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3-year note auction of 12 January 2026 (new issue)

The 3-year note sold $74.882 billion at a high yield of 3.609% on , with a bid-to-cover ratio of 2.65.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.609%

Median yield 3.560%

Bid-to-cover

2.65

▲ +0.01 since 8 Dec

Sold

$74.88 billion

$58 billion offered

Indirect bidders

56.5%

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 February 2023 to 12 January 2026; the latest at 3.609%.3.0%3.5%4.0%4.5%5.0%2023202420252026This auction, 3.609%High yield at the last 36 3-year note auctions36 auctions from 7 February 2023 to 12 January 2026; the latest at 3.609%.3.0%3.5%4.0%4.5%5.0%2024202520263.609%

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
3.6092.65
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.652.635 of 127 of 12
High yield3.6093.8049 of 123 of 12
Indirect bidders' share56.562.810 of 122 of 12
Direct bidders' share29.521.70 of 1212 of 12
Primary dealers' share14.012.75 of 127 of 12
High minus median, basis points4.95.06 of 126 of 12

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

  • Direct bidders' share: Highest of all 205 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Indirect bidders took 56.5% of the competitive bids accepted

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

Indirect bidders took 56.5% of the competitive bids acceptedIndirect bidders 56.5%, Direct bidders 29.5%, Primary dealers 14.0%Indirect bidders56.5%72.0%Direct bidders29.5%19.0%Primary dealers14.0%9.0%Indirect bidders took 56.5% of the competitive bids acceptedIndirect bidders 56.5%, Direct bidders 29.5%, Primary dealers 14.0%Indirect bidders56.5%72.0%Direct bidders29.5%19.0%Primary dealers14.0%9.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.572.0
Direct bidders29.519.0
Primary dealers14.09.0

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$170,594,802,900
Sold$74,882,423,700
Competitive bids accepted$57,540,560,800
Non-competitive bids accepted$204,503,800
Federal Reserve (SOMA) add-on$16,882,359,100
Foreign and international (FIMA) non-competitive$255,000,000
High yield, %3.609
Median rate, %3.560
Low rate, %3.500
Interest rate (coupon), %3.500
Bids at the high rate filled, %77.54
Bid-to-cover ratio2.65
Indirect bidders accepted$32,510,795,000
Direct bidders accepted$16,971,685,800
Primary dealers accepted$8,058,080,000
Indirect bidders' share, % (ours)56.5
Direct bidders' share, % (ours)29.5
Primary dealers' share, % (ours)14.0
High minus median, basis points (ours)4.9
Treasury par yield curve, 3-year point, same day, %3.59
High yield minus that point, basis points (ours)1.9

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 ratio2.65Last 24 auctions8 of 2416 of 242.60
Bid-to-cover ratio2.65Since 10 November 2008127 of 20576 of 2052.76
Bid-to-cover ratio2.65All 221 since 6 May 2003128 of 22191 of 2212.73
High yield3.609Last 24 auctions20 of 244 of 243.940
High yield3.609Since 10 November 200835 of 205170 of 2051.298
High yield3.609All 288 since 5 May 1981111 of 288177 of 2882.044
Indirect bidders' share56.5Last 24 auctions22 of 242 of 2464.3
Indirect bidders' share56.5All 205 since 10 November 200853 of 205152 of 20549.5
Direct bidders' share29.5Last 24 auctions0 of 2424 of 2419.6
Direct bidders' share29.5All 205 since 10 November 20080 of 205205 of 20514.5
Primary dealers' share14.0Last 24 auctions16 of 248 of 2415.2
Primary dealers' share14.0All 205 since 10 November 2008194 of 20511 of 20538.6
High minus median, basis points4.9Last 24 auctions12 of 249 of 245.1
High minus median, basis points4.9Since 10 November 200857 of 205145 of 2053.8
High minus median, basis points4.9All 288 since 5 May 198160 of 288225 of 2883.0

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 12 January 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260112_2.pdf. Compiled by 500metrics, "3-year note auction of 12 January 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-01-12.

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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