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3-year note auction of 8 September 2026 (new issue)

The 3-year note sold $58 billion at a high yield of 4.474% on , with a bid-to-cover ratio of 2.72.

Coupon
4.375%
Announced
Issued
Matures
Next 3-year note auction

High yield

4.474%

Median yield 4.430%

Bid-to-cover

2.72

▲ +0.01 since 11 Aug

Sold

$58.00 billion

$58 billion offered

Indirect bidders

62.1%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 10 June 2024

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 10 June 202436 auctions from 10 October 2023 to 8 September 2026; the latest at 4.474%.3.0%3.5%4.0%4.5%5.0%2023202420252026This auction, 4.474%The high yield was the highest for a 3-year note since 10 June 202436 auctions from 10 October 2023 to 8 September 2026; the latest at 4.474%.3.3%3.5%3.8%4.0%4.3%4.5%202520264.474%

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
4.4742.72
4.2912.71
4.1792.60
4.1922.64
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

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.722.642 of 1210 of 12
High yield4.4743.6120 of 1212 of 12
Indirect bidders' share62.163.39 of 123 of 12
Direct bidders' share26.922.53 of 129 of 12
Primary dealers' share10.911.37 of 125 of 12
High minus median, basis points4.44.68 of 123 of 12

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

Who bought the 3-year note?

Indirect bidders took 62.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 11 August 2026

Indirect bidders took 62.1% of the competitive bids acceptedIndirect bidders 62.1%, Direct bidders 26.9%, Primary dealers 10.9%Indirect bidders62.1%64.2%Direct bidders26.9%24.0%Primary dealers10.9%11.7%Indirect bidders took 62.1% of the competitive bids acceptedIndirect bidders 62.1%, Direct bidders 26.9%, Primary dealers 10.9%Indirect bidders62.1%64.2%Direct bidders26.9%24.0%Primary dealers10.9%11.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.164.2
Direct bidders26.924.0
Primary dealers10.911.7

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$157,872,425,100
Sold$58,000,088,800
Competitive bids accepted$57,619,163,700
Non-competitive bids accepted$275,925,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %4.474
Median rate, %4.430
Low rate, %4.370
Interest rate (coupon), %4.375
Bids at the high rate filled, %29.35
Bid-to-cover ratio2.72
Indirect bidders accepted$35,809,000,000
Direct bidders accepted$15,525,163,700
Primary dealers accepted$6,285,000,000
Indirect bidders' share, % (ours)62.1
Direct bidders' share, % (ours)26.9
Primary dealers' share, % (ours)10.9
High minus median, basis points (ours)4.4
Treasury par yield curve, 3-year point, same day, %4.44
High yield minus that point, basis points (ours)3.4

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 ratio2.72Last 24 auctions3 of 2421 of 242.62
Bid-to-cover ratio2.72Since 10 November 2008111 of 213101 of 2132.75
Bid-to-cover ratio2.72All 229 since 6 May 2003112 of 229116 of 2292.71
High yield4.474Last 24 auctions0 of 2424 of 243.884
High yield4.474Since 10 November 200810 of 213203 of 2131.394
High yield4.474All 296 since 5 May 198181 of 296215 of 2962.316
Indirect bidders' share62.1Last 24 auctions17 of 247 of 2463.3
Indirect bidders' share62.1All 213 since 10 November 200838 of 213175 of 21350.5
Direct bidders' share26.9Last 24 auctions5 of 2419 of 2420.9
Direct bidders' share26.9All 213 since 10 November 20085 of 213208 of 21314.8
Primary dealers' share10.9Last 24 auctions17 of 247 of 2414.0
Primary dealers' share10.9All 213 since 10 November 2008204 of 2139 of 21338.4
High minus median, basis points4.4Last 24 auctions18 of 245 of 244.9
High minus median, basis points4.4Since 10 November 200878 of 213127 of 2133.9
High minus median, basis points4.4All 296 since 5 May 198181 of 296207 of 2963.1

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 8 September 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260908_3.pdf. Compiled by 500metrics, "3-year note auction of 8 September 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-09-08.

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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