500metrics

Treasury auctions · 3-Year Note

3-year note auction of 11 August 2026 (new issue)

The 3-year note sold $72.671 billion at a high yield of 4.291% on , with a bid-to-cover ratio of 2.71.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 11 Sep 2023 to 11 Aug 2026
High yield at each 3-year note auction, 10 Sep 2024 to 11 Aug 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 Sep 2023 to 11 Aug 2026
Bid-to-cover ratio at each 3-year note auction, 10 Sep 2024 to 11 Aug 2026

Who bought the 3-year note of 11 Aug 2026

Shares of the competitive bids accepted

  • Indirect bidders 64.2%
  • Direct bidders 24.0%
  • Primary dealers 11.7%
This auction, 11 Aug 2026
  • Indirect bidders 67.5%
  • Direct bidders 24.8%
  • Primary dealers 7.7%
The 3-year note auction before, 7 Jul 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 bidders64.2%
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
4.2912.71
4.1792.60
4.1922.64
3.9652.54
3.8972.68
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

Observed .

Right now

The high yield of 4.291% on 11 August 2026 was the highest for a 3-year note since 11 February 2025.

Higher than 197 of the 212 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield was higher than 22 of the 24.

The high minus median was higher than 9 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 64.2%
  • Direct bidders 24.0%
  • Primary dealers 11.7%

Size

Treasury sold $72.671 billion of the $58 billion offered.

Bids received came to $171.971 billion; the bid-to-cover ratio was 2.71.

Its bid-to-cover of 2.71 compares with the 24 auctions before it: lowest 2.45 on , highest 2.85 on ; 65.0% of the way from the low to the high.

2.71

Low 2.45 Midpoint 2.650 High 2.85

The security3-Year, new issue

Coupon
4.250%
Announced
Issued
Matures

It adds to the debt that matures in August 2029.

Understanding this result

Where it stands today

The high yield was 4.291% at this 3-year note auction, the median yield 4.243% and a bid-to-cover ratio of 2.71.

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$171,970,558,800
Sold$72,670,580,300
Competitive bids accepted$57,400,241,500
Non-competitive bids accepted$349,775,600
Federal Reserve (SOMA) add-on$14,670,563,200
Foreign and international (FIMA) non-competitive$250,000,000
High yield, %4.291
Median rate, %4.243
Low rate, %3.880
Interest rate (coupon), %4.250
Bids at the high rate filled, %18.31
Bid-to-cover ratio2.71
Indirect bidders accepted$36,872,620,000
Direct bidders accepted$13,788,100,000
Primary dealers accepted$6,739,521,500
Indirect bidders' share, % (ours)64.2
Direct bidders' share, % (ours)24.0
Primary dealers' share, % (ours)11.7
High minus median, basis points (ours)4.8
Treasury par yield curve, 3-year point, same day, %4.27
High yield minus that point, basis points (ours)2.1
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 ratio2.712.642 of 1210 of 12
High yield4.2913.6120 of 1212 of 12
Indirect bidders' share64.263.04 of 128 of 12
Direct bidders' share24.022.96 of 126 of 12
Primary dealers' share11.712.16 of 126 of 12
High minus median, basis points4.84.65 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 ratio2.71Last 24 auctions3 of 2421 of 242.61
Bid-to-cover ratio2.71Since 10 November 2008112 of 21299 of 2122.76
Bid-to-cover ratio2.71All 228 since 6 May 2003113 of 228114 of 2282.70
High yield4.291Last 24 auctions2 of 2422 of 243.851
High yield4.291Since 10 November 200815 of 212197 of 2121.390
High yield4.291All 295 since 5 May 198188 of 295207 of 2952.301
Indirect bidders' share64.2Last 24 auctions10 of 2414 of 2463.3
Indirect bidders' share64.2All 212 since 10 November 200822 of 212190 of 21250.2
Direct bidders' share24.0Last 24 auctions8 of 2416 of 2420.7
Direct bidders' share24.0All 212 since 10 November 200812 of 212200 of 21214.7
Primary dealers' share11.7Last 24 auctions15 of 249 of 2414.6
Primary dealers' share11.7All 212 since 10 November 2008201 of 21211 of 21238.4
High minus median, basis points4.8Last 24 auctions14 of 249 of 245.0
High minus median, basis points4.8Since 10 November 200864 of 212146 of 2123.9
High minus median, basis points4.8All 295 since 5 May 198167 of 295226 of 2953.1

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 11 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260811_2.pdf. Compiled by 500metrics, "3-year note auction of 11 August 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-08-11.

Page updated