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

The 3-year note sold $64.863 billion at a high yield of 3.891% on , with a bid-to-cover ratio of 2.51.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.891%

Median yield 3.836%

Bid-to-cover

2.51

▼ −0.01 since 10 Jun

Sold

$64.86 billion

$58 billion offered

Indirect bidders

54.1%

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 9 August 2022 to 8 July 2025; the latest at 3.891%.3.0%3.5%4.0%4.5%5.0%2022202320242025This auction, 3.891%High yield at the last 36 3-year note auctions36 auctions from 9 August 2022 to 8 July 2025; the latest at 3.891%.3.0%3.5%4.0%4.5%5.0%2023202420253.891%

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
3.8912.51
3.9722.52
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.5910 of 122 of 12
High yield3.8913.9407 of 125 of 12
Indirect bidders' share54.164.312 of 120 of 12
Direct bidders' share29.420.00 of 1212 of 12
Primary dealers' share16.515.24 of 128 of 12
High minus median, basis points5.55.45 of 126 of 12

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

  • Indirect bidders' share: Lowest for a 3-year note since 11 December 2023 (18 auctions in between).
  • Direct bidders' share: Highest of all 199 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Indirect bidders took 54.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 June 2025

Indirect bidders took 54.1% of the competitive bids acceptedIndirect bidders 54.1%, Direct bidders 29.4%, Primary dealers 16.5%Indirect bidders54.1%66.8%Direct bidders29.4%18.0%Primary dealers16.5%15.2%Indirect bidders took 54.1% of the competitive bids acceptedIndirect bidders 54.1%, Direct bidders 29.4%, Primary dealers 16.5%Indirect bidders54.1%66.8%Direct bidders29.4%18.0%Primary dealers16.5%15.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders54.166.8
Direct bidders29.418.0
Primary dealers16.515.2

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$152,398,267,900
Sold$64,862,776,900
Competitive bids accepted$57,844,579,000
Non-competitive bids accepted$150,439,300
Federal Reserve (SOMA) add-on$6,862,758,600
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.891
Median rate, %3.836
Low rate, %3.700
Interest rate (coupon), %3.875
Bids at the high rate filled, %19.35
Bid-to-cover ratio2.51
Indirect bidders accepted$31,302,095,000
Direct bidders accepted$16,992,784,000
Primary dealers accepted$9,549,700,000
Indirect bidders' share, % (ours)54.1
Direct bidders' share, % (ours)29.4
Primary dealers' share, % (ours)16.5
High minus median, basis points (ours)5.5
Treasury par yield curve, 3-year point, same day, %3.86
High yield minus that point, basis points (ours)3.1

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 ratio2.51Last 24 auctions19 of 245 of 242.60
Bid-to-cover ratio2.51Since 10 November 2008155 of 19943 of 1992.78
Bid-to-cover ratio2.51All 215 since 6 May 2003156 of 21558 of 2152.74
High yield3.891Last 24 auctions19 of 245 of 244.278
High yield3.891Since 10 November 200826 of 199173 of 1991.255
High yield3.891All 282 since 5 May 1981101 of 282181 of 2821.896
Indirect bidders' share54.1Last 24 auctions23 of 241 of 2464.5
Indirect bidders' share54.1All 199 since 10 November 200864 of 199135 of 19949.3
Direct bidders' share29.4Last 24 auctions0 of 2424 of 2419.6
Direct bidders' share29.4All 199 since 10 November 20080 of 199199 of 19914.0
Primary dealers' share16.5Last 24 auctions10 of 2414 of 2415.5
Primary dealers' share16.5All 199 since 10 November 2008184 of 19915 of 19939.0
High minus median, basis points5.5Last 24 auctions11 of 2411 of 245.5
High minus median, basis points5.5Since 10 November 200838 of 199156 of 1993.7
High minus median, basis points5.5All 282 since 5 May 198139 of 282238 of 2823.0

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 July 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250708_3.pdf. Compiled by 500metrics, "3-year note auction of 8 July 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-07-08.

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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