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Treasury auctions · 2-year note

2-year note auctions: page 2 of 3

The last 2-year note auction, on , sold at a high yield of 4.787% with a bid-to-cover of 2.63.

Older 2-year note auctions, page 2 of 3: 545 auctions with results since 23 January 1980.

The auctions on this page

What were the results of every 2-year note auction?Page 2 of 3: 200 auctions, newest first

545 2-year note auctions with results since 23 January 1980; this page holds 200 of them, newest first.

2-year note auctions, newest first; dated links open an auction's own page
AuctionOffered asHigh yield, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %High − median, bp
2-Year0.9492.7140.00041.89653.12.244.74.9
2-Year0.9612.6340.00042.14328.13.368.66.1
2-Year0.9252.6940.00041.69834.62.862.55.4
2-Year0.9222.1338.00040.77330.41.468.28.8
2-Year1.2692.0836.00038.51934.91.463.78.4
2-Year1.6002.4934.00035.50742.00.157.92.5
2-Year2.1152.2134.00037.15027.98.963.26.5
2-Year2.3802.1832.00034.66929.51.169.45.0
2-Year2.8202.4231.00034.41536.91.062.15.0
2-Year2.9222.6430.00033.21728.50.471.12.3
2-Year2.6402.2830.00032.40622.40.976.65.0
2-Year2.2252.2130.00032.75233.60.565.83.5
2-Year1.7612.4428.00031.992–––2.2
2-Year2.0452.1426.00028.900–––2.5
2-Year2.2372.3324.00026.923–––3.7
2-Year3.2852.2322.00026.497–––4.4
2-Year3.1592.2120.00024.543–––3.7
2-Year3.7232.8620.00023.860–––1.9
2-Year4.0003.2918.00021.984–––1.9
2-Year4.1153.9718.00022.280–––1.8
2-Year4.7352.5918.00021.882–––1.5
2-Year4.9062.8018.00022.020–––1.6
2-Year4.8862.5318.00022.480–––2.6
2-Year4.6062.9318.00022.777–––1.6
2-Year4.5142.8118.00022.645–––2.5
2-Year4.8303.0418.00023.035–––2.0
2-Year4.9303.0320.00022.971–––2.0
2-Year4.7652.4620.00024.817–––2.5
2-Year4.6923.0220.00024.338–––2.2
2-Year4.8942.9120.00022.726–––2.1
2-Year4.6602.7720.00024.499–––2.5
2-Year4.9212.3222.00026.504–––2.3
2-Year5.0902.0322.00026.424–––2.1
2-Year5.2392.2822.00026.497–––2.0
2-Year4.9332.5822.00025.929–––1.4
2-Year4.9752.0522.00026.834–––1.7
2-Year4.7302.1222.00026.834–––3.0
2-Year4.6892.2422.00026.500–––2.9
2-Year4.4272.1122.00027.163–––2.2
2-Year4.4042.4220.00026.667–––2.1
2-Year4.3492.1620.00026.667–––3.0
2-Year4.3652.2120.00026.551–––2.3
2-Year4.0952.5820.00026.585–––2.0
2-Year4.0142.2820.00026.667–––1.7
2-Year3.9752.3820.00025.864–––2.1
2-Year3.6502.2320.00026.667–––2.7
2-Year3.6152.3622.00029.116–––1.7
2-Year3.6501.7724.00031.995–––3.6
2-Year3.8602.0324.00032.000–––2.1
2-Year3.4981.9324.00032.000–––2.8
2-Year3.2452.0124.00029.000–––2.6
2-Year3.1202.0024.00031.948–––2.5
2-Year2.9452.6124.00030.044–––1.5
2-Year2.5901.9324.00029.560–––3.0
2-Year2.6202.2024.00031.652–––4.0
2-Year2.4942.1924.00031.807–––2.9
2-Year2.7972.3624.00031.006–––1.7
2-Year2.7852.1725.00032.581–––2.1
2-Year2.5382.3225.00031.298–––2.1
2-Year2.2702.1126.00034.334–––4.0
2-Year1.5202.1826.00034.334–––4.0
2-Year1.6752.4326.00034.000–––2.5
2-Year1.9301.8726.00032.531–––5.0
2-Year1.9502.1526.00033.987–––4.1
2-Year1.9391.7526.00032.201–––5.6
2-Year1.7372.1226.00032.368–––3.7
2-Year1.6952.2025.00031.535–––2.5
2-Year2.0401.7325.00030.590–––4.2
2-Year1.5101.8025.00029.996–––4.5
2-Year1.1791.8425.00031.700–––5.0
2-Year1.3051.7725.00031.020–––3.1
2-Year1.7042.1627.00034.293–––1.5
2-Year1.6921.8427.00035.211–––1.8
2-Year1.5752.0027.00035.333–––3.5
2-Year1.7101.4827.00033.834–––4.0
2-Year1.8201.8927.00033.195–––3.0
2-Year2.1201.7727.00032.864–––4.0
2-Year2.1401.6927.00032.435–––4.5
2-Year1.9602.0027.00034.652–––5.0
2-Year2.2202.2627.00034.537–––2.0
2-Year2.2701.5627.00033.237–––5.0
2-Year2.9701.3127.00034.047–––7.0
2-Year3.2742.6927.00033.298–––1.9
2-Year3.3752.0025.00032.648–––2.5
2-Year3.7051.9625.00032.873–––3.5
2-Year3.0591.8125.00031.735–––4.5
2-Year3.0391.5425.00030.766–––5.9
2-Year3.3002.4023.00029.666–––2.0
2-Year3.0081.5121.00026.167–––4.8
2-Year2.7702.2719.00025.143–––3.0
2-Year2.8692.4217.00022.667–––4.9
2-Year3.6852.1714.00018.667–––3.5
2-Year3.9652.4612.00016.000–––2.5
2-Year3.9902.2611.00014.667–––2.2
2-Year4.3272.5910.00013.333–––2.2
2-Year4.1242.6910.00013.336–––2.4
2-Year4.3002.7911.00014.674–––1.5
2-Year4.6852.3811.00014.675–––2.2
2-Year4.7602.6310.00015.437–––2.0
2-Year5.1302.5110.00014.834–––2.0
2-Year5.6953.1410.00015.048–––0.6
2-Year6.0022.9310.00015.184–––0.7
2-Year6.2042.6910.00015.038–––1.9
2-Year6.2842.6310.00015.037–––1.9
2-Year6.4832.7010.00014.311–––1.3
2-Year6.7492.5210.00014.838–––2.9
2-Year6.4842.3112.00017.372–––2.4
2-Year6.5802.5712.00017.220–––3.0
2-Year6.5902.6612.00016.528–––2.0
2-Year6.4342.0314.00019.347–––1.7
2-Year5.9352.6915.00019.187–––1.5
2-Year5.665–15.00018.783–––1.6
2-Year5.557–15.00020.106–––3.0
2-Year5.544–15.00020.511–––2.4
2-Year5.754–15.00018.986–––2.9
2-Year5.315–15.00019.870–––2.0
2-Year5.017–15.00021.027–––1.7
2-Year4.995–15.00021.588–––2.7
2-Year5.009–15.00019.576–––2.1
2-Year4.575–15.00019.772–––3.5
2-Year4.690–15.00019.466–––1.6
2-Year4.629–16.00020.147–––2.9
2-Year4.025–16.00020.515–––2.8
2-Year4.615–15.00019.244–––1.5
2-Year5.125–15.00020.001–––1.5
2-Year5.475–15.00018.642–––1.1
2-Year5.495–12.00014.904–––0.5
2-Year5.530–13.00016.526–––1.1
2-Year5.677–13.00015.594–––0.8
2-Year5.500–14.00017.162–––0.9
2-Year5.537–15.00017.734–––1.7
2-Year5.440–15.00017.450–––1.6
2-Year5.690–15.00016.699–––2.0
2-Year5.700–15.00016.976–––2.0
2-Year5.720–15.00016.785–––3.0
2-Year5.794–15.50017.443–––1.9
2-Year5.998–15.50017.161–––1.8
2-Year5.930–15.50016.785–––2.0
2-Year6.027–15.50017.811–––1.7
2-Year6.328–16.50018.514–––1.6
2-Year6.460–17.00019.289–––1.5
2-Year6.270–17.25019.743–––3.0
2-Year5.885–17.50019.881–––2.0
2-Year5.984–17.50019.423–––1.4
2-Year5.874–18.25020.575–––2.4
2-Year5.662–18.25020.490–––2.2
2-Year5.930–18.25021.178–––1.0
2-Year6.080–18.25021.436–––2.0
2-Year6.170–18.75021.886–––2.0
2-Year6.288–18.75021.503–––1.8
2-Year6.300–18.75021.985–––2.0
2-Year6.053–18.75021.067–––1.8
2-Year5.939–18.75021.353–––1.7
2-Year6.144–18.25021.666–––4.2
2-Year5.068–18.25019.058–––1.8
2-Year5.289–18.25019.134–––3.9
2-Year5.479–18.25018.666–––1.0
2-Year5.705–17.75018.807–––1.5
2-Year5.860–17.75019.081–––4.0
2-Year6.090–17.75019.336–––1.0
2-Year5.955–17.75018.909–––1.7
2-Year5.690–17.75019.225–––3.0
2-Year6.170–17.75018.873–––2.0
2-Year6.524–17.75018.634–––2.4
2-Year6.717–17.25019.269–––2.7
2-Year6.999–17.25018.554–––4.9
2-Year7.570–17.25018.630–––2.0
2-Year7.570–17.25019.299–––2.0
2-Year7.300–17.25018.671–––1.0
2-Year6.550–17.25019.522–––5.0
2-Year6.270–17.25019.103–––1.0
2-Year6.170–17.25019.279–––1.0
2-Year6.040–17.00019.745–––3.0
2-Year5.940–17.00018.827–––3.0
2-Year5.590–17.00018.708–––0.0
2-Year5.150–17.00019.519–––2.0
2-Year4.660–17.00018.927–––3.0
2-Year4.110–17.00018.389–––2.0
2-Year4.280–17.00019.276–––1.0
2-Year4.270–17.00018.576–––2.0
2-Year3.940–16.50018.251–––3.0
2-Year3.940–16.00017.879–––3.0
2-Year3.940–16.00017.563–––1.0
2-Year4.260–16.00017.165–––3.0
2-Year4.160–16.00018.136–––2.0
2-Year4.170–15.75017.506–––2.0
2-Year3.880–15.25016.785–––4.0
2-Year3.920–15.25017.289–––3.0
2-Year3.940–15.25016.592–––7.0
2-Year4.280–15.25016.552–––5.0
2-Year4.710–15.50017.104–––3.0
2-Year4.720–15.00015.878–––2.0
2-Year4.370–15.00016.244–––2.0
2-Year4.000–14.50016.741–––2.0
2-Year4.310–15.00016.573–––1.0
2-Year4.290–15.00016.883–––0.0
2-Year5.120–15.00017.221–––1.0
2-Year5.140–14.75015.766–––1.0
2-Year5.430–14.75016.347–––0.0
2-Year5.850–14.75017.773–––0.0

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

What do the figures leave out, and how are they cited?Limits, dates and how to cite

What this number cannot tell you

  • 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.

Observed .

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

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 22 September 2026. Compiled by 500metrics, "2-year note auctions: page 2 of 3", https://500metrics.com/treasury/auctions/2-year-note/page-2.

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