# Treasury Three-Year Auction Sets Highest Yield Since 2006 at 4.932%

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/27133
Published: 2026-10-06T20:49:54.000Z
Updated: 2026-10-06T20:49:54.000Z
Section: Investing

> The $58 billion sale cleared 0.2 basis point below the when-issued yield, while direct bidders received 31.66% of the securities.

The U.S. Treasury’s $58 billion three-year securities auction produced a 4.932% high yield, the highest for the maturity since May 2006, as direct bidders received nearly a third of the offering.

The result was 0.2 basis point below the 4.934% when-issued yield, the rate at which the securities traded before the auction. The bid-to-cover ratio, which compares bids with the amount offered, slipped to 2.616 from 2.722 at the previous sale and came in below the six-auction average.

Indirect bidders were awarded 57.59% of the securities, down from 62.15% at the previous auction and the lowest share since February. Direct bidders received 31.66%, just shy of the highest share on record.

Dealers took the remaining 10.7%, compared with 10.9% at the prior auction. The high yield rose from 4.475% at that sale.