, % (ours)21.9
Primary dealers' share, % (ours)23.6
High minus median, basis points (ours)6.4
Treasury par yield curve, 3-year point, same day, %3.60
High yield minus that point, basis points (ours)-3.6

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 ratio2.49Last 24 auctions5 of 2419 of 242.44
Bid-to-cover ratio2.49Since 10 November 2008130 of 16534 of 1652.93
Bid-to-cover ratio2.49All 181 since 6 May 2003131 of 18149 of 1812.83
High yield3.564Last 24 auctions0 of 2424 of 240.456
High yield3.564Since 10 November 20080 of 165165 of 1651.027
High yield3.564All 248 since 5 May 198176 of 248172 of 2481.522
Indirect bidders' share54.5Last 24 auctions10 of 2414 of 2453.3
Indirect bidders' share54.5All 165 since 10 November 200827 of 165138 of 16546.3
Direct bidders' share21.9Last 24 auctions1 of 2423 of 2418.0
Direct bidders' share21.9All 165 since 10 November 200812 of 165153 of 16512.3
Primary dealers' share23.6Last 24 auctions19 of 245 of 2428.8
Primary dealers' share23.6All 165 since 10 November 2008160 of 1655 of 16540.9
High minus median, basis points6.4Last 24 auctions2 of 2422 of 244.4
High minus median, basis points6.4Since 10 November 20089 of 165156 of 1653.3
High minus median, basis points6.4All 248 since 5 May 198110 of 248238 of 2482.8

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 12 September 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220912_2.pdf. Compiled by 500metrics, "3-year note auction of 12 September 2022 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2022-09-12.

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.