3-Year Treasury Note Auction: Results, Schedule & History
Ask Helious about the 3-Year Treasury Note auction
{
"tenor": "3-year-note",
"date": "2026-09-08",
"offering_usd": 58000000000,
"high_yield": 4.474,
"tail_bps": -0.1,
"bid_to_cover": 2.72,
"indirect_pct": 62.1,
"verdict": "IN LINE"
}The 3-Year Treasury Note auction on Sep 8, 2026 put $58B on offer and stopped at a high yield of 4.474%, right on the screws against the when-issued yield. The bid-to-cover was 2.72, against a twelve-month average of 2.65. Indirects took 62.1%, directs 26.9% and primary dealers 10.9%. 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.
Recent auction results
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — | |
| 91282CPC9 | New | $58B | 3.576% | — | 2.66 | 62.7% | 26.6% | 10.7% | — |
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.
Auctions already on the schedule
| AUCTION DATE | CUSIP | AMOUNT |
|---|---|---|
| 91282CRQ6 | $58B |
The amount fills in when the Treasury announces the offering, usually a few days ahead.