The U.S. Treasury sold $58 billion in 3-year notes at a yield of 3.614%, 0.8 basis points lower than the pre-issue trading level at the bidding deadline.

Key auction details: - The awarded yield of 3.614% compares to the prior six-auction average of 3.695%. - The bid-to-cover ratio was 2.64x, slightly above the six-auction average of 2.63x. - Primary dealers were awarded 9% of the issue, below their six-auction average of 13.1%. - Direct bidders received 19%, lower than their six-auction average of 24.5%. - Indirect bidders took 72.0%, significantly higher than their six-auction average of 62.5%. The settlement date is December 15, 2025, with a maturity date of December 15, 2028.