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2-year note auction of 28 July 2025 (new issue)

The 2-year note sold $73.699 billion at a high yield of 3.920% on , with a bid-to-cover ratio of 2.62.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.920%

Median yield 3.870%

Bid-to-cover

2.62

▲ +0.04 since 24 Jun

Sold

$73.70 billion

$69 billion offered

Indirect bidders

55.3%

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 23 August 2022 to 28 July 2025; the latest at 3.920%.3.0%3.5%4.0%4.5%5.0%5.5%2022202320242025This auction, 3.920%High yield at the last 36 2-year note auctions36 auctions from 23 August 2022 to 28 July 2025; the latest at 3.920%.3.5%4.0%4.5%5.0%5.5%2023202420253.920%

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
3.9202.62
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
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.622.626 of 126 of 12
High yield3.9204.0578 of 124 of 12
Indirect bidders' share55.368.312 of 120 of 12
Direct bidders' share34.419.40 of 1212 of 12
Primary dealers' share10.311.69 of 123 of 12
High minus median, basis points5.04.94 of 126 of 12

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

  • Indirect bidders' share: Lowest for a 2-year note since 27 March 2023 (27 auctions in between).
  • Direct bidders' share: Highest for a 2-year note since 23 October 2012 (143 auctions in between).

Who bought the 2-year note?

Indirect bidders took 55.3% of the competitive bids accepted

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

Indirect bidders took 55.3% of the competitive bids acceptedIndirect bidders 55.3%, Direct bidders 34.4%, Primary dealers 10.3%Indirect bidders55.3%60.5%Direct bidders34.4%26.3%Primary dealers10.3%13.2%Indirect bidders took 55.3% of the competitive bids acceptedIndirect bidders 55.3%, Direct bidders 34.4%, Primary dealers 10.3%Indirect bidders55.3%60.5%Direct bidders34.4%26.3%Primary dealers10.3%13.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders55.360.5
Direct bidders34.426.3
Primary dealers10.313.2

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$185,594,830,700
Sold$73,698,811,200
Competitive bids accepted$68,438,880,500
Non-competitive bids accepted$356,307,900
Federal Reserve (SOMA) add-on$4,698,622,800
Foreign and international (FIMA) non-competitive$205,000,000
High yield, %3.920
Median rate, %3.870
Low rate, %3.800
Interest rate (coupon), %3.875
Bids at the high rate filled, %58.43
Bid-to-cover ratio2.62
Indirect bidders accepted$37,866,200,000
Direct bidders accepted$23,524,063,000
Primary dealers accepted$7,048,617,500
Indirect bidders' share, % (ours)55.3
Direct bidders' share, % (ours)34.4
Primary dealers' share, % (ours)10.3
High minus median, basis points (ours)5.0
Treasury par yield curve, 2-year point, same day, %3.91
High yield minus that point, basis points (ours)1.0

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 ratio2.62Last 24 auctions13 of 2410 of 242.65
Bid-to-cover ratio2.62Since 23 April 2008141 of 19856 of 1982.75
Bid-to-cover ratio2.62All 297 since 27 October 1999163 of 297133 of 2972.66
High yield3.920Last 24 auctions20 of 244 of 244.350
High yield3.920Since 23 April 200830 of 198168 of 1980.944
High yield3.920All 531 since 23 January 1980308 of 531222 of 5314.373
Indirect bidders' share55.3Last 24 auctions24 of 240 of 2465.2
Indirect bidders' share55.3All 198 since 23 April 200852 of 198146 of 19845.5
Direct bidders' share34.4Last 24 auctions0 of 2424 of 2420.2
Direct bidders' share34.4All 198 since 23 April 20081 of 198197 of 19816.2
Primary dealers' share10.3Last 24 auctions21 of 243 of 2413.7
Primary dealers' share10.3All 198 since 23 April 2008195 of 1983 of 19839.1
High minus median, basis points5.0Last 24 auctions11 of 2411 of 245.0
High minus median, basis points5.0Since 23 April 200833 of 198159 of 1983.3
High minus median, basis points5.0All 531 since 23 January 198044 of 531469 of 5312.3

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 28 July 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250728_2.pdf. Compiled by 500metrics, "2-year note auction of 28 July 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2025-07-28.

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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