Treasury auctions · 2-Year Note
2-year note auction of 28 July 2025 (new issue)
The 2-year note sold $73.699 billion at a high yield of 3.920% on , with a bid-to-cover ratio of 2.62.
High yield at each 2-year note auction
Bid-to-cover ratio at each 2-year note auction
Who bought the 2-year note of 28 Jul 2025
- Indirect bidders 55.3%
- Direct bidders 34.4%
- Primary dealers 10.3%
- Indirect bidders 60.5%
- Direct bidders 26.3%
- Primary dealers 13.2%
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 bidders55.3%
Inspect and compare dates
| Auction | High yield, % | Bid-to-cover |
|---|---|---|
| 3.920 | 2.62 | |
| 3.786 | 2.58 | |
| 3.955 | 2.57 | |
| 3.795 | 2.52 | |
| 3.984 | 2.66 | |
| 4.169 | 2.56 | |
| 4.211 | 2.66 | |
| 4.335 | 2.73 | |
| 4.274 | 2.77 | |
| 4.130 | 2.50 | |
| 3.520 | 2.59 | |
| 3.874 | 2.68 | |
| 4.434 | 2.81 | |
| 4.706 | 2.75 | |
| 4.917 | 2.41 | |
| 4.898 | 2.66 | |
| 4.595 | 2.62 | |
| 4.691 | 2.49 | |
| 4.365 | 2.57 | |
| 4.314 | 2.68 | |
| 4.887 | 2.54 | |
| 5.055 | 2.64 | |
| 5.085 | 2.73 | |
| 5.024 | 2.94 | |
| 4.823 | 2.78 | |
| 4.670 | 2.86 | |
| 4.300 | 2.90 | |
| 3.969 | 2.68 | |
| 3.954 | 2.44 | |
| 4.673 | 2.61 | |
| 4.139 | 2.94 | |
| 4.373 | 2.71 | |
| 4.505 | 2.64 | |
| 4.460 | 2.59 | |
| 4.290 | 2.51 | |
| 3.307 | 2.49 |
Observed .
Right now
The high yield was 3.920% on 28 July 2025, up from 3.786% at the auction before.
The indirect bidders' share of 55.3% was the lowest for a 2-year note since 27 March 2023, with 27 auctions in between.
The direct bidders' share of 34.4% was the highest for a 2-year note since 23 October 2012, with 143 auctions in between.
Its own history
Against the previous 24 2-year note auctions, the direct bidders' share was higher than all 24.
The indirect bidders' share was lower than all 24.
Who bought
Indirect bidders took the largest share of the competitive bids accepted.
- Indirect bidders 55.3%
- Direct bidders 34.4%
- Primary dealers 10.3%
Size
Treasury sold $73.699 billion of the $69 billion offered.
Bids received came to $185.595 billion; the bid-to-cover ratio was 2.62.
Its bid-to-cover of 2.62 compares with the 24 auctions before it: lowest 2.41 on , highest 2.94 on ; 39.6% of the way from the low to the high.
Low 2.41 Midpoint 2.675 High 2.94
The security2-Year, new issue
- Coupon
- 3.875%
- Announced
- Issued
- Matures
It adds to the debt that matures in July 2027.
Understanding this result
Where it stands today
The high yield was 3.920% at this 2-year note auction, the median yield 3.870% and a bid-to-cover ratio of 2.62.
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
| Field | Value |
|---|---|
| Offered as | 2-Year, new issue |
| Offering amount | $69,000,000,000 |
| Bids received | $185,594,830,700 |
| Sold | $73,698,811,200 |
| Competitive bids accepted | $68,438,880,500 |
| Non-competitive bids accepted | $356,307,900 |
| Federal Reserve (SOMA) add-on | $4,698,622,800 |
| Foreign and international (FIMA) non-competitive | $205,000,000 |
| High yield, % | 3.920 |
| Median rate, % | 3.870 |
| Low rate, % | 3.800 |
| Interest rate (coupon), % | 3.875 |
| Bids at the high rate filled, % | 58.43 |
| Bid-to-cover ratio | 2.62 |
| Indirect bidders accepted | $37,866,200,000 |
| Direct bidders accepted | $23,524,063,000 |
| Primary dealers accepted | $7,048,617,500 |
| Indirect bidders' share, % (ours) | 55.3 |
| Direct bidders' share, % (ours) | 34.4 |
| Primary dealers' share, % (ours) | 10.3 |
| High minus median, basis points (ours) | 5.0 |
| Treasury par yield curve, 2-year point, same day, % | 3.91 |
| High yield minus that point, basis points (ours) | 1.0 |
How does it compare with earlier auctions?The previous 12 auctions, then every window
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 2.62 | 2.62 | 6 of 12 | 6 of 12 |
| High yield | 3.920 | 4.057 | 8 of 12 | 4 of 12 |
| Indirect bidders' share | 55.3 | 68.3 | 12 of 12 | 0 of 12 |
| Direct bidders' share | 34.4 | 19.4 | 0 of 12 | 12 of 12 |
| Primary dealers' share | 10.3 | 11.6 | 9 of 12 | 3 of 12 |
| High minus median, basis points | 5.0 | 4.9 | 4 of 12 | 6 of 12 |
The table scrolls sideways; the first column stays in place.
The longer windows
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.62 | Last 24 auctions | 13 of 24 | 10 of 24 | 2.65 |
| Bid-to-cover ratio | 2.62 | Since 23 April 2008 | 141 of 198 | 56 of 198 | 2.75 |
| Bid-to-cover ratio | 2.62 | All 297 since 27 October 1999 | 163 of 297 | 133 of 297 | 2.66 |
| High yield | 3.920 | Last 24 auctions | 20 of 24 | 4 of 24 | 4.350 |
| High yield | 3.920 | Since 23 April 2008 | 30 of 198 | 168 of 198 | 0.944 |
| High yield | 3.920 | All 531 since 23 January 1980 | 308 of 531 | 222 of 531 | 4.373 |
| Indirect bidders' share | 55.3 | Last 24 auctions | 24 of 24 | 0 of 24 | 65.2 |
| Indirect bidders' share | 55.3 | All 198 since 23 April 2008 | 52 of 198 | 146 of 198 | 45.5 |
| Direct bidders' share | 34.4 | Last 24 auctions | 0 of 24 | 24 of 24 | 20.2 |
| Direct bidders' share | 34.4 | All 198 since 23 April 2008 | 1 of 198 | 197 of 198 | 16.2 |
| Primary dealers' share | 10.3 | Last 24 auctions | 21 of 24 | 3 of 24 | 13.7 |
| Primary dealers' share | 10.3 | All 198 since 23 April 2008 | 195 of 198 | 3 of 198 | 39.1 |
| High minus median, basis points | 5.0 | Last 24 auctions | 11 of 24 | 11 of 24 | 5.0 |
| High minus median, basis points | 5.0 | Since 23 April 2008 | 33 of 198 | 159 of 198 | 3.3 |
| High minus median, basis points | 5.0 | All 531 since 23 January 1980 | 44 of 531 | 469 of 531 | 2.3 |
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 .
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 28 July 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250728_2.pdf. Compiled by 500metrics, "2-year note auction of 28 July 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2025-07-28.
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