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

The 3-year note sold $58.015 billion at a high yield of 3.579% on , with a bid-to-cover ratio of 2.55.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.579%

Median yield 3.527%

Bid-to-cover

2.55

▼ −0.07 since 10 Feb

Sold

$58.01 billion

$58 billion offered

Indirect bidders

59.8%

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 11 April 2023 to 10 March 2026; the latest at 3.579%.3.0%3.5%4.0%4.5%5.0%2023202420252026This auction, 3.579%High yield at the last 36 3-year note auctions36 auctions from 11 April 2023 to 10 March 2026; the latest at 3.579%.3.0%3.5%4.0%4.5%5.0%2024202520263.579%

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
3.5792.55
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.552.638 of 124 of 12
High yield3.5793.6428 of 123 of 12
Indirect bidders' share59.862.68 of 124 of 12
Direct bidders' share20.726.38 of 124 of 12
Primary dealers' share19.512.71 of 1211 of 12
High minus median, basis points5.25.26 of 126 of 12

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

Who bought the 3-year note?

Indirect bidders took 59.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 10 February 2026

Indirect bidders took 59.8% of the competitive bids acceptedIndirect bidders 59.8%, Direct bidders 20.7%, Primary dealers 19.5%Indirect bidders59.8%57.1%Direct bidders20.7%31.9%Primary dealers19.5%10.9%Indirect bidders took 59.8% of the competitive bids acceptedIndirect bidders 59.8%, Direct bidders 20.7%, Primary dealers 19.5%Indirect bidders59.8%57.1%Direct bidders20.7%31.9%Primary dealers19.5%10.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.857.1
Direct bidders20.731.9
Primary dealers19.510.9

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$147,663,312,500
Sold$58,014,637,500
Competitive bids accepted$57,770,165,000
Non-competitive bids accepted$129,850,600
Federal Reserve (SOMA) add-on$14,621,900
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.579
Median rate, %3.527
Low rate, %3.400
Interest rate (coupon), %3.500
Bids at the high rate filled, %17.59
Bid-to-cover ratio2.55
Indirect bidders accepted$34,570,625,000
Direct bidders accepted$11,934,000,000
Primary dealers accepted$11,265,540,000
Indirect bidders' share, % (ours)59.8
Direct bidders' share, % (ours)20.7
Primary dealers' share, % (ours)19.5
High minus median, basis points (ours)5.2
Treasury par yield curve, 3-year point, same day, %3.58
High yield minus that point, basis points (ours)-0.1

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 ratio2.55Last 24 auctions16 of 247 of 242.61
Bid-to-cover ratio2.55Since 10 November 2008152 of 20751 of 2072.76
Bid-to-cover ratio2.55All 223 since 6 May 2003153 of 22366 of 2232.73
High yield3.579Last 24 auctions19 of 244 of 243.884
High yield3.579Since 10 November 200836 of 207170 of 2071.349
High yield3.579All 290 since 5 May 1981112 of 290177 of 2902.164
Indirect bidders' share59.8Last 24 auctions19 of 245 of 2464.1
Indirect bidders' share59.8All 207 since 10 November 200843 of 207164 of 20749.6
Direct bidders' share20.7Last 24 auctions11 of 2413 of 2420.3
Direct bidders' share20.7All 207 since 10 November 200831 of 207176 of 20714.6
Primary dealers' share19.5Last 24 auctions3 of 2421 of 2414.8
Primary dealers' share19.5All 207 since 10 November 2008175 of 20732 of 20738.6
High minus median, basis points5.2Last 24 auctions12 of 2412 of 245.2
High minus median, basis points5.2Since 10 November 200850 of 207155 of 2073.9
High minus median, basis points5.2All 290 since 5 May 198151 of 290237 of 2903.1

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 March 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260310_2.pdf. Compiled by 500metrics, "3-year note auction of 10 March 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-03-10.

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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