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3-year note auction of 5 May 2025 (new issue)

The 3-year note sold $78.474 billion at a high yield of 3.824% on , with a bid-to-cover ratio of 2.56.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.824%

Median yield 3.769%

Bid-to-cover

2.56

▲ +0.09 since 8 Apr

Sold

$78.47 billion

$58 billion offered

Indirect bidders

62.4%

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 7 June 2022 to 5 May 2025; the latest at 3.824%.2.5%3.0%3.5%4.0%4.5%5.0%2022202320242025This auction, 3.824%High yield at the last 36 3-year note auctions36 auctions from 7 June 2022 to 5 May 2025; the latest at 3.824%.3.0%3.5%4.0%4.5%5.0%2023202420253.824%

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
3.8242.56
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
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.618 of 124 of 12
High yield3.8244.1349 of 123 of 12
Indirect bidders' share62.464.310 of 122 of 12
Direct bidders' share23.719.62 of 1210 of 12
Primary dealers' share13.915.29 of 123 of 12
High minus median, basis points5.55.66 of 125 of 12

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

Who bought the 3-year note?

Indirect bidders took 62.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 8 April 2025

Indirect bidders took 62.4% of the competitive bids acceptedIndirect bidders 62.4%, Direct bidders 23.7%, Primary dealers 13.9%Indirect bidders62.4%73.0%Direct bidders23.7%6.2%Primary dealers13.9%20.7%Indirect bidders took 62.4% of the competitive bids acceptedIndirect bidders 62.4%, Direct bidders 23.7%, Primary dealers 13.9%Indirect bidders62.4%73.0%Direct bidders23.7%6.2%Primary dealers13.9%20.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.473.0
Direct bidders23.76.2
Primary dealers13.920.7

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$168,733,163,500
Sold$78,473,611,500
Competitive bids accepted$57,734,288,000
Non-competitive bids accepted$110,731,100
Federal Reserve (SOMA) add-on$20,473,592,400
Foreign and international (FIMA) non-competitive$155,000,000
High yield, %3.824
Median rate, %3.769
Low rate, %3.690
Interest rate (coupon), %3.750
Bids at the high rate filled, %23.89
Bid-to-cover ratio2.56
Indirect bidders accepted$36,008,840,000
Direct bidders accepted$13,688,000,000
Primary dealers accepted$8,037,448,000
Indirect bidders' share, % (ours)62.4
Direct bidders' share, % (ours)23.7
Primary dealers' share, % (ours)13.9
High minus median, basis points (ours)5.5
Treasury par yield curve, 3-year point, same day, %3.78
High yield minus that point, basis points (ours)4.4

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 ratio2.56Last 24 auctions17 of 246 of 242.62
Bid-to-cover ratio2.56Since 10 November 2008140 of 19752 of 1972.79
Bid-to-cover ratio2.56All 213 since 6 May 2003141 of 21367 of 2132.75
High yield3.824Last 24 auctions20 of 244 of 244.278
High yield3.824Since 10 November 200826 of 197171 of 1971.245
High yield3.824All 280 since 5 May 1981101 of 280179 of 2801.859
Indirect bidders' share62.4Last 24 auctions17 of 247 of 2464.5
Indirect bidders' share62.4All 197 since 10 November 200826 of 197171 of 19749.1
Direct bidders' share23.7Last 24 auctions2 of 2422 of 2419.6
Direct bidders' share23.7All 197 since 10 November 20088 of 197189 of 19713.9
Primary dealers' share13.9Last 24 auctions18 of 246 of 2416.0
Primary dealers' share13.9All 197 since 10 November 2008191 of 1976 of 19739.4
High minus median, basis points5.5Last 24 auctions12 of 2411 of 245.6
High minus median, basis points5.5Since 10 November 200838 of 197155 of 1973.6
High minus median, basis points5.5All 280 since 5 May 198139 of 280237 of 2803.0

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 5 May 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250505_3.pdf. Compiled by 500metrics, "3-year note auction of 5 May 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-05-05.

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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