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

The 3-year note sold $58 billion at a high yield of 3.614% on , with a bid-to-cover ratio of 2.64.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.614%

Median yield 3.570%

Bid-to-cover

2.64

▼ −0.21 since 10 Nov

Sold

$58.00 billion

$58 billion offered

Indirect bidders

72.0%

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 January 2023 to 8 December 2025; the latest at 3.614%.3.0%3.5%4.0%4.5%5.0%202320242025This auction, 3.614%High yield at the last 36 3-year note auctions36 auctions from 10 January 2023 to 8 December 2025; the latest at 3.614%.3.0%3.5%4.0%4.5%5.0%202420253.614%

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
3.6142.64
3.5792.85
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.642.605 of 127 of 12
High yield3.6143.8589 of 123 of 12
Indirect bidders' share72.062.83 of 129 of 12
Direct bidders' share19.022.28 of 124 of 12
Primary dealers' share9.014.511 of 121 of 12
High minus median, basis points4.45.18 of 124 of 12

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

Who bought the 3-year note?

Indirect bidders took 72.0% of the competitive bids accepted

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

Indirect bidders took 72.0% of the competitive bids acceptedIndirect bidders 72.0%, Direct bidders 19.0%, Primary dealers 9.0%Indirect bidders72.0%63.0%Direct bidders19.0%27.3%Primary dealers9.0%9.7%Indirect bidders took 72.0% of the competitive bids acceptedIndirect bidders 72.0%, Direct bidders 19.0%, Primary dealers 9.0%Indirect bidders72.0%63.0%Direct bidders19.0%27.3%Primary dealers9.0%9.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders72.063.0
Direct bidders19.027.3
Primary dealers9.09.7

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$153,153,232,800
Sold$58,000,067,800
Competitive bids accepted$57,719,315,000
Non-competitive bids accepted$175,752,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %3.614
Median rate, %3.570
Low rate, %1.888
Interest rate (coupon), %3.500
Bids at the high rate filled, %89.65
Bid-to-cover ratio2.64
Indirect bidders accepted$41,540,607,500
Direct bidders accepted$10,967,232,500
Primary dealers accepted$5,211,475,000
Indirect bidders' share, % (ours)72.0
Direct bidders' share, % (ours)19.0
Primary dealers' share, % (ours)9.0
High minus median, basis points (ours)4.4
Treasury par yield curve, 3-year point, same day, %3.59
High yield minus that point, basis points (ours)2.4

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 ratio2.64Last 24 auctions8 of 2416 of 242.59
Bid-to-cover ratio2.64Since 10 November 2008129 of 20475 of 2042.76
Bid-to-cover ratio2.64All 220 since 6 May 2003130 of 22090 of 2202.74
High yield3.614Last 24 auctions20 of 244 of 244.038
High yield3.614Since 10 November 200834 of 204170 of 2041.289
High yield3.614All 287 since 5 May 1981110 of 287177 of 2872.009
Indirect bidders' share72.0Last 24 auctions4 of 2420 of 2464.2
Indirect bidders' share72.0All 204 since 10 November 20086 of 204198 of 20449.5
Direct bidders' share19.0Last 24 auctions14 of 2410 of 2420.0
Direct bidders' share19.0All 204 since 10 November 200847 of 204157 of 20414.4
Primary dealers' share9.0Last 24 auctions23 of 241 of 2415.3
Primary dealers' share9.0All 204 since 10 November 2008203 of 2041 of 20438.7
High minus median, basis points4.4Last 24 auctions17 of 247 of 245.4
High minus median, basis points4.4Since 10 November 200870 of 204127 of 2043.8
High minus median, basis points4.4All 287 since 5 May 198173 of 287207 of 2873.0

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 December 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251208_3.pdf. Compiled by 500metrics, "3-year note auction of 8 December 2025 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2025-12-08.

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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