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Treasury auctions · 3-Year Note

3-year note auction of 8 April 2025 (new issue)

The 3-year note sold $67.681 billion at a high yield of 3.784% on , with a bid-to-cover ratio of 2.47.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 10 May 2022 to 8 Apr 2025
High yield at each 3-year note auction, 11 Apr 2023 to 8 Apr 2025

Bid-to-cover ratio at each 3-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 3-year note auction, 10 May 2022 to 8 Apr 2025
Bid-to-cover ratio at each 3-year note auction, 11 Apr 2023 to 8 Apr 2025

Who bought the 3-year note of 8 Apr 2025

Shares of the competitive bids accepted

  • Indirect bidders 73.0%
  • Direct bidders 6.2%
  • Primary dealers 20.7%
This auction, 8 Apr 2025
  • Indirect bidders 62.5%
  • Direct bidders 26.0%
  • Primary dealers 11.5%
The 3-year note auction before, 11 Mar 2025

Each point is one 3-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders73.0%
Inspect and compare dates
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.7842.47
3.9082.70
4.3002.79
4.3322.62
4.1172.58
4.1522.60
3.8782.45
3.4402.66
3.8102.55
4.3992.67
4.6592.43
4.6052.63
4.5482.50
4.2562.60
4.1692.58
4.1052.67
4.4902.42
4.7012.67
4.7402.56
4.6602.75
4.3982.90
4.5342.88
4.2022.70
3.6952.93
3.8102.59
4.6352.73
4.0732.33
3.9772.84
4.0932.55
4.6052.57
4.3182.57
3.5642.49
3.2022.50
3.0932.43
2.9272.45
2.8092.59

Observed .

Right now

The high yield of 3.784% on 8 April 2025 was the lowest for a 3-year note since 10 September 2024.

The direct bidders' share of 6.2% was the lowest for a 3-year note since 6 April 2020, with 59 auctions in between.

The primary dealers' share of 20.7% was the highest for a 3-year note since 11 December 2023, with 15 auctions in between.

Higher than 168 of the 196 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high minus median was higher than all 24.

The direct bidders' share was lower than all 24.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 73.0%
  • Direct bidders 6.2%
  • Primary dealers 20.7%

Size

Treasury sold $67.681 billion of the $58 billion offered.

Bids received came to $152.908 billion; the bid-to-cover ratio was 2.47.

Its bid-to-cover of 2.47 compares with the 24 auctions before it: lowest 2.42 on , highest 2.93 on ; 9.8% of the way from the low to the high.

2.47

Low 2.42 Midpoint 2.675 High 2.93

The security3-Year, new issue

Coupon
3.750%
Announced
Issued
Matures

It adds to the debt that matures in April 2028.

Understanding this result

Where it stands today

The high yield was 3.784% at this 3-year note auction, the median yield 3.700% and a bid-to-cover ratio of 2.47.

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.

Read more

How does it compare with the par yield curve?

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 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

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as3-Year, new issue
Offering amount$58,000,000,000
Bids received$152,907,848,200
Sold$67,680,795,200
Competitive bids accepted$57,790,487,000
Non-competitive bids accepted$104,526,900
Federal Reserve (SOMA) add-on$9,680,781,300
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %3.784
Median rate, %3.700
Low rate, %3.640
Interest rate (coupon), %3.750
Bids at the high rate filled, %38.62
Bid-to-cover ratio2.47
Indirect bidders accepted$42,204,940,000
Direct bidders accepted$3,606,100,000
Primary dealers accepted$11,979,447,000
Indirect bidders' share, % (ours)73.0
Direct bidders' share, % (ours)6.2
Primary dealers' share, % (ours)20.7
High minus median, basis points (ours)8.4
Treasury par yield curve, 3-year point, same day, %3.71
High yield minus that point, basis points (ours)7.4
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.6110 of 122 of 12
High yield3.7844.22611 of 121 of 12
Indirect bidders' share73.064.22 of 1210 of 12
Direct bidders' share6.220.012 of 120 of 12
Primary dealers' share20.715.20 of 1212 of 12
High minus median, basis points8.45.60 of 1212 of 12

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

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 ratio2.47Last 24 auctions21 of 243 of 242.62
Bid-to-cover ratio2.47Since 10 November 2008160 of 19634 of 1962.79
Bid-to-cover ratio2.47All 212 since 6 May 2003161 of 21249 of 2122.76
High yield3.784Last 24 auctions22 of 242 of 244.278
High yield3.784Since 10 November 200828 of 196168 of 1961.241
High yield3.784All 279 since 5 May 1981104 of 279175 of 2791.857
Indirect bidders' share73.0Last 24 auctions4 of 2420 of 2464.3
Indirect bidders' share73.0All 196 since 10 November 20084 of 196192 of 19649.1
Direct bidders' share6.2Last 24 auctions24 of 240 of 2419.7
Direct bidders' share6.2All 196 since 10 November 2008180 of 19616 of 19613.9
Primary dealers' share20.7Last 24 auctions2 of 2422 of 2416.0
Primary dealers' share20.7All 196 since 10 November 2008166 of 19630 of 19639.4
High minus median, basis points8.4Last 24 auctions0 of 2424 of 245.4
High minus median, basis points8.4Since 10 November 20082 of 196193 of 1963.6
High minus median, basis points8.4All 279 since 5 May 19812 of 279276 of 2793.0

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 8 April 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250408_2.pdf. Compiled by 500metrics, "3-year note auction of 8 April 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-04-08.

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