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Treasury auctions · 2-Year Note

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

The 2-year note sold $76.629 billion at a high yield of 4.315% 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, 24 Jul 2023 to 27 Jul 2026
High yield at each 2-year note auction, 27 Aug 2024 to 27 Jul 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, 24 Jul 2023 to 27 Jul 2026
Bid-to-cover ratio at each 2-year note auction, 27 Aug 2024 to 27 Jul 2026

Who bought the 2-year note of 27 Jul 2026

Shares of the competitive bids accepted

  • Indirect bidders 56.6%
  • Direct bidders 34.1%
  • Primary dealers 9.4%
This auction, 27 Jul 2026
  • Indirect bidders 55.5%
  • Direct bidders 34.3%
  • Primary dealers 10.2%
The 2-year note auction before, 23 Jun 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 bidders56.6%
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
4.3152.66
4.1892.64
4.0712.64
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

Observed .

Right now

The high yield of 4.315% on 27 July 2026 was the highest for a 2-year note since 23 December 2024.

The primary dealers' share of 9.4% was the lowest for a 2-year note since 24 February 2025, with 15 auctions in between.

Higher than 191 of the 209 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the high yield was higher than 21 of the 24.

The primary dealers' share 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 56.6%
  • Direct bidders 34.1%
  • Primary dealers 9.4%

Size

Treasury sold $76.629 billion of the $69 billion offered.

Bids received came to $191.306 billion; the bid-to-cover ratio was 2.66.

Its bid-to-cover of 2.66 compares with the 24 auctions before it: lowest 2.44 on , highest 2.81 on ; 59.5% of the way from the low to the high.

2.66

Low 2.44 Midpoint 2.625 High 2.81

The security2-Year, new issue

Coupon
4.250%
Announced
Issued
Matures

It adds to the debt that matures in July 2028.

Understanding this result

Where it stands today

The high yield was 4.315% at this 2-year note auction, the median yield 4.270% 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$191,306,231,700
Sold$76,628,842,100
Competitive bids accepted$67,776,042,400
Non-competitive bids accepted$919,081,500
Federal Reserve (SOMA) add-on$7,628,718,200
Foreign and international (FIMA) non-competitive$305,000,000
High yield, %4.315
Median rate, %4.270
Low rate, %4.220
Interest rate (coupon), %4.250
Bids at the high rate filled, %69.04
Bid-to-cover ratio2.66
Indirect bidders accepted$38,355,032,000
Direct bidders accepted$23,080,167,200
Primary dealers accepted$6,340,843,200
Indirect bidders' share, % (ours)56.6
Direct bidders' share, % (ours)34.1
Primary dealers' share, % (ours)9.4
High minus median, basis points (ours)4.5
Treasury par yield curve, 2-year point, same day, %4.31
High yield minus that point, basis points (ours)0.5
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 ratio2.662.622 of 1210 of 12
High yield4.3153.7140 of 1212 of 12
Indirect bidders' share56.656.86 of 126 of 12
Direct bidders' share34.132.44 of 128 of 12
Primary dealers' share9.411.512 of 120 of 12
High minus median, basis points4.55.311 of 121 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 auctions7 of 2415 of 242.64
Bid-to-cover ratio2.66Since 23 April 2008128 of 20978 of 2092.73
Bid-to-cover ratio2.66All 308 since 27 October 1999147 of 308157 of 3082.65
High yield4.315Last 24 auctions3 of 2421 of 243.928
High yield4.315Since 23 April 200818 of 209191 of 2091.000
High yield4.315All 542 since 23 January 1980272 of 542270 of 5424.331
Indirect bidders' share56.6Last 24 auctions17 of 247 of 2458.8
Indirect bidders' share56.6All 209 since 23 April 200855 of 209154 of 20945.8
Direct bidders' share34.1Last 24 auctions4 of 2420 of 2426.3
Direct bidders' share34.1All 209 since 23 April 20085 of 209204 of 20917.0
Primary dealers' share9.4Last 24 auctions21 of 243 of 2411.5
Primary dealers' share9.4All 209 since 23 April 2008206 of 2093 of 20937.9
High minus median, basis points4.5Last 24 auctions18 of 246 of 245.1
High minus median, basis points4.5Since 23 April 200860 of 209142 of 2093.5
High minus median, basis points4.5All 542 since 23 January 198086 of 542446 of 5422.3

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 July 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260727_2.pdf. Compiled by 500metrics, "2-year note auction of 27 July 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2026-07-27.

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