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

The 3-year note sold $77.684 billion at a high yield of 3.669% on , with a bid-to-cover ratio of 2.53.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.669%

Median yield 3.610%

Bid-to-cover

2.53

▲ +0.02 since 8 Jul

Sold

$77.68 billion

$58 billion offered

Indirect bidders

54.0%

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 12 September 2022 to 5 August 2025; the latest at 3.669%.3.0%3.5%4.0%4.5%5.0%2022202320242025This auction, 3.669%High yield at the last 36 3-year note auctions36 auctions from 12 September 2022 to 5 August 2025; the latest at 3.669%.3.0%3.5%4.0%4.5%5.0%202420253.669%

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
3.6692.53
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.532.578 of 124 of 12
High yield3.6693.90011 of 121 of 12
Indirect bidders' share54.064.312 of 120 of 12
Direct bidders' share28.120.01 of 1211 of 12
Primary dealers' share17.915.34 of 128 of 12
High minus median, basis points5.95.53 of 129 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 (19 auctions in between).

Who bought the 3-year note?

Indirect bidders took 54.0% of the competitive bids accepted

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

Indirect bidders took 54.0% of the competitive bids acceptedIndirect bidders 54.0%, Direct bidders 28.1%, Primary dealers 17.9%Indirect bidders54.0%54.1%Direct bidders28.1%29.4%Primary dealers17.9%16.5%Indirect bidders took 54.0% of the competitive bids acceptedIndirect bidders 54.0%, Direct bidders 28.1%, Primary dealers 17.9%Indirect bidders54.0%54.1%Direct bidders28.1%29.4%Primary dealers17.9%16.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders54.054.1
Direct bidders28.129.4
Primary dealers17.916.5

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$166,167,017,500
Sold$77,683,702,500
Competitive bids accepted$57,846,725,000
Non-competitive bids accepted$153,289,100
Federal Reserve (SOMA) add-on$19,683,688,400
Foreign and international (FIMA) non-competitive$0
High yield, %3.669
Median rate, %3.610
Low rate, %3.460
Interest rate (coupon), %3.625
Bids at the high rate filled, %72.30
Bid-to-cover ratio2.53
Indirect bidders accepted$31,228,990,000
Direct bidders accepted$16,275,135,000
Primary dealers accepted$10,342,600,000
Indirect bidders' share, % (ours)54.0
Direct bidders' share, % (ours)28.1
Primary dealers' share, % (ours)17.9
High minus median, basis points (ours)5.9
Treasury par yield curve, 3-year point, same day, %3.63
High yield minus that point, basis points (ours)3.9

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 ratio2.53Last 24 auctions17 of 247 of 242.59
Bid-to-cover ratio2.53Since 10 November 2008153 of 20047 of 2002.78
Bid-to-cover ratio2.53All 216 since 6 May 2003154 of 21662 of 2162.74
High yield3.669Last 24 auctions23 of 241 of 244.212
High yield3.669Since 10 November 200833 of 200167 of 2001.263
High yield3.669All 283 since 5 May 1981109 of 283174 of 2831.932
Indirect bidders' share54.0Last 24 auctions23 of 241 of 2464.3
Indirect bidders' share54.0All 200 since 10 November 200866 of 200134 of 20049.3
Direct bidders' share28.1Last 24 auctions1 of 2423 of 2419.6
Direct bidders' share28.1All 200 since 10 November 20081 of 200199 of 20014.1
Primary dealers' share17.9Last 24 auctions9 of 2415 of 2416.0
Primary dealers' share17.9All 200 since 10 November 2008178 of 20022 of 20038.9
High minus median, basis points5.9Last 24 auctions7 of 2416 of 245.5
High minus median, basis points5.9Since 10 November 200826 of 200172 of 2003.7
High minus median, basis points5.9All 283 since 5 May 198127 of 283254 of 2833.0

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 August 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250805_3.pdf. Compiled by 500metrics, "3-year note auction of 5 August 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-08-05.

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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