3-Year Treasury Note Auction: Results, Schedule & History
{
"tenor": "3-year-note",
"date": "2026-08-11",
"offering_usd": 58000000000,
"high_yield": 4.291,
"tail_bps": -0.5,
"bid_to_cover": 2.71,
"indirect_pct": 64.2,
"verdict": "STRONG"
}The 3-Year Treasury Note auction on Aug 11, 2026 put $58B on offer and stopped at a high yield of 4.291%, stopping through the when-issued yield by 0.5bp, with a bid-to-cover of 2.71 against a 2.65 twelve-month average. Indirects took 64.2%, directs 24% and primary dealers 11.7%. Helious graded it STRONG. Captured live by Helious as the results crossed.
The 3-year opens each mid-month refunding slate, so its result sets the risk tone for the 10-year and 30-year sales that follow. It sits at the belly's front edge, where Fed-path pricing meets duration, and a sloppy 3s auction often forces concession-building across the whole curve into the next two days.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRG8 | New | $58B | 4.291% | -0.5bp | 2.71 | 64.2% | 24.0% | 11.7% | STRONG → | |
| 91282CQZ7 | New | $58B | 4.179% | -0.6bp | 2.60 | 67.5% | 24.8% | 7.7% | STRONG → | |
| 91282CQV6 | New | $58B | 4.192% | — | 2.64 | 63.7% | 21.0% | 15.3% | — | |
| 91282CQR5 | New | $58B | 3.965% | — | 2.54 | 63.0% | 20.1% | 16.9% | — | |
| 91282CQJ3 | New | $58B | 3.897% | — | 2.68 | 74.8% | 11.9% | 13.3% | — | |
| 91282CQE4 | New | $58B | 3.579% | — | 2.55 | 59.8% | 20.7% | 19.5% | — | |
| 91282CQA2 | New | $58B | 3.518% | — | 2.62 | 57.1% | 31.9% | 10.9% | — | |
| 91282CPT2 | New | $58B | 3.609% | — | 2.65 | 56.5% | 29.5% | 14.0% | — | |
| 91282CPP0 | New | $58B | 3.614% | — | 2.64 | 72.0% | 19.0% | 9.0% | — | |
| 91282CPK1 | New | $58B | 3.579% | — | 2.85 | 63.0% | 27.3% | 9.7% | — | |
| 91282CPC9 | New | $58B | 3.576% | — | 2.66 | 62.7% | 26.6% | 10.7% | — | |
| 91282CNY3 | New | $58B | 3.485% | — | 2.73 | 74.2% | 17.4% | 8.4% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.