U.S. Treasury's $58B 3 or Notes Auction Yields 4.474% with Average Demand

The U.S. Treasury auctioned $58 billion of 3 or notes at a high yield of 4.474%, with bid-to-cover of 2.72X above average.

08/09/2026 17:212 min read

At the first coupon auction of the week, the U.S. Treasury sold $58 billion of 3 or notes, achieving a high yield of 4.474%. The when-issued yield stood at 4.75% at the time of the sale, slightly above the high yield, which produced a tale of -0.1 basis points.

  • The bid-to-cover ratio of 2.72X was above the historical average of 2.62X.
  • Direct bidders took 26.9% of the notes, exceeding the 20.4% average.
  • Indirect bidders, representing international buyers, accounted for 64.2%, compared to the 65.5% average.
  • Dealers' share fell to 10.9%, below the 14.1% average.

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