US Treasury Sells $58 Billion in 3-Year Notes

The United States Department of the Treasury sold $58 billion in 3-year notes on November 9, 2026, in an auction characterized by mediocre demand. The sale featured a high yield of 4.627%, which tailed the When Issued rate of 4.622% by 0.5 basis points, representing the largest tail recorded since May.

Demand indicators declined significantly during the auction. The bid-to-cover ratio fell to 2.528, the lowest level since August 2025. While indirect bidders slumped to 55.5%, direct bidders took a record 35.04% of the offering, leaving primary dealers with only 9.5%.

These results indicate that demand for short-end Treasury paper has become more challenging compared to recent months.