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Treasury auctions · 3-Year Note

3-year note auction of 6 October 2026 (new issue)

The 3-year note sold $59.378 billion at a high yield of 4.932% on , with a bid-to-cover ratio of 2.62.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 7 Nov 2023 to 6 Oct 2026
High yield at each 3-year note auction, 8 Oct 2024 to 6 Oct 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, 7 Nov 2023 to 6 Oct 2026
Bid-to-cover ratio at each 3-year note auction, 8 Oct 2024 to 6 Oct 2026

Who bought the 3-year note of 6 Oct 2026

Shares of the competitive bids accepted

  • Indirect bidders 57.6%
  • Direct bidders 31.7%
  • Primary dealers 10.7%
This auction, 6 Oct 2026
  • Indirect bidders 62.1%
  • Direct bidders 26.9%
  • Primary dealers 10.9%
The 3-year note auction before, 8 Sep 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 bidders57.6%
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
4.9322.62
4.4742.72
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

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.

Higher than all 214 since 10 November 2008

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.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 57.6%
  • Direct bidders 31.7%
  • Primary dealers 10.7%

Size

Treasury sold $59.378 billion of the $58 billion offered.

Bids received came to $153.096 billion; the bid-to-cover ratio was 2.62.

Its bid-to-cover of 2.62 compares with the 24 auctions before it: lowest 2.45 on , highest 2.85 on ; 42.5% of the way from the low to the high.

2.62

Low 2.45 Midpoint 2.650 High 2.85

The security3-Year, new issue

Coupon
4.875%
Announced
Issued
Matures

It adds to the debt that matures in October 2029.

Understanding this result

Where it stands today

The high yield was 4.932% at this 3-year note auction, the median yield 4.880% and 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.

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$153,096,023,500
Sold$59,377,561,000
Competitive bids accepted$56,995,537,500
Non-competitive bids accepted$649,463,700
Federal Reserve (SOMA) add-on$1,377,559,800
Foreign and international (FIMA) non-competitive$355,000,000
High yield, %4.932
Median rate, %4.880
Low rate, %4.800
Interest rate (coupon), %4.875
Bids at the high rate filled, %8.35
Bid-to-cover ratio2.62
Indirect bidders accepted$32,826,490,000
Direct bidders accepted$18,047,610,000
Primary dealers accepted$6,121,437,500
Indirect bidders' share, % (ours)57.6
Direct bidders' share, % (ours)31.7
Primary dealers' share, % (ours)10.7
High minus median, basis points (ours)5.2
Treasury par yield curve, 3-year point, same day, %4.88
High yield minus that point, basis points (ours)5.2
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 ratio2.622.648 of 123 of 12
High yield4.9323.7560 of 1212 of 12
Indirect bidders' share57.663.010 of 122 of 12
Direct bidders' share31.724.41 of 1211 of 12
Primary dealers' share10.711.38 of 124 of 12
High minus median, basis points5.24.60 of 1211 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 ratio2.62Last 24 auctions11 of 2411 of 242.62
Bid-to-cover ratio2.62Since 10 November 2008136 of 21473 of 2142.74
Bid-to-cover ratio2.62All 230 since 6 May 2003137 of 23088 of 2302.71
High yield4.932Last 24 auctions0 of 2424 of 243.894
High yield4.932Since 10 November 20080 of 214214 of 2141.399
High yield4.932All 297 since 5 May 198162 of 297235 of 2972.330
Indirect bidders' share57.6Last 24 auctions19 of 245 of 2463.0
Indirect bidders' share57.6All 214 since 10 November 200854 of 214160 of 21450.6
Direct bidders' share31.7Last 24 auctions1 of 2423 of 2422.4
Direct bidders' share31.7All 214 since 10 November 20081 of 214213 of 21414.9
Primary dealers' share10.7Last 24 auctions18 of 246 of 2414.0
Primary dealers' share10.7All 214 since 10 November 2008206 of 2148 of 21438.2
High minus median, basis points5.2Last 24 auctions8 of 2415 of 244.9
High minus median, basis points5.2Since 10 November 200850 of 214161 of 2144.0
High minus median, basis points5.2All 297 since 5 May 198151 of 297243 of 2973.1

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 6 October 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20261006_2.pdf. Compiled by 500metrics, "3-year note auction of 6 October 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-10-06.

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