Treasury auctions · 2-Year Note
2-year note auction of 23 September 2025 (new issue)
The 2-year note sold $72.81 billion at a high yield of 3.571% on , with a bid-to-cover ratio of 2.51.
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 23 Sep 2025
- Indirect bidders 57.7%
- Direct bidders 30.8%
- Primary dealers 11.5%
- Indirect bidders 57.1%
- Direct bidders 33.2%
- Primary dealers 9.7%
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 bidders57.7%
Inspect and compare dates
| Auction | High yield, % | Bid-to-cover |
|---|---|---|
| 3.571 | 2.51 | |
| 3.641 | 2.69 | |
| 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 |
Observed .
Right now
The high yield of 3.571% on 23 September 2025 was the lowest for a 2-year note since 24 September 2024.
Its own history
Against the previous 24 2-year note auctions, the direct bidders' share was higher than 22 of the 24.
The high yield was higher than 1 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted.
- Indirect bidders 57.7%
- Direct bidders 30.8%
- Primary dealers 11.5%
Size
Treasury sold $72.81 billion of the $69 billion offered.
Bids received came to $177.189 billion; the bid-to-cover ratio was 2.51.
Its bid-to-cover of 2.51 compares with the 24 auctions before it: lowest 2.41 on , highest 2.81 on ; 25.0% of the way from the low to the high.
Low 2.41 Midpoint 2.610 High 2.81
The security2-Year, new issue
- Coupon
- 3.500%
- Announced
- Issued
- Matures
It adds to the debt that matures in September 2027.
Understanding this result
Where it stands today
The high yield was 3.571% at this 2-year note auction, the median yield 3.520% and a bid-to-cover ratio of 2.51.
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 | $177,188,550,500 |
| Sold | $72,810,112,800 |
| Competitive bids accepted | $68,681,817,300 |
| Non-competitive bids accepted | $313,227,000 |
| Federal Reserve (SOMA) add-on | $3,810,068,500 |
| Foreign and international (FIMA) non-competitive | $5,000,000 |
| High yield, % | 3.571 |
| Median rate, % | 3.520 |
| Low rate, % | 3.400 |
| Interest rate (coupon), % | 3.500 |
| Bids at the high rate filled, % | 85.19 |
| Bid-to-cover ratio | 2.51 |
| Indirect bidders accepted | $39,661,255,000 |
| Direct bidders accepted | $21,131,182,300 |
| Primary dealers accepted | $7,889,380,000 |
| Indirect bidders' share, % (ours) | 57.7 |
| Direct bidders' share, % (ours) | 30.8 |
| Primary dealers' share, % (ours) | 11.5 |
| High minus median, basis points (ours) | 5.1 |
| Treasury par yield curve, 2-year point, same day, % | 3.53 |
| High yield minus that point, basis points (ours) | 4.1 |
How does it compare with earlier auctions?The previous 12 auctions, then every window
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 2.51 | 2.60 | 11 of 12 | 1 of 12 |
| High yield | 3.571 | 3.970 | 11 of 12 | 1 of 12 |
| Indirect bidders' share | 57.7 | 64.2 | 9 of 12 | 3 of 12 |
| Direct bidders' share | 30.8 | 22.6 | 2 of 12 | 10 of 12 |
| Primary dealers' share | 11.5 | 11.0 | 5 of 12 | 7 of 12 |
| High minus median, basis points | 5.1 | 5.0 | 4 of 12 | 8 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 | 2.51 | Last 24 auctions | 21 of 24 | 3 of 24 | 2.63 |
| Bid-to-cover ratio | 2.51 | Since 23 April 2008 | 166 of 200 | 32 of 200 | 2.75 |
| Bid-to-cover ratio | 2.51 | All 299 since 27 October 1999 | 196 of 299 | 100 of 299 | 2.66 |
| High yield | 3.571 | Last 24 auctions | 23 of 24 | 1 of 24 | 4.294 |
| High yield | 3.571 | Since 23 April 2008 | 35 of 200 | 165 of 200 | 0.948 |
| High yield | 3.571 | All 533 since 23 January 1980 | 322 of 533 | 211 of 533 | 4.370 |
| Indirect bidders' share | 57.7 | Last 24 auctions | 20 of 24 | 4 of 24 | 65.1 |
| Indirect bidders' share | 57.7 | All 200 since 23 April 2008 | 41 of 200 | 159 of 200 | 45.7 |
| Direct bidders' share | 30.8 | Last 24 auctions | 2 of 24 | 22 of 24 | 20.6 |
| Direct bidders' share | 30.8 | All 200 since 23 April 2008 | 6 of 200 | 194 of 200 | 16.3 |
| Primary dealers' share | 11.5 | Last 24 auctions | 16 of 24 | 8 of 24 | 13.4 |
| Primary dealers' share | 11.5 | All 200 since 23 April 2008 | 192 of 200 | 8 of 200 | 38.7 |
| High minus median, basis points | 5.1 | Last 24 auctions | 9 of 24 | 14 of 24 | 5.0 |
| High minus median, basis points | 5.1 | Since 23 April 2008 | 31 of 200 | 167 of 200 | 3.4 |
| High minus median, basis points | 5.1 | All 533 since 23 January 1980 | 42 of 533 | 489 of 533 | 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 23 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250923_2.pdf. Compiled by 500metrics, "2-year note auction of 23 September 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2025-09-23.
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