What Happened
The U.S. Treasury sold $58 billion of 3-Year notes (CUSIP 91282CRW3) at auction on November 9, 2026, at a high yield of 4.627%. The securities issue on November 16, 2026 and mature on November 15, 2029.
Bids totaled 2.53 times the amount offered. Of the competitive bids accepted, indirect bidders were awarded 55.5%, direct bidders 35.0%, and primary dealers 9.5%.
At the previous 3-Year note auction on October 6, 2026, the high yield was 4.932%, the bid-to-cover ratio was 2.62, and primary dealers were awarded 10.7% of accepted competitive bids.
Why It Matters
The high yield was 31 basis points lower than at the previous auction, which lowers the government's fixed borrowing cost at this maturity. Because Treasury yields at this maturity are the base rate over which corporate bonds and loans are priced, the lower clearing level also reduces that benchmark for borrowers and lenders.
The bid-to-cover ratio of 2.53 was below the 2.64 average of the previous 6 comparable auctions, which means bids covered the offering by a smaller multiple than recent norms; thinner coverage can leave less demand in reserve for investors absorbing new supply.
Primary dealers, who are required to bid, took a smaller share than at the previous auction (9.5% versus 10.7%), which means more of the issue was placed with end investors at auction rather than left on dealer balance sheets.
Recent comparable auctions
October 6, 2026: high yield 4.932%, bid-to-cover 2.62, primary dealers 10.7%.
September 8, 2026: high yield 4.474%, bid-to-cover 2.72, primary dealers 10.9%.
August 11, 2026: high yield 4.291%, bid-to-cover 2.71, primary dealers 11.7%.
July 7, 2026: high yield 4.179%, bid-to-cover 2.60, primary dealers 7.7%.
June 9, 2026: high yield 4.192%, bid-to-cover 2.64, primary dealers 15.3%.
May 11, 2026: high yield 3.965%, bid-to-cover 2.54, primary dealers 16.9%.
Source and timing
Figures are from the U.S. Treasury's published auction results for November 9, 2026 and prior comparable auctions back to May 11, 2026. Award shares are calculated from competitive awards to indirect bidders, direct bidders, and primary dealers. These comparisons describe auction results only; they do not identify a cause or predict future auctions.