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3-year note auction of 7 October 2025 (new issue)

The 3-year note sold $59.077 billion at a high yield of 3.576% on , with a bid-to-cover ratio of 2.66.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.576%

Median yield 3.534%

Bid-to-cover

2.66

▼ −0.07 since 9 Sep

Sold

$59.08 billion

$58 billion offered

Indirect bidders

62.7%

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 8 November 2022 to 7 October 2025; the latest at 3.576%.3.0%3.5%4.0%4.5%5.0%202320242025This auction, 3.576%High yield at the last 36 3-year note auctions36 auctions from 8 November 2022 to 7 October 2025; the latest at 3.576%.3.0%3.5%4.0%4.5%5.0%202420253.576%

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
3.5762.66
3.4852.73
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.573 of 129 of 12
High yield3.5763.90011 of 121 of 12
Indirect bidders' share62.763.46 of 126 of 12
Direct bidders' share26.620.22 of 1210 of 12
Primary dealers' share10.715.810 of 122 of 12
High minus median, basis points4.25.510 of 122 of 12

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

Who bought the 3-year note?

Indirect bidders took 62.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 9 September 2025

Indirect bidders took 62.7% of the competitive bids acceptedIndirect bidders 62.7%, Direct bidders 26.6%, Primary dealers 10.7%Indirect bidders62.7%74.2%Direct bidders26.6%17.4%Primary dealers10.7%8.4%Indirect bidders took 62.7% of the competitive bids acceptedIndirect bidders 62.7%, Direct bidders 26.6%, Primary dealers 10.7%Indirect bidders62.7%74.2%Direct bidders26.6%17.4%Primary dealers10.7%8.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.774.2
Direct bidders26.617.4
Primary dealers10.78.4

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$155,517,142,000
Sold$59,076,806,400
Competitive bids accepted$57,841,524,400
Non-competitive bids accepted$153,610,300
Federal Reserve (SOMA) add-on$1,076,671,700
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.576
Median rate, %3.534
Low rate, %3.418
Interest rate (coupon), %3.500
Bids at the high rate filled, %60.65
Bid-to-cover ratio2.66
Indirect bidders accepted$36,265,910,000
Direct bidders accepted$15,372,614,400
Primary dealers accepted$6,203,000,000
Indirect bidders' share, % (ours)62.7
Direct bidders' share, % (ours)26.6
Primary dealers' share, % (ours)10.7
High minus median, basis points (ours)4.2
Treasury par yield curve, 3-year point, same day, %3.56
High yield minus that point, basis points (ours)1.6

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 ratio2.66Last 24 auctions6 of 2417 of 242.58
Bid-to-cover ratio2.66Since 10 November 2008123 of 20277 of 2022.76
Bid-to-cover ratio2.66All 218 since 6 May 2003124 of 21892 of 2182.74
High yield3.576Last 24 auctions22 of 242 of 244.134
High yield3.576Since 10 November 200834 of 202168 of 2021.276
High yield3.576All 285 since 5 May 1981110 of 285175 of 2851.960
Indirect bidders' share62.7Last 24 auctions15 of 249 of 2464.3
Indirect bidders' share62.7All 202 since 10 November 200825 of 202177 of 20249.4
Direct bidders' share26.6Last 24 auctions2 of 2422 of 2419.6
Direct bidders' share26.6All 202 since 10 November 20083 of 202199 of 20214.3
Primary dealers' share10.7Last 24 auctions21 of 243 of 2416.0
Primary dealers' share10.7All 202 since 10 November 2008198 of 2024 of 20238.7
High minus median, basis points4.2Last 24 auctions19 of 245 of 245.5
High minus median, basis points4.2Since 10 November 200881 of 202118 of 2023.8
High minus median, basis points4.2All 285 since 5 May 198184 of 285197 of 2853.0

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 7 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251007_2.pdf. Compiled by 500metrics, "3-year note auction of 7 October 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-10-07.

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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