Treasury auctions · 3-year note

3-year note auctions: page 2 of 2

The last 3-year note auction, on 6 October 2026, sold at a high yield of 4.932% with a bid-to-cover of 2.62.

Older 3-year note auctions, page 2 of 2: 298 auctions with results since 5 May 1981.

The auctions on this page

What were the results of every 3-year note auction?Page 2 of 2: 98 auctions, newest first

298 3-year note auctions with results since 5 May 1981; this page holds 98 of them, newest first.

3-year note auctions, newest first; dated links open an auction's own page
Auction	Offered as	High yield, %	Bid-to-cover	Offered, $ billion	Sold, $ billion	Indirect, %	Direct, %	Dealers, %	High − median, bp
12 Jan 2010	3-Year	1.490	2.98	40.000	41.553	38.0	23.4	38.6	3.8
8 Dec 2009	3-Year	1.223	2.98	40.000	40.215	60.9	2.9	36.2	5.6
9 Nov 2009	3-Year	1.404	3.33	40.000	44.974	68.5	7.5	23.9	3.4
6 Oct 2009	3-Year	1.445	2.76	39.000	39.305	49.1	10.9	40.0	5.8
8 Sep 2009	3-Year	1.487	3.02	38.000	38.080	54.2	3.3	42.5	5.7
11 Aug 2009	3-Year	1.780	2.89	37.000	42.715	62.5	2.0	35.5	5.3
7 Jul 2009	3-Year	1.519	2.62	35.000	35.592	54.0	7.5	38.5	8.9
9 Jun 2009	3-Year	1.960	2.82	35.000	35.370	43.8	15.8	40.5	5.6
5 May 2009	3-Year	1.473	2.66	35.000	41.191	37.3	6.1	56.6	5.3
8 Apr 2009	3-Year	1.385	2.42	35.000	35.557	38.5	3.0	58.5	5.5
10 Mar 2009	3-Year	1.489	2.26	34.000	34.605	40.3	1.8	57.9	7.0
10 Feb 2009	3-Year	1.419	2.67	32.000	33.629	44.8	1.1	54.1	4.6
7 Jan 2009	3-Year	1.200	2.21	30.000	32.484	28.0	1.0	70.9	8.0
10 Dec 2008	3-Year	1.245	2.15	28.000	28.842	35.3	0.3	64.5	9.6
10 Nov 2008	3-Year	1.800	3.07	25.000	29.443	36.1	1.3	62.7	5.7
7 May 2007	3-Year	4.574	2.39	14.000	18.939	–	–	–	2.0
6 Feb 2007	3-Year	4.800	2.97	16.000	17.468	–	–	–	1.0
8 Nov 2006	3-Year	4.666	2.27	19.000	24.772	–	–	–	1.7
7 Aug 2006	3-Year	4.898	2.14	21.000	23.418	–	–	–	2.7
9 May 2006	3-Year	4.995	2.31	21.000	27.379	–	–	–	1.8
7 Feb 2006	3-Year	4.595	2.03	21.000	22.307	–	–	–	2.4
8 Nov 2005	3-Year	4.458	2.42	18.000	21.449	–	–	–	1.8
8 Aug 2005	3-Year	4.204	2.31	18.000	20.287	–	–	–	2.0
10 May 2005	3-Year	3.821	2.38	22.000	26.707	–	–	–	1.1
8 Feb 2005	3-Year	3.470	2.01	22.000	23.883	–	–	–	5.0
9 Aug 2004	3-Year	2.842	2.02	22.000	24.668	–	–	–	1.2
11 May 2004	3-Year	3.199	2.08	24.000	27.562	–	–	–	3.1
10 Feb 2004	3-Year	2.330	2.27	24.000	25.666	–	–	–	3.0
10 Nov 2003	3-Year	2.625	2.11	24.000	26.538	–	–	–	4.2
5 Aug 2003	3-Year	2.422	1.32	24.000	27.907	–	–	–	7.2
6 May 2003	3-Year	2.009	1.96	22.000	22.391	–	–	–	2.9
12 May 1998	3-Year	5.639	–	10.000	12.857	–	–	–	0.6
10 Feb 1998	3-Year	5.420	–	13.000	15.336	–	–	–	0.6
4 Nov 1997	3-Year	5.768	–	14.000	16.007	–	–	–	0.6
5 Aug 1997	3-Year	6.047	–	16.000	18.024	–	–	–	0.6
6 May 1997	3-Year	6.449	–	17.000	20.726	–	–	–	1.1
11 Feb 1997	3-Year	6.005	–	17.750	20.396	–	–	–	0.8
5 Nov 1996	3-Year	5.889	–	18.500	22.852	–	–	–	1.0
6 Aug 1996	3-Year	6.124	–	19.000	22.668	–	–	–	0.6
7 May 1996	3-Year	6.400	–	19.000	23.308	–	–	–	1.0
6 Feb 1996	3-Year	5.046	–	18.500	21.978	–	–	–	0.3
20 Nov 1995	3-Year	5.550	–	18.000	20.566	–	–	–	0.1
8 Aug 1995	3-Year	6.019	–	18.000	22.382	–	–	–	2.2
9 May 1995	3-Year	6.200	–	17.500	21.162	–	–	–	3.5
7 Feb 1995	3-Year	7.340	–	17.000	20.853	–	–	–	0.0
8 Nov 1994	3-Year	7.420	–	17.000	20.728	–	–	–	1.0
9 Aug 1994	3-Year	6.620	–	17.000	20.126	–	–	–	1.0
10 May 1994	3-Year	6.550	–	17.000	21.672	–	–	–	1.0
8 Feb 1994	3-Year	4.830	–	17.000	19.808	–	–	–	0.0
9 Nov 1993	3-Year	4.460	–	17.000	22.046	–	–	–	2.0
10 Aug 1993	3-Year	4.490	–	16.500	20.657	–	–	–	0.0
11 May 1993	3-Year	4.270	–	16.000	19.234	–	–	–	0.0
9 Feb 1993	3-Year	4.730	–	15.500	19.518	–	–	–	0.0
9 Nov 1992	3-Year	5.180	–	15.500	19.153	–	–	–	1.0
11 Aug 1992	3-Year	4.700	–	15.000	18.008	–	–	–	1.0
5 May 1992	3-Year	5.970	–	15.000	19.108	–	–	–	1.0
11 Feb 1992	3-Year	5.550	–	15.000	17.728	–	–	–	1.0
5 Nov 1991	3-Year	6.030	–	14.000	16.785	–	–	–	3.0
6 Aug 1991	3-Year	6.930	–	14.000	17.070	–	–	–	1.0
7 May 1991	3-Year	7.090	–	13.500	18.075	–	–	–	0.0
5 Feb 1991	3-Year	6.980	–	12.500	15.504	–	–	–	0.0
6 Nov 1990	3-Year	7.790	–	12.500	17.127	–	–	–	1.0
7 Aug 1990	3-Year	8.100	–	11.500	15.436	–	–	–	0.0
8 May 1990	3-Year	8.750	–	10.500	13.046	–	–	–	1.0
6 Feb 1990	3-Year	8.440	–	10.000	14.656	–	–	–	1.0
9 Nov 1989	3-Year	7.780	–	10.000	14.298	–	–	–	1.0
8 Aug 1989	3-Year	7.940	–	10.000	13.487	–	–	–	1.0
9 May 1989	3-Year	9.120	–	9.750	12.560	–	–	–	0.0
7 Feb 1989	3-Year	9.190	–	9.750	11.337	–	–	–	1.0
8 Nov 1988	3-Year	8.600	–	9.500	11.449	–	–	–	1.0
9 Aug 1988	3-Year	8.770	–	11.000	13.362	–	–	–	0.0
2 Feb 1988	3-Year	7.430	–	9.250	11.533	–	–	–	1.0
3 Nov 1987	3-Year	8.050	–	9.750	13.345	–	–	–	2.0
11 Aug 1987	3-Year	7.940	–	9.750	11.052	–	–	–	0.0
5 May 1987	3-Year	7.940	–	10.000	11.893	–	–	–	3.0
3 Feb 1987	3-Year	6.540	–	10.000	14.203	–	–	–	0.0
4 Nov 1986	3-Year	6.420	–	10.000	11.869	–	–	–	0.0
5 Aug 1986	3-Year	6.740	–	9.500	12.697	–	–	–	1.0
6 May 1986	3-Year	6.980	–	9.000	10.420	–	–	–	1.0
4 Feb 1986	3-Year	8.140	–	9.000	10.213	–	–	–	3.0
19 Nov 1985	3-Year	8.750	–	8.750	9.109	–	–	–	1.0
6 Aug 1985	3-Year	9.540	–	8.500	10.809	–	–	–	1.0
7 May 1985	3-Year	10.030	–	8.000	9.875	–	–	–	3.0
5 Feb 1985	3-Year	10.400	–	7.250	8.376	–	–	–	0.0
5 Nov 1984	3-Year	11.030	–	6.500	8.127	–	–	–	2.0
7 Aug 1984	3-Year	12.480	–	6.500	7.607	–	–	–	2.0
8 May 1984	3-Year	12.540	–	6.500	7.659	–	–	–	0.0
7 Feb 1984	3-Year	10.960	–	6.500	9.051	–	–	–	0.0
7 Nov 1983	3-Year	11.120	–	6.500	7.633	–	–	–	1.0
2 Aug 1983	3-Year	11.460	–	6.500	8.750	–	–	–	3.0
3 May 1983	3-Year	9.490	–	6.500	7.252	–	–	–	1.0
1 Feb 1983	3-Year	10.020	–	6.500	8.021	–	–	–	4.0
3 Nov 1982	3-Year	9.900	–	6.000	6.931	–	–	–	4.0
3 Aug 1982	3-Year	13.220	–	6.000	7.404	–	–	–	5.0
4 May 1982	3-Year	14.190	–	5.250	6.854	–	–	–	2.0
2 Feb 1982	3-Year	14.670	–	5.000	5.807	–	–	–	4.0
2 Nov 1981	3-Year	14.460	–	4.500	6.169	–	–	–	3.0
5 May 1981	3-Year	15.820	–	3.000	3.681	–	–	–	1.0

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

What do the figures leave out, and how are they cited?Limits, dates and how to cite

What this number cannot tell you

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.

Observed 6 Oct 2026.

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

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 6 October 2026. Compiled by 500metrics, "3-year note auctions: page 2 of 2", https://500metrics.com/treasury/auctions/3-year-note/page-2.

Page updated 6 Oct 2026, 17:35 UTC

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