US 3-Year Note Auction Yield Hits 4.291%, Highest Since Feb 2025; Bid-to-Cover 2.712
The US Treasury auctioned 3-year notes on August 11, 2026, with a high yield of 4.291%, up from 4.179% in July and the highest since February 2025. The auction stopped through the when-issued yield of 4.296% by 0.5 basis points, the second consecutive through. Bid-to-cover rose to 2.712, above the prior six-auction average of 2.606. Indirect bidders took 64.24%, down from 67.5% but near recent averages; direct bidders took 24.0% versus 21.7% average; dealers held 11.7%, a low level for the year.
The US Treasury conducted its auction of 3-year notes on August 11, 2026, with results showing strong demand. The high yield came in at 4.291%, up from 4.179% in July and the highest level since February 2025. The auction stopped through the when-issued yield of 4.296% by 0.5 basis points, marking the second consecutive through. The bid-to-cover ratio reached 2.712, above the average of 2.606 for the previous six auctions, indicating robust market demand.
On internal metrics, indirect bidders received 64.24% of the allocation, down from 67.5% last month but close to recent averages; direct bidders took 24.0%, above the average of 21.7%; and dealers held only 11.7%, a low level for the year. These figures suggest a stable bidder composition and limited dealer inventory pressure. The auction was completed successfully overall, with data released by the US Treasury.