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3-Year Treasury Note Auction: Results, Schedule & History

High yield
4.932%
Oct 6, 2026
Tail
-0.2bp
stopped through
Bid to cover
2.62
12m avg 2.65
Indirects
57.6%
12m avg 64.0%

Ask Helious about the 3-Year Treasury Note auction

Tail, last 4 auctions. Below the line is a stop-through
Last result ·
4.932%
tail -0.2bp · b/c 2.62 · indirects 57.6% IN LINE 
{
  "tenor": "3-year-note",
  "date": "2026-10-06",
  "offering_usd": 58000000000,
  "high_yield": 4.932,
  "tail_bps": -0.2,
  "bid_to_cover": 2.62,
  "indirect_pct": 57.6,
  "verdict": "IN LINE"
}

The 3-Year Treasury Note auction on Oct 6, 2026 put $58B on offer and stopped at a high yield of 4.932%, 0.2bp through the when-issued yield. The bid-to-cover was 2.62, against a twelve-month average of 2.65. Indirects took 57.6%, directs 31.7% and primary dealers 10.7%. That stop is 45.8bp above the Sep 8, 2026 auction, and the highest 3-year note stop since May 2006. Helious captured the result live as it crossed and graded it IN LINE.

The 3-year goes first in the mid-month refunding slate, so how it clears sets the risk tone for the 10-year and 30-year sales behind it. It sits at the front edge of the belly, where pricing the Fed path starts turning into pricing duration. A sloppy 3s auction usually forces the market to build concession, and the whole curve cheapens over the next two days.

NEXT AUCTION
Auctioned monthly: second week (mon/tue), leads off the mid-month coupon slate; new issue at feb/may/aug/nov refundings; results cross ~13:00 ET.
LATEST RESULT:
4.932%
high yield
$58B
on offer
2.62
bid-to-cover
-0.03 vs avg
57.6%
indirects
-6.37 vs avg
31.7%
directs
+8.33 vs avg
10.7%
dealer take
-1.93 vs avg
IN LINE
desk verdict
Full desk recap →
12-MONTH AVERAGES · 11 AUCTIONS
2.65
bid-to-cover
63.97%
indirects
23.37%
directs
12.63%
dealer take
Read a new result against these numbers. When cover, indirects and directs come in above the average, that is solid investor demand. An above-average dealer take means the street absorbed the balance. The shares are percentages of competitive accepted, so indirects, directs and dealers add up to 100.

Recent auction results

DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP
91282CRQ6 New $58B 4.932% -0.2bp 2.62 57.6% 31.7% 10.7% IN LINE →
91282CRL7 New $58B 4.474% -0.1bp 2.72 62.1% 26.9% 10.9% IN LINE →
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% —

The issue column says which kind of auction it was. A reopening re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. Offered is the amount the Treasury announced for sale at that auction. The tail is the high yield minus the when-issued yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the desk recap, is the desk's live verdict, posted the moment results cross.

The desk captures each result and backfills the rest from the full auction record · 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.

FAQ

What did the last 3-Year Treasury Note auction come in at?

The 3-Year Treasury Note auction on Oct 6, 2026 put $58B on offer and stopped at a high yield of 4.932%, 0.2bp through the when-issued yield. The bid-to-cover was 2.62, against a twelve-month average of 2.65. Indirects took 57.6%, directs 31.7% and primary dealers 10.7%. That stop is 45.8bp above the Sep 8, 2026 auction, and the highest 3-year note stop since May 2006. Helious captured the result live as it crossed and graded it IN LINE.

When is the next 3-Year Treasury Note auction?

Treasury has not announced the next 3-Year Treasury Note auction yet. It is auctioned monthly: second week (Mon/Tue), leads off the mid-month coupon slate; new issue at Feb/May/Aug/Nov refundings. This page lists the date the moment it is announced, and the recap posts within seconds of the result.

How should a 3-Year Treasury Note auction result be read?

Read it against the tenor's own twelve-month averages: a bid-to-cover of 2.65, indirects at 63.97%, directs at 23.37%, a dealer take of 12.63%. Cover and indirects above the average with a small dealer take mean real-money demand absorbed the paper. A negative tail means the auction stopped through the when-issued yield, which is strong. A positive tail means it had to concede yield to clear. Helious graded the latest one IN LINE.
Watch the next auction live →