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Treasury auctions · 3-Year Note

3-year note auction of 10 March 2026 (new issue)

The 3-year note sold $58.015 billion at a high yield of 3.579% on , with a bid-to-cover ratio of 2.55.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Apr 2023 to 10 Mar 2026
High yield at each 3-year note auction, 11 Mar 2024 to 10 Mar 2026

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 Apr 2023 to 10 Mar 2026
Bid-to-cover ratio at each 3-year note auction, 11 Mar 2024 to 10 Mar 2026

Who bought the 3-year note of 10 Mar 2026

Shares of the competitive bids accepted

  • Indirect bidders 59.8%
  • Direct bidders 20.7%
  • Primary dealers 19.5%
This auction, 10 Mar 2026
  • Indirect bidders 57.1%
  • Direct bidders 31.9%
  • Primary dealers 10.9%
The 3-year note auction before, 10 Feb 2026

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 bidders59.8%
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
3.5792.55
3.5182.62
3.6092.65
3.6142.64
3.5792.85
3.5762.66
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

Observed .

Right now

The high yield was 3.579% on 10 March 2026, up from 3.518% at the auction before.

Higher than 170 of the 207 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the primary dealers' share was higher than 21 of the 24.

The high yield was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 59.8%
  • Direct bidders 20.7%
  • Primary dealers 19.5%

Size

Treasury sold $58.015 billion of the $58 billion offered.

Bids received came to $147.663 billion; the bid-to-cover ratio was 2.55.

Its bid-to-cover of 2.55 compares with the 24 auctions before it: lowest 2.43 on , highest 2.85 on ; 28.6% of the way from the low to the high.

2.55

Low 2.43 Midpoint 2.640 High 2.85

The security3-Year, new issue

Coupon
3.500%
Announced
Issued
Matures

It adds to the debt that matures in March 2029.

Understanding this result

Where it stands today

The high yield was 3.579% at this 3-year note auction, the median yield 3.527% and a bid-to-cover ratio of 2.55.

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$147,663,312,500
Sold$58,014,637,500
Competitive bids accepted$57,770,165,000
Non-competitive bids accepted$129,850,600
Federal Reserve (SOMA) add-on$14,621,900
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.579
Median rate, %3.527
Low rate, %3.400
Interest rate (coupon), %3.500
Bids at the high rate filled, %17.59
Bid-to-cover ratio2.55
Indirect bidders accepted$34,570,625,000
Direct bidders accepted$11,934,000,000
Primary dealers accepted$11,265,540,000
Indirect bidders' share, % (ours)59.8
Direct bidders' share, % (ours)20.7
Primary dealers' share, % (ours)19.5
High minus median, basis points (ours)5.2
Treasury par yield curve, 3-year point, same day, %3.58
High yield minus that point, basis points (ours)-0.1
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 ratio2.552.638 of 124 of 12
High yield3.5793.6428 of 123 of 12
Indirect bidders' share59.862.68 of 124 of 12
Direct bidders' share20.726.38 of 124 of 12
Primary dealers' share19.512.71 of 1211 of 12
High minus median, basis points5.25.26 of 126 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 ratio2.55Last 24 auctions16 of 247 of 242.61
Bid-to-cover ratio2.55Since 10 November 2008152 of 20751 of 2072.76
Bid-to-cover ratio2.55All 223 since 6 May 2003153 of 22366 of 2232.73
High yield3.579Last 24 auctions19 of 244 of 243.884
High yield3.579Since 10 November 200836 of 207170 of 2071.349
High yield3.579All 290 since 5 May 1981112 of 290177 of 2902.164
Indirect bidders' share59.8Last 24 auctions19 of 245 of 2464.1
Indirect bidders' share59.8All 207 since 10 November 200843 of 207164 of 20749.6
Direct bidders' share20.7Last 24 auctions11 of 2413 of 2420.3
Direct bidders' share20.7All 207 since 10 November 200831 of 207176 of 20714.6
Primary dealers' share19.5Last 24 auctions3 of 2421 of 2414.8
Primary dealers' share19.5All 207 since 10 November 2008175 of 20732 of 20738.6
High minus median, basis points5.2Last 24 auctions12 of 2412 of 245.2
High minus median, basis points5.2Since 10 November 200850 of 207155 of 2073.9
High minus median, basis points5.2All 290 since 5 May 198151 of 290237 of 2903.1

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 10 March 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260310_2.pdf. Compiled by 500metrics, "3-year note auction of 10 March 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-03-10.

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