How did the latest 3-year Treasury note auction go?
The last 3-year note auction, on , sold at a high yield of 4.474% with a bid-to-cover of 2.72. Next auction: .
High yield
4.474%
Bid-to-cover
2.72
Sold
$58.00 billion
Indirect bidders
62.1%
When is the next 3-year note auction?
- 3-year note, new issue, bids close 01:00 PM ET · $58 billion offeredNot yet held
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| New issue | |||
| New issue |
Bid-to-cover, last 36 auctions
Bid-to-cover of the last 36 3-year note auctions; the latest was 2.72
Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
High yield of the last 36 3-year note auctions; the latest was 4.474%
High yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
The numbers behind this chart
The latest auction against its own history
- High yield: Highest for a 3-year note since 10 June 2024 (26 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.72 | Last 12 auctions | 2 of 12 | 10 of 12 | 2.64 |
| Bid-to-cover ratio | 2.72 | Last 24 auctions | 3 of 24 | 21 of 24 | 2.62 |
| Bid-to-cover ratio | 2.72 | Since 10 November 2008 | 111 of 213 | 101 of 213 | 2.75 |
| Bid-to-cover ratio | 2.72 | All 229 since 6 May 2003 | 112 of 229 | 116 of 229 | 2.71 |
| High yield | 4.474 | Last 12 auctions | 0 of 12 | 12 of 12 | 3.612 |
| High yield | 4.474 | Last 24 auctions | 0 of 24 | 24 of 24 | 3.884 |
| High yield | 4.474 | Since 10 November 2008 | 10 of 213 | 203 of 213 | 1.394 |
| High yield | 4.474 | All 296 since 5 May 1981 | 81 of 296 | 215 of 296 | 2.316 |
| Indirect bidders' share | 62.1 | Last 12 auctions | 9 of 12 | 3 of 12 | 63.3 |
| Indirect bidders' share | 62.1 | Last 24 auctions | 17 of 24 | 7 of 24 | 63.3 |
| Indirect bidders' share | 62.1 | All 213 since 10 November 2008 | 38 of 213 | 175 of 213 | 50.5 |
| Direct bidders' share | 26.9 | Last 12 auctions | 3 of 12 | 9 of 12 | 22.5 |
| Direct bidders' share | 26.9 | Last 24 auctions | 5 of 24 | 19 of 24 | 20.9 |
| Direct bidders' share | 26.9 | All 213 since 10 November 2008 | 5 of 213 | 208 of 213 | 14.8 |
| Primary dealers' share | 10.9 | Last 12 auctions | 7 of 12 | 5 of 12 | 11.3 |
| Primary dealers' share | 10.9 | Last 24 auctions | 17 of 24 | 7 of 24 | 14.0 |
| Primary dealers' share | 10.9 | All 213 since 10 November 2008 | 204 of 213 | 9 of 213 | 38.4 |
| High minus median, basis points | 4.4 | Last 12 auctions | 8 of 12 | 3 of 12 | 4.6 |
| High minus median, basis points | 4.4 | Last 24 auctions | 18 of 24 | 5 of 24 | 4.9 |
| High minus median, basis points | 4.4 | Since 10 November 2008 | 78 of 213 | 127 of 213 | 3.9 |
| High minus median, basis points | 4.4 | All 296 since 5 May 1981 | 81 of 296 | 207 of 296 | 3.1 |
The table scrolls sideways; the first column stays in place.
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.
Every 3-year note auction, page 1 of 2
Show 188 more rows
The table scrolls sideways; the first column stays in place.
Sources and licence
Sources and licence
- U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
- U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government
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