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2-year note auction of 25 March 2025 (new issue)

The 2-year note sold $71.038 billion at a high yield of 3.984% on , with a bid-to-cover ratio of 2.66.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.984%

Median yield 3.936%

Bid-to-cover

2.66

▲ +0.10 since 24 Feb

Sold

$71.04 billion

$69 billion offered

Indirect bidders

75.8%

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 26 April 2022 to 25 March 2025; the latest at 3.984%.2.0%3.0%4.0%5.0%6.0%2022202320242025This auction, 3.984%High yield at the last 36 2-year note auctions36 auctions from 26 April 2022 to 25 March 2025; the latest at 3.984%.3.5%4.0%4.5%5.0%5.5%2023202420253.984%

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
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
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.665 of 125 of 12
High yield3.9844.30410 of 122 of 12
Indirect bidders' share75.866.93 of 129 of 12
Direct bidders' share13.619.410 of 122 of 12
Primary dealers' share10.613.19 of 123 of 12
High minus median, basis points4.84.85 of 125 of 12

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

Who bought the 2-year note?

Indirect bidders took 75.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 24 February 2025

Indirect bidders took 75.8% of the competitive bids acceptedIndirect bidders 75.8%, Direct bidders 13.6%, Primary dealers 10.6%Indirect bidders75.8%85.5%Direct bidders13.6%7.6%Primary dealers10.6%6.9%Indirect bidders took 75.8% of the competitive bids acceptedIndirect bidders 75.8%, Direct bidders 13.6%, Primary dealers 10.6%Indirect bidders75.8%85.5%Direct bidders13.6%7.6%Primary dealers10.6%6.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders75.885.5
Direct bidders13.67.6
Primary dealers10.66.9

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$185,324,132,000
Sold$71,038,027,300
Competitive bids accepted$68,484,645,300
Non-competitive bids accepted$415,389,200
Federal Reserve (SOMA) add-on$2,037,992,800
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.984
Median rate, %3.936
Low rate, %3.880
Interest rate (coupon), %3.875
Bids at the high rate filled, %39.21
Bid-to-cover ratio2.66
Indirect bidders accepted$51,890,250,000
Direct bidders accepted$9,301,395,300
Primary dealers accepted$7,293,000,000
Indirect bidders' share, % (ours)75.8
Direct bidders' share, % (ours)13.6
Primary dealers' share, % (ours)10.6
High minus median, basis points (ours)4.8
Treasury par yield curve, 2-year point, same day, %3.96
High yield minus that point, basis points (ours)2.4

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 ratio2.66Last 24 auctions12 of 2410 of 242.67
Bid-to-cover ratio2.66Since 23 April 2008126 of 19466 of 1942.78
Bid-to-cover ratio2.66All 293 since 27 October 1999145 of 293145 of 2932.66
High yield3.984Last 24 auctions20 of 244 of 244.400
High yield3.984Since 23 April 200826 of 194168 of 1940.924
High yield3.984All 527 since 23 January 1980298 of 527229 of 5274.427
Indirect bidders' share75.8Last 24 auctions3 of 2421 of 2465.4
Indirect bidders' share75.8All 194 since 23 April 20083 of 194191 of 19445.1
Direct bidders' share13.6Last 24 auctions22 of 242 of 2419.9
Direct bidders' share13.6All 194 since 23 April 2008131 of 19463 of 19416.1
Primary dealers' share10.6Last 24 auctions21 of 243 of 2414.4
Primary dealers' share10.6All 194 since 23 April 2008191 of 1943 of 19440.1
High minus median, basis points4.8Last 24 auctions12 of 2410 of 244.8
High minus median, basis points4.8Since 23 April 200839 of 194150 of 1943.3
High minus median, basis points4.8All 527 since 23 January 198064 of 527457 of 5272.3

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 25 March 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250325_2.pdf. Compiled by 500metrics, "2-year note auction of 25 March 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2025-03-25.

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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