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3-year note auction of 11 May 2026 (new issue)

The 3-year note sold $71.772 billion at a high yield of 3.965% on , with a bid-to-cover ratio of 2.54.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.965%

Median yield 3.917%

Bid-to-cover

2.54

▼ −0.14 since 7 Apr

Sold

$71.77 billion

$58 billion offered

Indirect bidders

63.0%

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 12 June 2023 to 11 May 2026; the latest at 3.965%.3.0%3.5%4.0%4.5%5.0%2023202420252026This auction, 3.965%High yield at the last 36 3-year note auctions36 auctions from 12 June 2023 to 11 May 2026; the latest at 3.965%.3.0%3.5%4.0%4.5%5.0%2024202520263.965%

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
3.9652.54
3.8972.68
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.639 of 123 of 12
High yield3.9653.6121 of 1211 of 12
Indirect bidders' share63.062.55 of 127 of 12
Direct bidders' share20.125.18 of 124 of 12
Primary dealers' share16.913.62 of 1210 of 12
High minus median, basis points4.85.08 of 124 of 12

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

Who bought the 3-year note?

Indirect bidders took 63.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 April 2026

Indirect bidders took 63.0% of the competitive bids acceptedIndirect bidders 63.0%, Direct bidders 20.1%, Primary dealers 16.9%Indirect bidders63.0%74.8%Direct bidders20.1%11.9%Primary dealers16.9%13.3%Indirect bidders took 63.0% of the competitive bids acceptedIndirect bidders 63.0%, Direct bidders 20.1%, Primary dealers 16.9%Indirect bidders63.0%74.8%Direct bidders20.1%11.9%Primary dealers16.9%13.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.074.8
Direct bidders20.111.9
Primary dealers16.913.3

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$161,086,906,900
Sold$71,771,891,400
Competitive bids accepted$57,599,404,500
Non-competitive bids accepted$200,595,700
Federal Reserve (SOMA) add-on$13,771,891,200
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %3.965
Median rate, %3.917
Low rate, %3.800
Interest rate (coupon), %3.875
Bids at the high rate filled, %37.53
Bid-to-cover ratio2.54
Indirect bidders accepted$36,261,950,000
Direct bidders accepted$11,600,454,500
Primary dealers accepted$9,737,000,000
Indirect bidders' share, % (ours)63.0
Direct bidders' share, % (ours)20.1
Primary dealers' share, % (ours)16.9
High minus median, basis points (ours)4.8
Treasury par yield curve, 3-year point, same day, %3.96
High yield minus that point, basis points (ours)0.5

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 ratio2.54Last 24 auctions18 of 246 of 242.62
Bid-to-cover ratio2.54Since 10 November 2008158 of 20948 of 2092.76
Bid-to-cover ratio2.54All 225 since 6 May 2003159 of 22563 of 2252.72
High yield3.965Last 24 auctions8 of 2416 of 243.851
High yield3.965Since 10 November 200825 of 209184 of 2091.377
High yield3.965All 292 since 5 May 1981100 of 292192 of 2922.264
Indirect bidders' share63.0Last 24 auctions14 of 2410 of 2464.1
Indirect bidders' share63.0All 209 since 10 November 200827 of 209182 of 20949.8
Direct bidders' share20.1Last 24 auctions13 of 2411 of 2420.5
Direct bidders' share20.1All 209 since 10 November 200836 of 209173 of 20914.6
Primary dealers' share16.9Last 24 auctions7 of 2417 of 2414.8
Primary dealers' share16.9All 209 since 10 November 2008184 of 20925 of 20938.6
High minus median, basis points4.8Last 24 auctions17 of 247 of 245.1
High minus median, basis points4.8Since 10 November 200864 of 209144 of 2093.9
High minus median, basis points4.8All 292 since 5 May 198167 of 292224 of 2923.1

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 11 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260511_3.pdf. Compiled by 500metrics, "3-year note auction of 11 May 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-05-11.

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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