500metrics

Treasury auctions · 2-Year Note

2-year note auction of 27 January 2025 (new issue)

The 2-year note sold $72.832 billion at a high yield of 4.211% on , with a bid-to-cover ratio of 2.66.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 22 Feb 2022 to 27 Jan 2025
High yield at each 2-year note auction, 21 Feb 2023 to 27 Jan 2025

Bid-to-cover ratio at each 2-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 2-year note auction, 22 Feb 2022 to 27 Jan 2025
Bid-to-cover ratio at each 2-year note auction, 21 Feb 2023 to 27 Jan 2025

Who bought the 2-year note of 27 Jan 2025

Shares of the competitive bids accepted

  • Indirect bidders 65.0%
  • Direct bidders 21.3%
  • Primary dealers 13.7%
This auction, 27 Jan 2025
  • Indirect bidders 82.1%
  • Direct bidders 6.6%
  • Primary dealers 11.3%
The 2-year note auction before, 23 Dec 2024

Each point is one 2-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders65.0%
Inspect and compare dates
High yield and bid-to-cover of the last 36 2-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
4.2112.66
4.3352.73
4.2742.77
4.1302.50
3.5202.59
3.8742.68
4.4342.81
4.7062.75
4.9172.41
4.8982.66
4.5952.62
4.6912.49
4.3652.57
4.3142.68
4.8872.54
5.0552.64
5.0852.73
5.0242.94
4.8232.78
4.6702.86
4.3002.90
3.9692.68
3.9542.44
4.6732.61
4.1392.94
4.3732.71
4.5052.64
4.4602.59
4.2902.51
3.3072.49
3.0152.58
3.0842.51
2.5192.61
2.5852.74
2.3652.46
1.5532.64

Observed .

Right now

The high yield was 4.211% on 27 January 2025, down from 4.335% at the auction before.

Higher than 170 of the 192 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the direct bidders' share was higher than 19 of the 24.

The high minus median was higher than 3 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 65.0%
  • Direct bidders 21.3%
  • Primary dealers 13.7%

Size

Treasury sold $72.832 billion of the $69 billion offered.

Bids received came to $187.028 billion; the bid-to-cover ratio was 2.66.

Its bid-to-cover of 2.66 compares with the 24 auctions before it: lowest 2.41 on , highest 2.94 on ; 47.2% of the way from the low to the high.

2.66

Low 2.41 Midpoint 2.675 High 2.94

The security2-Year, new issue

Coupon
4.125%
Announced
Issued
Matures

It adds to the debt that matures in January 2027.

Understanding this result

Where it stands today

The high yield was 4.211% at this 2-year note auction, the median yield 4.168% and a bid-to-cover ratio of 2.66.

What do these figures measure?

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

Read more

How does it compare with the par yield curve?

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (2-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What these figures cannot tell

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as2-Year, new issue
Offering amount$69,000,000,000
Bids received$187,027,587,300
Sold$72,831,587,300
Competitive bids accepted$68,094,660,000
Non-competitive bids accepted$750,404,400
Federal Reserve (SOMA) add-on$3,831,522,900
Foreign and international (FIMA) non-competitive$155,000,000
High yield, %4.211
Median rate, %4.168
Low rate, %4.090
Interest rate (coupon), %4.125
Bids at the high rate filled, %55.05
Bid-to-cover ratio2.66
Indirect bidders accepted$44,277,660,000
Direct bidders accepted$14,483,500,000
Primary dealers accepted$9,333,500,000
Indirect bidders' share, % (ours)65.0
Direct bidders' share, % (ours)21.3
Primary dealers' share, % (ours)13.7
High minus median, basis points (ours)4.3
Treasury par yield curve, 2-year point, same day, %4.17
High yield minus that point, basis points (ours)4.1
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.645 of 126 of 12
High yield4.2114.4009 of 123 of 12
Indirect bidders' share65.066.010 of 122 of 12
Direct bidders' share21.319.72 of 1210 of 12
Primary dealers' share13.713.45 of 127 of 12
High minus median, basis points4.35.010 of 122 of 12

The table scrolls sideways; the first column stays in place.

The longer windows

Each measure against earlier 2-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.66Last 24 auctions13 of 2410 of 242.68
Bid-to-cover ratio2.66Since 23 April 2008126 of 19265 of 1922.78
Bid-to-cover ratio2.66All 291 since 27 October 1999145 of 291144 of 2912.66
High yield4.211Last 24 auctions18 of 246 of 244.514
High yield4.211Since 23 April 200822 of 192170 of 1920.921
High yield4.211All 525 since 23 January 1980283 of 525242 of 5254.434
Indirect bidders' share65.0Last 24 auctions13 of 2411 of 2465.2
Indirect bidders' share65.0All 192 since 23 April 200817 of 192175 of 19245.0
Direct bidders' share21.3Last 24 auctions5 of 2419 of 2419.9
Direct bidders' share21.3All 192 since 23 April 200843 of 192149 of 19216.1
Primary dealers' share13.7Last 24 auctions16 of 248 of 2414.9
Primary dealers' share13.7All 192 since 23 April 2008183 of 1929 of 19240.5
High minus median, basis points4.3Last 24 auctions21 of 243 of 245.0
High minus median, basis points4.3Since 23 April 200862 of 192129 of 1923.2
High minus median, basis points4.3All 525 since 23 January 198092 of 525432 of 5252.2

The table scrolls sideways; the first column stays in place.

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 27 January 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250127_1.pdf. Compiled by 500metrics, "2-year note auction of 27 January 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2025-01-27.

Page updated