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Treasury auctions · 2-Year Note

2-year note auction of 27 April 2026 (new issue)

The 2-year note sold $77.684 billion at a high yield of 3.812% on , with a bid-to-cover ratio of 2.65.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 25 Apr 2023 to 27 Apr 2026
High yield at each 2-year note auction, 28 May 2024 to 27 Apr 2026

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, 25 Apr 2023 to 27 Apr 2026
Bid-to-cover ratio at each 2-year note auction, 28 May 2024 to 27 Apr 2026

Who bought the 2-year note of 27 Apr 2026

Shares of the competitive bids accepted

  • Indirect bidders 56.5%
  • Direct bidders 31.6%
  • Primary dealers 11.9%
This auction, 27 Apr 2026
  • Indirect bidders 59.4%
  • Direct bidders 16.5%
  • Primary dealers 24.1%
The 2-year note auction before, 24 Mar 2026

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 bidders56.5%
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
3.8122.65
3.9362.44
3.4552.63
3.4992.54
3.4892.68
3.5042.59
3.5712.51
3.6412.69
3.9202.62
3.7862.58
3.9552.57
3.7952.52
3.9842.66
4.1692.56
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

Observed .

Right now

The high yield was 3.812% on 27 April 2026, down from 3.936% at the auction before.

Higher than 173 of the 206 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the high minus median was higher than 22 of the 24.

The indirect bidders' share was higher than 5 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 56.5%
  • Direct bidders 31.6%
  • Primary dealers 11.9%

Size

Treasury sold $77.684 billion of the $69 billion offered.

Bids received came to $191.772 billion; the bid-to-cover ratio was 2.65.

Its bid-to-cover of 2.65 compares with the 24 auctions before it: lowest 2.41 on , highest 2.81 on ; 60.0% of the way from the low to the high.

2.65

Low 2.41 Midpoint 2.610 High 2.81

The security2-Year, new issue

Coupon
3.750%
Announced
Issued
Matures

It adds to the debt that matures in April 2028.

Understanding this result

Where it stands today

The high yield was 3.812% at this 2-year note auction, the median yield 3.750% and a bid-to-cover ratio of 2.65.

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$191,772,231,000
Sold$77,684,221,100
Competitive bids accepted$68,334,730,100
Non-competitive bids accepted$465,345,300
Federal Reserve (SOMA) add-on$8,684,145,700
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %3.812
Median rate, %3.750
Low rate, %2.880
Interest rate (coupon), %3.750
Bids at the high rate filled, %4.28
Bid-to-cover ratio2.65
Indirect bidders accepted$38,597,840,000
Direct bidders accepted$21,626,470,100
Primary dealers accepted$8,110,420,000
Indirect bidders' share, % (ours)56.5
Direct bidders' share, % (ours)31.6
Primary dealers' share, % (ours)11.9
High minus median, basis points (ours)6.2
Treasury par yield curve, 2-year point, same day, %3.78
High yield minus that point, basis points (ours)3.2
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 ratio2.652.583 of 129 of 12
High yield3.8123.7144 of 128 of 12
Indirect bidders' share56.557.47 of 125 of 12
Direct bidders' share31.630.85 of 127 of 12
Primary dealers' share11.911.34 of 128 of 12
High minus median, basis points6.25.31 of 1211 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 ratio2.65Last 24 auctions10 of 2414 of 242.62
Bid-to-cover ratio2.65Since 23 April 2008131 of 20671 of 2062.74
Bid-to-cover ratio2.65All 305 since 27 October 1999151 of 305150 of 3052.65
High yield3.812Last 24 auctions15 of 249 of 243.946
High yield3.812Since 23 April 200833 of 206173 of 2060.976
High yield3.812All 539 since 23 January 1980314 of 539225 of 5394.349
Indirect bidders' share56.5Last 24 auctions19 of 245 of 2461.9
Indirect bidders' share56.5All 206 since 23 April 200854 of 206152 of 20645.8
Direct bidders' share31.6Last 24 auctions5 of 2419 of 2422.6
Direct bidders' share31.6All 206 since 23 April 20087 of 206199 of 20616.8
Primary dealers' share11.9Last 24 auctions12 of 2412 of 2411.8
Primary dealers' share11.9All 206 since 23 April 2008194 of 20612 of 20638.2
High minus median, basis points6.2Last 24 auctions2 of 2422 of 245.0
High minus median, basis points6.2Since 23 April 200814 of 206192 of 2063.4
High minus median, basis points6.2All 539 since 23 January 198019 of 539520 of 5392.3

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 .

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 April 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260427_1.pdf. Compiled by 500metrics, "2-year note auction of 27 April 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2026-04-27.

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