--- title: "3-Year Treasury Auction Results: Sep 8, 2026" description: "3-Year Treasury Note, Sep 8, 2026: 4.474% high yield, no tail, 2.72x cover, indirects 62.1%. Full bidder split, tails and 12-month averages." source: Helious canonical: "https://helious.io/auctions/3-year-note" --- # 3-Year Treasury Note Auction: Results, Schedule & History High yield 4.474% Sep 8, 2026 Tail -0.1bp on the screws Bid to cover 2.72 12m avg 2.65 Indirects 62.1% 12m avg 64.0% [Ask Helious about the 3-Year Treasury Note auction](https://helious.io/?ask=How%20did%20the%20last%203-Year%20Treasury%20Note%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/3-year-note) High yield, last 12 auctions 4.474%3.996%3.518% 2025-10-072026-09-08 Human Agent Last result · Sep 8, 2026 4.474% tail -0.1bp · b/c 2.72 · indirects 62.1% IN LINE { "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. NEXT AUCTION Oct 6, 2026 Results cross ~13:00 ET. The desk posts its recap and verdict within seconds. LATEST RESULT: SEP 8, 2026 4.474%high yield $58Bon offer 2.72bid-to-cover+0.07 vs avg 62.1%indirects-1.93 vs avg 26.9%directs+3.55 vs avg 10.9%dealer take-1.71 vs avg IN LINEdesk verdict [Full desk recap →](https://helious.io/news/auc-91282CRL7-2026-09-08/3-year-note-auction-in-line) 12-MONTH AVERAGES · 11 AUCTIONS 2.65bid-to-cover 64.03%indirects 23.35%directs 12.61%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](https://helious.io/learn/primary-dealers) 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 Sep 8, 2026Sep 8 ’26 91282CRL7 New $58B 4.474% -0.1bp 2.72 62.1% 26.9% 10.9% [IN LINE →](https://helious.io/news/auc-91282CRL7-2026-09-08/3-year-note-auction-in-line) Aug 11, 2026Aug 11 ’26 91282CRG8 New $58B 4.291% -0.5bp 2.71 64.2% 24.0% 11.7% [STRONG →](https://helious.io/news/auc-91282CRG8-2026-08-11/3-year-note-auction-strong) Jul 7, 2026Jul 7 ’26 91282CQZ7 New $58B 4.179% -0.6bp 2.60 67.5% 24.8% 7.7% [STRONG →](https://helious.io/news/auc-91282CQZ7-2026-07-07/3-year-note-auction-strong) Jun 9, 2026Jun 9 ’26 91282CQV6 New $58B 4.192% — 2.64 63.7% 21.0% 15.3% — May 11, 2026May 11 ’26 91282CQR5 New $58B 3.965% — 2.54 63.0% 20.1% 16.9% — Apr 7, 2026Apr 7 ’26 91282CQJ3 New $58B 3.897% — 2.68 74.8% 11.9% 13.3% — Mar 10, 2026Mar 10 ’26 91282CQE4 New $58B 3.579% — 2.55 59.8% 20.7% 19.5% — Feb 10, 2026Feb 10 ’26 91282CQA2 New $58B 3.518% — 2.62 57.1% 31.9% 10.9% — Jan 12, 2026Jan 12 ’26 91282CPT2 New $58B 3.609% — 2.65 56.5% 29.5% 14.0% — Dec 8, 2025Dec 8 ’25 91282CPP0 New $58B 3.614% — 2.64 72.0% 19.0% 9.0% — Nov 10, 2025Nov 10 ’25 91282CPK1 New $58B 3.579% — 2.85 63.0% 27.3% 9.7% — Oct 7, 2025Oct 7 ’25 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](https://helious.io/learn/when-issued-yield) 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](https://helious.io/learn/when-issued-yield) 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)](https://helious.io/auctions/3-year-note.csv). The full history comes through the [Helious API](https://helious.io/developers/) and MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan. Read [what a tail means](https://helious.io/learn/auction-tail) · [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) · [who indirect bidders are](https://helious.io/learn/indirect-bidders) · [who direct bidders are](https://helious.io/learn/direct-bidders). ## Auctions already on the schedule AUCTION DATECUSIPAMOUNT Oct 6, 202691282CRQ6$58B The amount fills in when the Treasury announces the offering, usually a few days ahead. [Watch the next auction live →](https://helious.io/)