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2-year note auction of 24 February 2025 (new issue)

The 2-year note sold $75.955 billion at a high yield of 4.169% on , with a bid-to-cover ratio of 2.56.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.169%

Median yield 4.130%

Bid-to-cover

2.56

▼ −0.10 since 27 Jan

Sold

$75.95 billion

$69 billion offered

Indirect bidders

85.5%

Of competitive bids accepted

High yield at the last 36 2-year note auctions

High yield at each 2-year note auction, %

High yield at the last 36 2-year note auctions36 auctions from 28 March 2022 to 24 February 2025; the latest at 4.169%.2.0%3.0%4.0%5.0%6.0%2022202320242025This auction, 4.169%High yield at the last 36 2-year note auctions36 auctions from 28 March 2022 to 24 February 2025; the latest at 4.169%.3.5%4.0%4.5%5.0%5.5%2023202420254.169%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 2-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
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
3.9542.44
4.6732.61
4.1392.94
4.3732.71
4.5052.64
4.4602.59
4.2902.51
3.3072.49
3.0152.58
3.0842.51
2.5192.61
2.5852.74
2.3652.46

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.669 of 123 of 12
High yield4.1694.3849 of 123 of 12
Indirect bidders' share85.566.00 of 1212 of 12
Direct bidders' share7.619.911 of 121 of 12
Primary dealers' share6.913.412 of 120 of 12
High minus median, basis points3.94.911 of 120 of 12

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

  • Indirect bidders' share: Highest of all 193 earlier 2-year note auctions we hold.
  • Primary dealers' share: Lowest of all 193 earlier 2-year note auctions we hold.

Who bought the 2-year note?

Indirect bidders took 85.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 27 January 2025

Indirect bidders took 85.5% of the competitive bids acceptedIndirect bidders 85.5%, Direct bidders 7.6%, Primary dealers 6.9%Indirect bidders85.5%65.0%Direct bidders7.6%21.3%Primary dealers6.9%13.7%Indirect bidders took 85.5% of the competitive bids acceptedIndirect bidders 85.5%, Direct bidders 7.6%, Primary dealers 6.9%Indirect bidders85.5%65.0%Direct bidders7.6%21.3%Primary dealers6.9%13.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders85.565.0
Direct bidders7.621.3
Primary dealers6.913.7

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as2-Year, new issue
Offering amount$69,000,000,000
Bids received$183,499,070,500
Sold$75,954,692,700
Competitive bids accepted$68,439,422,200
Non-competitive bids accepted$560,737,200
Federal Reserve (SOMA) add-on$6,954,533,300
Foreign and international (FIMA) non-competitive$0
High yield, %4.169
Median rate, %4.130
Low rate, %4.070
Interest rate (coupon), %4.125
Bids at the high rate filled, %60.91
Bid-to-cover ratio2.56
Indirect bidders accepted$58,509,165,000
Direct bidders accepted$5,229,432,200
Primary dealers accepted$4,700,825,000
Indirect bidders' share, % (ours)85.5
Direct bidders' share, % (ours)7.6
Primary dealers' share, % (ours)6.9
High minus median, basis points (ours)3.9
Treasury par yield curve, 2-year point, same day, %4.13
High yield minus that point, basis points (ours)3.9

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 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.

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 ratio2.56Last 24 auctions19 of 245 of 242.67
Bid-to-cover ratio2.56Since 23 April 2008151 of 19341 of 1932.78
Bid-to-cover ratio2.56All 292 since 27 October 1999179 of 292112 of 2922.66
High yield4.169Last 24 auctions19 of 245 of 244.514
High yield4.169Since 23 April 200823 of 193170 of 1930.922
High yield4.169All 526 since 23 January 1980285 of 526241 of 5264.430
Indirect bidders' share85.5Last 24 auctions0 of 2424 of 2465.2
Indirect bidders' share85.5All 193 since 23 April 20080 of 193193 of 19345.0
Direct bidders' share7.6Last 24 auctions23 of 241 of 2420.1
Direct bidders' share7.6All 193 since 23 April 2008173 of 19320 of 19316.2
Primary dealers' share6.9Last 24 auctions24 of 240 of 2414.8
Primary dealers' share6.9All 193 since 23 April 2008193 of 1930 of 19340.3
High minus median, basis points3.9Last 24 auctions23 of 240 of 245.0
High minus median, basis points3.9Since 23 April 200873 of 193115 of 1933.3
High minus median, basis points3.9All 526 since 23 January 1980118 of 526402 of 5262.2

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

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. 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.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 24 February 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250224_3.pdf. Compiled by 500metrics, "2-year note auction of 24 February 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2025-02-24.

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, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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