US Treasury Completes Long-Term Securities Auctions With Strong Demand

The United States Department of the Treasury completed a series of long-term securities auctions between August 11 and August 13, 2026, raising funds through three-year, ten-year, and thirty-year instruments.

The week began with a strong auction of $58 billion in three-year notes on Tuesday. The sale priced at a high yield of 4.291% and beat the When Issued yield by 0.5 basis points. Demand was high, evidenced by a bid-to-cover ratio of 2.712, which exceeded both the July figure and the six-auction average. Indirect bidders took 64.24% of the sale, while primary dealers held only 11.7%, one of the lowest allocations for dealers this year.

On Wednesday, the Treasury auctioned $42 billion in ten-year notes, which attracted modestly above-average demand. The sale resulted in a high yield of 4.683% and a bid-to-cover ratio of 2.53, surpassing the ten-auction average of 2.48.

The series concluded on Thursday with a $25 billion sale of thirty-year bonds. This final auction saw average demand, resulting in a high yield of 5.216% and a bid-to-cover ratio of 2.39, slightly below the ten-auction average of 2.40 and the previous month's ratio of 2.44.