Treasury auctions · 3-year note
How did the latest 3-year Treasury note auction go?
The last 3-year note auction, on , sold at a high yield of 4.932% with a bid-to-cover of 2.62.
High yield at each 3-year note auction
Bid-to-cover ratio at each 3-year note auction
Who bought each 3-year note auction: shares of the competitive bids accepted
The linesLatest:
- Indirect bidders57.6%
- Direct bidders31.7%
- Primary dealers10.7%
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
Select a line to followLatest:
Inspect and compare dates
The latest 3-year note auction beside the one before it and the nearest ones a year, five and ten years earlier.
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The high yield of 4.932% on 6 October 2026 was the highest for a 3-year note since 9 May 2006.
Its own history
Against the previous 24 3-year note auctions, the high yield was higher than all 24.
The direct bidders' share was higher than 23 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted at the 6 Oct 2026 auction.
- Indirect bidders 57.6%
- Direct bidders 31.7%
- Primary dealers 10.7%
Size
Treasury offered $58 billion and sold $59.378 billion on 6 Oct 2026.
Next
Treasury has announced no 3-year note auction yet; its tentative schedule names these dates.
- Tentative
- Tentative
- Tentative
Understanding the 3-year note auction
Where it stands today
The high yield was 4.932% at the 3-year note auction of , with a bid-to-cover ratio of 2.62.
What do these figures measure?
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.
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What these figures cannot tell
- 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 numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
- High yield: Highest for a 3-year note since 9 May 2006 (218 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.62 | Last 12 auctions | 8 of 12 | 3 of 12 | 2.64 |
| Bid-to-cover ratio | 2.62 | Last 24 auctions | 11 of 24 | 11 of 24 | 2.62 |
| Bid-to-cover ratio | 2.62 | Since 10 November 2008 | 136 of 214 | 73 of 214 | 2.74 |
| Bid-to-cover ratio | 2.62 | All 230 since 6 May 2003 | 137 of 230 | 88 of 230 | 2.71 |
| High yield | 4.932 | Last 12 auctions | 0 of 12 | 12 of 12 | 3.756 |
| High yield | 4.932 | Last 24 auctions | 0 of 24 | 24 of 24 | 3.894 |
| High yield | 4.932 | Since 10 November 2008 | 0 of 214 | 214 of 214 | 1.399 |
| High yield | 4.932 | All 297 since 5 May 1981 | 62 of 297 | 235 of 297 | 2.330 |
| Indirect bidders' share | 57.6 | Last 12 auctions | 10 of 12 | 2 of 12 | 63.0 |
| Indirect bidders' share | 57.6 | Last 24 auctions | 19 of 24 | 5 of 24 | 63.0 |
| Indirect bidders' share | 57.6 | All 214 since 10 November 2008 | 54 of 214 | 160 of 214 | 50.6 |
| Direct bidders' share | 31.7 | Last 12 auctions | 1 of 12 | 11 of 12 | 24.4 |
| Direct bidders' share | 31.7 | Last 24 auctions | 1 of 24 | 23 of 24 | 22.4 |
| Direct bidders' share | 31.7 | All 214 since 10 November 2008 | 1 of 214 | 213 of 214 | 14.9 |
| Primary dealers' share | 10.7 | Last 12 auctions | 8 of 12 | 4 of 12 | 11.3 |
| Primary dealers' share | 10.7 | Last 24 auctions | 18 of 24 | 6 of 24 | 14.0 |
| Primary dealers' share | 10.7 | All 214 since 10 November 2008 | 206 of 214 | 8 of 214 | 38.2 |
| High minus median, basis points | 5.2 | Last 12 auctions | 0 of 12 | 11 of 12 | 4.6 |
| High minus median, basis points | 5.2 | Last 24 auctions | 8 of 24 | 15 of 24 | 4.9 |
| High minus median, basis points | 5.2 | Since 10 November 2008 | 50 of 214 | 161 of 214 | 4.0 |
| High minus median, basis points | 5.2 | All 297 since 5 May 1981 | 51 of 297 | 243 of 297 | 3.1 |
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What were the results of every 3-year note auction?Page 1 of 2: 200 auctions, newest first
298 3-year note auctions with results since 5 May 1981; this page holds 200 of them, newest first.
Show 188 more rows
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When are the next 3-year note auctions?Treasury's tentative schedule, from its quarterly refunding
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| New issue | |||
| New issue |
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 6 October 2026. Compiled by 500metrics, "How did the latest 3-year Treasury note auction go?", https://500metrics.com/treasury/auctions/3-year-note.
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