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3-year note auction of 8 April 2025 (new issue)

The 3-year note sold $67.681 billion at a high yield of 3.784% on , with a bid-to-cover ratio of 2.47.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.784%

Median yield 3.700%

Bid-to-cover

2.47

▼ −0.23 since 11 Mar

Sold

$67.68 billion

$58 billion offered

Indirect bidders

73.0%

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 10 May 2022 to 8 April 2025; the latest at 3.784%.2.5%3.0%3.5%4.0%4.5%5.0%2022202320242025This auction, 3.784%High yield at the last 36 3-year note auctions36 auctions from 10 May 2022 to 8 April 2025; the latest at 3.784%.3.0%3.5%4.0%4.5%5.0%2023202420253.784%

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
3.7842.47
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
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.6110 of 122 of 12
High yield3.7844.22611 of 121 of 12
Indirect bidders' share73.064.22 of 1210 of 12
Direct bidders' share6.220.012 of 120 of 12
Primary dealers' share20.715.20 of 1212 of 12
High minus median, basis points8.45.60 of 1212 of 12

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

  • Direct bidders' share: Lowest for a 3-year note since 6 April 2020 (59 auctions in between).
  • Primary dealers' share: Highest for a 3-year note since 11 December 2023 (15 auctions in between).
  • High minus median, basis points: Highest for a 3-year note since 7 February 2023 (25 auctions in between).

Who bought the 3-year note?

Indirect bidders took 73.0% of the competitive bids accepted

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

Indirect bidders took 73.0% of the competitive bids acceptedIndirect bidders 73.0%, Direct bidders 6.2%, Primary dealers 20.7%Indirect bidders73.0%62.5%Direct bidders6.2%26.0%Primary dealers20.7%11.5%Indirect bidders took 73.0% of the competitive bids acceptedIndirect bidders 73.0%, Direct bidders 6.2%, Primary dealers 20.7%Indirect bidders73.0%62.5%Direct bidders6.2%26.0%Primary dealers20.7%11.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.062.5
Direct bidders6.226.0
Primary dealers20.711.5

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$152,907,848,200
Sold$67,680,795,200
Competitive bids accepted$57,790,487,000
Non-competitive bids accepted$104,526,900
Federal Reserve (SOMA) add-on$9,680,781,300
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %3.784
Median rate, %3.700
Low rate, %3.640
Interest rate (coupon), %3.750
Bids at the high rate filled, %38.62
Bid-to-cover ratio2.47
Indirect bidders accepted$42,204,940,000
Direct bidders accepted$3,606,100,000
Primary dealers accepted$11,979,447,000
Indirect bidders' share, % (ours)73.0
Direct bidders' share, % (ours)6.2
Primary dealers' share, % (ours)20.7
High minus median, basis points (ours)8.4
Treasury par yield curve, 3-year point, same day, %3.71
High yield minus that point, basis points (ours)7.4

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 ratio2.47Last 24 auctions21 of 243 of 242.62
Bid-to-cover ratio2.47Since 10 November 2008160 of 19634 of 1962.79
Bid-to-cover ratio2.47All 212 since 6 May 2003161 of 21249 of 2122.76
High yield3.784Last 24 auctions22 of 242 of 244.278
High yield3.784Since 10 November 200828 of 196168 of 1961.241
High yield3.784All 279 since 5 May 1981104 of 279175 of 2791.857
Indirect bidders' share73.0Last 24 auctions4 of 2420 of 2464.3
Indirect bidders' share73.0All 196 since 10 November 20084 of 196192 of 19649.1
Direct bidders' share6.2Last 24 auctions24 of 240 of 2419.7
Direct bidders' share6.2All 196 since 10 November 2008180 of 19616 of 19613.9
Primary dealers' share20.7Last 24 auctions2 of 2422 of 2416.0
Primary dealers' share20.7All 196 since 10 November 2008166 of 19630 of 19639.4
High minus median, basis points8.4Last 24 auctions0 of 2424 of 245.4
High minus median, basis points8.4Since 10 November 20082 of 196193 of 1963.6
High minus median, basis points8.4All 279 since 5 May 19812 of 279276 of 2793.0

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 8 April 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250408_2.pdf. Compiled by 500metrics, "3-year note auction of 8 April 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-04-08.

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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