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2-year note auction of 26 August 2025 (new issue)

The 2-year note sold $77.328 billion at a high yield of 3.641% on , with a bid-to-cover ratio of 2.69.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.641%

Median yield 3.600%

Bid-to-cover

2.69

▲ +0.07 since 28 Jul

Sold

$77.33 billion

$69 billion offered

Indirect bidders

57.1%

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 September 2022 to 26 August 2025; the latest at 3.641%.3.5%4.0%4.5%5.0%5.5%2022202320242025This auction, 3.641%High yield at the last 36 2-year note auctions36 auctions from 26 September 2022 to 26 August 2025; the latest at 3.641%.3.5%4.0%4.5%5.0%5.5%202420253.641%

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
3.6412.69
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.692.602 of 1210 of 12
High yield3.6413.97011 of 121 of 12
Indirect bidders' share57.166.310 of 122 of 12
Direct bidders' share33.220.41 of 1211 of 12
Primary dealers' share9.711.610 of 122 of 12
High minus median, basis points4.15.010 of 122 of 12

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

Who bought the 2-year note?

Indirect bidders took 57.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 28 July 2025

Indirect bidders took 57.1% of the competitive bids acceptedIndirect bidders 57.1%, Direct bidders 33.2%, Primary dealers 9.7%Indirect bidders57.1%55.3%Direct bidders33.2%34.4%Primary dealers9.7%10.3%Indirect bidders took 57.1% of the competitive bids acceptedIndirect bidders 57.1%, Direct bidders 33.2%, Primary dealers 9.7%Indirect bidders57.1%55.3%Direct bidders33.2%34.4%Primary dealers9.7%10.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.155.3
Direct bidders33.234.4
Primary dealers9.710.3

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$194,026,963,700
Sold$77,327,624,900
Competitive bids accepted$68,364,904,200
Non-competitive bids accepted$330,121,100
Federal Reserve (SOMA) add-on$8,327,599,600
Foreign and international (FIMA) non-competitive$305,000,000
High yield, %3.641
Median rate, %3.600
Low rate, %3.500
Interest rate (coupon), %3.625
Bids at the high rate filled, %57.40
Bid-to-cover ratio2.69
Indirect bidders accepted$39,032,454,200
Direct bidders accepted$22,673,100,000
Primary dealers accepted$6,659,350,000
Indirect bidders' share, % (ours)57.1
Direct bidders' share, % (ours)33.2
Primary dealers' share, % (ours)9.7
High minus median, basis points (ours)4.1
Treasury par yield curve, 2-year point, same day, %3.61
High yield minus that point, basis points (ours)3.1

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 ratio2.69Last 24 auctions6 of 2418 of 242.63
Bid-to-cover ratio2.69Since 23 April 2008116 of 19981 of 1992.75
Bid-to-cover ratio2.69All 298 since 27 October 1999131 of 298161 of 2982.66
High yield3.641Last 24 auctions23 of 241 of 244.324
High yield3.641Since 23 April 200834 of 199165 of 1990.948
High yield3.641All 532 since 23 January 1980320 of 532212 of 5324.372
Indirect bidders' share57.1Last 24 auctions22 of 242 of 2465.1
Indirect bidders' share57.1All 199 since 23 April 200845 of 199154 of 19945.6
Direct bidders' share33.2Last 24 auctions1 of 2423 of 2420.2
Direct bidders' share33.2All 199 since 23 April 20082 of 199197 of 19916.2
Primary dealers' share9.7Last 24 auctions21 of 243 of 2413.6
Primary dealers' share9.7All 199 since 23 April 2008196 of 1993 of 19938.8
High minus median, basis points4.1Last 24 auctions21 of 242 of 245.0
High minus median, basis points4.1Since 23 April 200871 of 199125 of 1993.3
High minus median, basis points4.1All 532 since 23 January 1980103 of 532425 of 5322.3

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 26 August 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250826_2.pdf. Compiled by 500metrics, "2-year note auction of 26 August 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2025-08-26.

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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