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3-year note auction of 11 March 2025 (new issue)

The 3-year note sold $58.983 billion at a high yield of 3.908% on , with a bid-to-cover ratio of 2.70.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.908%

Median yield 3.850%

Bid-to-cover

2.70

▼ −0.09 since 11 Feb

Sold

$58.98 billion

$58 billion offered

Indirect bidders

62.5%

Of competitive bids accepted

High yield at the last 36 3-year note auctions

High yield at each 3-year note auction, %

High yield at the last 36 3-year note auctions36 auctions from 11 April 2022 to 11 March 2025; the latest at 3.908%.2.0%3.0%4.0%5.0%2022202320242025This auction, 3.908%High yield at the last 36 3-year note auctions36 auctions from 11 April 2022 to 11 March 2025; the latest at 3.908%.3.0%3.5%4.0%4.5%5.0%2023202420253.908%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
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
4.6352.73
4.0732.33
3.9772.84
4.0932.55
4.6052.57
4.3182.57
3.5642.49
3.2022.50
3.0932.43
2.9272.45
2.8092.59
2.7382.48

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.702.601 of 1211 of 12
High yield3.9084.2789 of 123 of 12
Indirect bidders' share62.564.39 of 123 of 12
Direct bidders' share26.019.60 of 1212 of 12
Primary dealers' share11.515.210 of 122 of 12
High minus median, basis points5.85.24 of 127 of 12

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

  • Direct bidders' share: Highest for a 3-year note since 12 February 2013 (143 auctions in between).

Who bought the 3-year note?

Indirect bidders took 62.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 February 2025

Indirect bidders took 62.5% of the competitive bids acceptedIndirect bidders 62.5%, Direct bidders 26.0%, Primary dealers 11.5%Indirect bidders62.5%74.0%Direct bidders26.0%15.8%Primary dealers11.5%10.2%Indirect bidders took 62.5% of the competitive bids acceptedIndirect bidders 62.5%, Direct bidders 26.0%, Primary dealers 11.5%Indirect bidders62.5%74.0%Direct bidders26.0%15.8%Primary dealers11.5%10.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.574.0
Direct bidders26.015.8
Primary dealers11.510.2

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as3-Year, new issue
Offering amount$58,000,000,000
Bids received$157,411,731,700
Sold$58,983,121,300
Competitive bids accepted$57,828,163,100
Non-competitive bids accepted$166,862,700
Federal Reserve (SOMA) add-on$983,095,500
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.908
Median rate, %3.850
Low rate, %3.670
Interest rate (coupon), %3.875
Bids at the high rate filled, %4.83
Bid-to-cover ratio2.70
Indirect bidders accepted$36,161,120,500
Direct bidders accepted$15,036,243,100
Primary dealers accepted$6,630,799,500
Indirect bidders' share, % (ours)62.5
Direct bidders' share, % (ours)26.0
Primary dealers' share, % (ours)11.5
High minus median, basis points (ours)5.8
Treasury par yield curve, 3-year point, same day, %3.92
High yield minus that point, basis points (ours)-1.2

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 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.

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 ratio2.70Last 24 auctions6 of 2417 of 242.62
Bid-to-cover ratio2.70Since 10 November 2008111 of 19582 of 1952.79
Bid-to-cover ratio2.70All 211 since 6 May 2003112 of 21197 of 2112.76
High yield3.908Last 24 auctions19 of 245 of 244.316
High yield3.908Since 10 November 200824 of 195171 of 1951.237
High yield3.908All 278 since 5 May 198199 of 278179 of 2781.828
Indirect bidders' share62.5Last 24 auctions15 of 249 of 2464.3
Indirect bidders' share62.5All 195 since 10 November 200822 of 195173 of 19549.1
Direct bidders' share26.0Last 24 auctions0 of 2424 of 2419.7
Direct bidders' share26.0All 195 since 10 November 20082 of 195193 of 19513.9
Primary dealers' share11.5Last 24 auctions20 of 244 of 2416.5
Primary dealers' share11.5All 195 since 10 November 2008191 of 1954 of 19539.4
High minus median, basis points5.8Last 24 auctions9 of 2414 of 245.4
High minus median, basis points5.8Since 10 November 200827 of 195165 of 1953.6
High minus median, basis points5.8All 278 since 5 May 198128 of 278247 of 2783.0

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

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

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

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 11 March 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250311_2.pdf. Compiled by 500metrics, "3-year note auction of 11 March 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-03-11.

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, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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