How did the latest 2-year Treasury note auction go?
The last 2-year note auction, on , sold at a high yield of 4.787% with a bid-to-cover of 2.63.
High yield
4.787%
Bid-to-cover
2.63
Sold
$79.39 billion
Indirect bidders
57.8%
When is the next 2-year note auction?
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| New issue | |||
| New issue | |||
| New issue |
Bid-to-cover, last 36 auctions
Bid-to-cover of the last 36 2-year note auctions; the latest was 2.63
Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
High yield of the last 36 2-year note auctions; the latest was 4.787%
High yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
The numbers behind this chart
The latest auction against its own history
- High yield: Highest for a 2-year note since 28 May 2024 (26 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.63 | Last 12 auctions | 6 of 12 | 5 of 12 | 2.64 |
| Bid-to-cover ratio | 2.63 | Last 24 auctions | 11 of 24 | 12 of 24 | 2.62 |
| Bid-to-cover ratio | 2.63 | Since 23 April 2008 | 145 of 211 | 63 of 211 | 2.73 |
| Bid-to-cover ratio | 2.63 | All 310 since 27 October 1999 | 165 of 310 | 140 of 310 | 2.65 |
| High yield | 4.787 | Last 12 auctions | 0 of 12 | 12 of 12 | 3.726 |
| High yield | 4.787 | Last 24 auctions | 0 of 24 | 24 of 24 | 3.928 |
| High yield | 4.787 | Since 23 April 2008 | 7 of 211 | 204 of 211 | 1.020 |
| High yield | 4.787 | All 544 since 23 January 1980 | 238 of 544 | 306 of 544 | 4.321 |
| Indirect bidders' share | 57.8 | Last 12 auctions | 3 of 12 | 9 of 12 | 56.8 |
| Indirect bidders' share | 57.8 | Last 24 auctions | 13 of 24 | 11 of 24 | 58.2 |
| Indirect bidders' share | 57.8 | All 211 since 23 April 2008 | 44 of 211 | 167 of 211 | 46.0 |
| Direct bidders' share | 29.0 | Last 12 auctions | 10 of 12 | 2 of 12 | 32.4 |
| Direct bidders' share | 29.0 | Last 24 auctions | 12 of 24 | 12 of 24 | 28.2 |
| Direct bidders' share | 29.0 | All 211 since 23 April 2008 | 19 of 211 | 192 of 211 | 17.2 |
| Primary dealers' share | 13.2 | Last 12 auctions | 1 of 12 | 11 of 12 | 11.3 |
| Primary dealers' share | 13.2 | Last 24 auctions | 4 of 24 | 20 of 24 | 11.4 |
| Primary dealers' share | 13.2 | All 211 since 23 April 2008 | 189 of 211 | 22 of 211 | 37.5 |
| High minus median, basis points | 4.9 | Last 12 auctions | 9 of 12 | 3 of 12 | 5.2 |
| High minus median, basis points | 4.9 | Last 24 auctions | 16 of 24 | 8 of 24 | 5.1 |
| High minus median, basis points | 4.9 | Since 23 April 2008 | 49 of 211 | 159 of 211 | 3.5 |
| High minus median, basis points | 4.9 | All 544 since 23 January 1980 | 72 of 544 | 467 of 544 | 2.4 |
The table scrolls sideways; the first column stays in place.
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.
Every 2-year note auction, page 1 of 3
Show 188 more rows
The table scrolls sideways; the first column stays in place.
Sources and licence
Sources and licence
- U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
- U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government
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