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Treasury auctions · 3-Year Note

3-year note auction of 9 September 2025 (new issue)

The 3-year note sold $58 billion at a high yield of 3.485% on , with a bid-to-cover ratio of 2.73.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Oct 2022 to 9 Sep 2025
High yield at each 3-year note auction, 11 Sep 2023 to 9 Sep 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, 11 Oct 2022 to 9 Sep 2025
Bid-to-cover ratio at each 3-year note auction, 11 Sep 2023 to 9 Sep 2025

Who bought the 3-year note of 9 Sep 2025

Shares of the competitive bids accepted

  • Indirect bidders 74.2%
  • Direct bidders 17.4%
  • Primary dealers 8.4%
This auction, 9 Sep 2025
  • Indirect bidders 54.0%
  • Direct bidders 28.1%
  • Primary dealers 17.9%
The 3-year note auction before, 5 Aug 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 bidders74.2%
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
3.4852.73
3.6692.53
3.8912.51
3.9722.52
3.8242.56
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

Observed .

Right now

The high yield of 3.485% on 9 September 2025 was the lowest for a 3-year note since 10 September 2024.

The primary dealers' share of 8.4% was the lowest of all 201 earlier 3-year note auctions we hold.

Higher than 166 of the 201 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the primary dealers' share was lower than all 24.

The indirect bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 74.2%
  • Direct bidders 17.4%
  • Primary dealers 8.4%

Size

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

Bids received came to $158.135 billion; the bid-to-cover ratio was 2.73.

Its bid-to-cover of 2.73 compares with the 24 auctions before it: lowest 2.42 on , highest 2.79 on ; 83.8% of the way from the low to the high.

2.73

Low 2.42 Midpoint 2.605 High 2.79

The security3-Year, new issue

Coupon
3.375%
Announced
Issued
Matures

It adds to the debt that matures in September 2028.

Understanding this result

Where it stands today

The high yield was 3.485% at this 3-year note auction, the median yield 3.445% and a bid-to-cover ratio of 2.73.

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$158,134,611,000
Sold$58,000,146,200
Competitive bids accepted$57,778,780,200
Non-competitive bids accepted$213,366,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$8,000,000
High yield, %3.485
Median rate, %3.445
Low rate, %2.880
Interest rate (coupon), %3.375
Bids at the high rate filled, %24.56
Bid-to-cover ratio2.73
Indirect bidders accepted$42,895,327,400
Direct bidders accepted$10,047,772,800
Primary dealers accepted$4,835,680,000
Indirect bidders' share, % (ours)74.2
Direct bidders' share, % (ours)17.4
Primary dealers' share, % (ours)8.4
High minus median, basis points (ours)4.0
Treasury par yield curve, 3-year point, same day, %3.48
High yield minus that point, basis points (ours)0.5
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 ratio2.732.571 of 1211 of 12
High yield3.4853.90011 of 121 of 12
Indirect bidders' share74.263.41 of 1211 of 12
Direct bidders' share17.420.28 of 124 of 12
Primary dealers' share8.415.812 of 120 of 12
High minus median, basis points4.05.510 of 121 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 ratio2.73Last 24 auctions2 of 2422 of 242.58
Bid-to-cover ratio2.73Since 10 November 2008108 of 20192 of 2012.77
Bid-to-cover ratio2.73All 217 since 6 May 2003109 of 217107 of 2172.74
High yield3.485Last 24 auctions23 of 241 of 244.160
High yield3.485Since 10 November 200835 of 201166 of 2011.271
High yield3.485All 284 since 5 May 1981111 of 284173 of 2841.946
Indirect bidders' share74.2Last 24 auctions1 of 2423 of 2464.2
Indirect bidders' share74.2All 201 since 10 November 20081 of 201200 of 20149.4
Direct bidders' share17.4Last 24 auctions17 of 247 of 2420.0
Direct bidders' share17.4All 201 since 10 November 200867 of 201134 of 20114.3
Primary dealers' share8.4Last 24 auctions24 of 240 of 2416.4
Primary dealers' share8.4All 201 since 10 November 2008201 of 2010 of 20138.8
High minus median, basis points4.0Last 24 auctions20 of 242 of 245.5
High minus median, basis points4.0Since 10 November 200887 of 201106 of 2013.7
High minus median, basis points4.0All 284 since 5 May 198191 of 284182 of 2843.0

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 9 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250909_2.pdf. Compiled by 500metrics, "3-year note auction of 9 September 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-09-09.

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