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2-year note auction of 24 March 2026 (new issue)

The 2-year note sold $76.13 billion at a high yield of 3.936% on , with a bid-to-cover ratio of 2.44.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.936%

Median yield 3.865%

Bid-to-cover

2.44

▼ −0.19 since 24 Feb

Sold

$76.13 billion

$69 billion offered

Indirect bidders

59.4%

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 27 March 2023 to 24 March 2026; the latest at 3.936%.3.0%3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 3.936%High yield at the last 36 2-year note auctions36 auctions from 27 March 2023 to 24 March 2026; the latest at 3.936%.3.0%3.5%4.0%4.5%5.0%2024202520263.936%

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
3.9362.44
3.4552.63
3.4992.54
3.4892.68
3.5042.59
3.5712.51
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.5812 of 120 of 12
High yield3.9363.7143 of 129 of 12
Indirect bidders' share59.457.44 of 128 of 12
Direct bidders' share16.530.810 of 122 of 12
Primary dealers' share24.110.90 of 1212 of 12
High minus median, basis points7.15.20 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 2-year note since 28 May 2024 (20 auctions in between).
  • Primary dealers' share: Highest for a 2-year note since 25 October 2022 (39 auctions in between).
  • High minus median, basis points: Highest for a 2-year note since 27 March 2023 (34 auctions in between).

Who bought the 2-year note?

Indirect bidders took 59.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 24 February 2026

Indirect bidders took 59.4% of the competitive bids acceptedIndirect bidders 59.4%, Direct bidders 16.5%, Primary dealers 24.1%Indirect bidders59.4%55.9%Direct bidders16.5%34.3%Primary dealers24.1%9.8%Indirect bidders took 59.4% of the competitive bids acceptedIndirect bidders 59.4%, Direct bidders 16.5%, Primary dealers 24.1%Indirect bidders59.4%55.9%Direct bidders16.5%34.3%Primary dealers24.1%9.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.455.9
Direct bidders16.534.3
Primary dealers24.19.8

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$175,518,843,700
Sold$76,129,743,700
Competitive bids accepted$68,414,607,500
Non-competitive bids accepted$485,402,000
Federal Reserve (SOMA) add-on$7,129,734,200
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.936
Median rate, %3.865
Low rate, %3.700
Interest rate (coupon), %3.875
Bids at the high rate filled, %20.78
Bid-to-cover ratio2.44
Indirect bidders accepted$40,624,707,500
Direct bidders accepted$11,286,000,000
Primary dealers accepted$16,503,900,000
Indirect bidders' share, % (ours)59.4
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)24.1
High minus median, basis points (ours)7.1
Treasury par yield curve, 2-year point, same day, %3.90
High yield minus that point, basis points (ours)3.6

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 ratio2.44Last 24 auctions23 of 241 of 242.62
Bid-to-cover ratio2.44Since 23 April 2008184 of 20517 of 2052.74
Bid-to-cover ratio2.44All 304 since 27 October 1999217 of 30482 of 3042.65
High yield3.936Last 24 auctions13 of 2411 of 243.970
High yield3.936Since 23 April 200830 of 205175 of 2050.961
High yield3.936All 538 since 23 January 1980308 of 538230 of 5384.357
Indirect bidders' share59.4Last 24 auctions14 of 2410 of 2464.2
Indirect bidders' share59.4All 205 since 23 April 200835 of 205170 of 20545.8
Direct bidders' share16.5Last 24 auctions20 of 244 of 2422.6
Direct bidders' share16.5All 205 since 23 April 2008104 of 205101 of 20516.9
Primary dealers' share24.1Last 24 auctions0 of 2424 of 2411.8
Primary dealers' share24.1All 205 since 23 April 2008154 of 20551 of 20538.3
High minus median, basis points7.1Last 24 auctions0 of 2424 of 245.0
High minus median, basis points7.1Since 23 April 20086 of 205199 of 2053.4
High minus median, basis points7.1All 538 since 23 January 19809 of 538529 of 5382.3

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 24 March 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260324_2.pdf. Compiled by 500metrics, "2-year note auction of 24 March 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2026-03-24.

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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