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3-year note auction of 10 February 2026 (new issue)

The 3-year note sold $74.435 billion at a high yield of 3.518% on , with a bid-to-cover ratio of 2.62.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.518%

Median yield 3.468%

Bid-to-cover

2.62

▼ −0.03 since 12 Jan

Sold

$74.43 billion

$58 billion offered

Indirect bidders

57.1%

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 7 March 2023 to 10 February 2026; the latest at 3.518%.3.0%3.5%4.0%4.5%5.0%2023202420252026This auction, 3.518%High yield at the last 36 3-year note auctions36 auctions from 7 March 2023 to 10 February 2026; the latest at 3.518%.3.0%3.5%4.0%4.5%5.0%2024202520263.518%

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
3.5182.62
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.622.647 of 125 of 12
High yield3.5183.72611 of 121 of 12
Indirect bidders' share57.162.89 of 123 of 12
Direct bidders' share31.924.90 of 1212 of 12
Primary dealers' share10.912.77 of 125 of 12
High minus median, basis points5.05.16 of 126 of 12

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

  • Direct bidders' share: Highest of all 206 earlier 3-year note auctions we hold.

Who bought the 3-year note?

Indirect bidders took 57.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 12 January 2026

Indirect bidders took 57.1% of the competitive bids acceptedIndirect bidders 57.1%, Direct bidders 31.9%, Primary dealers 10.9%Indirect bidders57.1%56.5%Direct bidders31.9%29.5%Primary dealers10.9%14.0%Indirect bidders took 57.1% of the competitive bids acceptedIndirect bidders 57.1%, Direct bidders 31.9%, Primary dealers 10.9%Indirect bidders57.1%56.5%Direct bidders31.9%29.5%Primary dealers10.9%14.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.156.5
Direct bidders31.929.5
Primary dealers10.914.0

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$168,614,526,800
Sold$74,434,541,200
Competitive bids accepted$57,729,734,400
Non-competitive bids accepted$165,278,500
Federal Reserve (SOMA) add-on$16,434,528,300
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %3.518
Median rate, %3.468
Low rate, %2.600
Interest rate (coupon), %3.500
Bids at the high rate filled, %45.28
Bid-to-cover ratio2.62
Indirect bidders accepted$32,990,720,000
Direct bidders accepted$18,425,590,400
Primary dealers accepted$6,313,424,000
Indirect bidders' share, % (ours)57.1
Direct bidders' share, % (ours)31.9
Primary dealers' share, % (ours)10.9
High minus median, basis points (ours)5.0
Treasury par yield curve, 3-year point, same day, %3.50
High yield minus that point, basis points (ours)1.8

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 ratio2.62Last 24 auctions10 of 2413 of 242.60
Bid-to-cover ratio2.62Since 10 November 2008132 of 20670 of 2062.76
Bid-to-cover ratio2.62All 222 since 6 May 2003133 of 22285 of 2222.73
High yield3.518Last 24 auctions22 of 242 of 243.900
High yield3.518Since 10 November 200839 of 206167 of 2061.324
High yield3.518All 289 since 5 May 1981115 of 289174 of 2892.080
Indirect bidders' share57.1Last 24 auctions20 of 244 of 2464.2
Indirect bidders' share57.1All 206 since 10 November 200848 of 206158 of 20649.6
Direct bidders' share31.9Last 24 auctions0 of 2424 of 2420.0
Direct bidders' share31.9All 206 since 10 November 20080 of 206206 of 20614.5
Primary dealers' share10.9Last 24 auctions18 of 246 of 2415.0
Primary dealers' share10.9All 206 since 10 November 2008198 of 2068 of 20638.6
High minus median, basis points5.0Last 24 auctions12 of 2412 of 245.1
High minus median, basis points5.0Since 10 November 200853 of 206149 of 2063.8
High minus median, basis points5.0All 289 since 5 May 198154 of 289229 of 2893.1

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 10 February 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260210_2.pdf. Compiled by 500metrics, "3-year note auction of 10 February 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-02-10.

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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