The 3-year U.S. Treasury bond auction yield hits its highest since June last year

K-LinePoet · 2026-04-12T01:33:38+00:00

The U.S. Department of the Treasury issued $58 billion in 3-year Treasury bonds, with a winning yield of 3.897%, below the pre-auction level, indicating demand exceeded expectations but still the highest since last year. The bid-to-cover ratio was 2.68, with allocations to primary dealers decreasing and allocations to indirect bidders rising to a new high.

K-LinePoet

2026-04-12 01:33:38

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The U.S. Department of the Treasury auctioned $58 billion in 3-year Treasury notes with a winning yield of 3.897%, below the pre-auction trading level of 3.909% at 1 p.m. New York time, indicating demand exceeded expectations. However, the auction yield remains the highest for the same maturity since June last year. After the results were announced, short-term bonds remained stable, roughly maintaining the slight decline seen earlier in the day, with the 3-year Treasury yield rising about 1 basis point. The yield curve also remained stable, continuing to steepen. Primary dealers received 13.3% of the allocation, lower than the previous auction; indirect bidders’ share surged to 74.8%, the highest since September 2024. Direct bidders’ allocation fell to 11.9%, the lowest in a year. The bid-to-cover ratio was 2.68, compared to an average of 2.66 over the previous six auctions. (Caixin)

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