3-Year Treasury Auction Yield Falls to 4.627% as Direct Bids Jump
Treasury sold $58 billion of 3-year notes Nov. 9 at 4.627%, down from 4.932% in October. Direct bidders took 35.0%, the most in data back to 2008.
Why it matters
- Treasury sold $58 billion of new 3-year notes on Monday, Nov. 9, at a high yield of 4.627%, down from 4.932% at the Oct. 6 sale, TreasuryDirect's results data show. The note carries a 4.625% coupon.
- The bid-to-cover ratio was 2.53, down from 2.62 in October and the lowest for a 3-year auction since July 2025, when it was 2.51.
- Direct bidders took 35.0% of competitive awards, the largest share for a 3-year auction since TreasuryDirect's data on direct awards begin in November 2008, by our calculation. Indirect bidders took 55.5% and primary dealers 9.5%.
Data Brief: a summary of published data, with our notes on what it shows.
The U.S. Treasury sold $58 billion of new 3-year notes on Monday, Nov. 9, at a high yield of 4.627%, according to TreasuryDirect's auction results data. That was down 30.5 basis points from 4.932% at the October auction, but demand by one measure was the softest since mid-2025: the bid-to-cover ratio fell to 2.53.
The sale opened Treasury's November refunding. A $42 billion 10-year note auction follows on Tuesday, Nov. 10, and a $25 billion 30-year bond auction on Thursday, Nov. 12, TreasuryDirect shows.
3-year auction results: November vs. October
| Measure | 3-year note, Nov. 9 | 3-year note, Oct. 6 | 3-year note, Sept. 8 |
|---|---|---|---|
| Amount offered | $58 billion | $58 billion | $58 billion |
| High yield | 4.627% | 4.932% | 4.474% |
| Median yield | 4.580% | — | — |
| Coupon | 4.625% | 4.875% | 4.375% |
| Bid-to-cover ratio | 2.53 | 2.62 | 2.72 |
| Indirect bidders' share | 55.5% | 57.6% | 62.1% |
| Direct bidders' share | 35.0% | 31.7% | 26.9% |
| Primary dealers' share | 9.5% | 10.7% | 10.9% |
| Allotted at the high yield | 73.41% | 8.35% | 29.35% |
Source: TreasuryDirect auction results data. Bidder shares are percentages of competitive awards, our calculation from Treasury's figures.
The new note settles Monday, Nov. 16, and matures Nov. 15, 2029. Monday's price was $99.994175 per $100. Investors tendered about $146.6 billion for the $58.0 billion sold. The Fed's System Open Market Account was awarded about $11.8 billion more, outside the offering amount.
Was demand for the 3-year note weak?
By the bid-to-cover ratio, it was softer. At 2.53, the ratio was the lowest since 2.51 on July 8, 2025, and matched the 2.53 of Aug. 5, 2025, TreasuryDirect's records show. The six previous 3-year auctions, May through October, averaged 2.64, by our calculation.
The mix of buyers shifted. Direct bidders were awarded about $20.2 billion of the $57.7 billion in competitive awards. Their 35.0% share topped the previous high of 31.9% set in February. Indirect bidders took about $32.0 billion and primary dealers about $5.5 billion, the dealers' smallest share since July's 7.7%, by our calculation.
For how these terms work, see our explainer on how Treasury auctions work, bid-to-cover and tails. Our October 3-year auction report covers the prior sale.
What comes next for bonds and the Fed?
Treasury's 3-year par yield closed at 4.58% on Nov. 9, down 1 basis point, while the 2-year rose 5 basis points to 4.56%, Treasury data show. October CPI comes out at 8:30 a.m. ET on Tuesday, Nov. 10, before the 10-year sale; see our October CPI preview. The Fed held its target range at 3.75% to 4% on Oct. 28 and next meets Dec. 8–9; see the FOMC meeting schedule for 2026 and 2027. Every sale is listed on our Treasury auction schedule and results page.
Sources
- TreasuryDirect, auctioned securities data, last day, 3-year note result of Nov. 9 (accessed Nov. 9, 2026, afternoon)
- TreasuryDirect, 3-year note auction history (accessed Nov. 9, 2026)
- TreasuryDirect, upcoming auctions data (accessed Nov. 9, 2026)
- U.S. Treasury, daily par yield curve rates, 2026 (accessed Nov. 9, 2026; latest row Nov. 9)
- U.S. Bureau of Labor Statistics, Consumer Price Index – September 2026, with the Nov. 10 release date (accessed Nov. 9, 2026)
- Federal Reserve, FOMC statement, Oct. 28, 2026 and FOMC meeting calendars (accessed Nov. 9, 2026)
