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2-year note auction of 27 April 2026 (new issue)

The 2-year note sold $77.684 billion at a high yield of 3.812% on , with a bid-to-cover ratio of 2.65.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.812%

Median yield 3.750%

Bid-to-cover

2.65

▲ +0.21 since 24 Mar

Sold

$77.68 billion

$69 billion offered

Indirect bidders

56.5%

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 25 April 2023 to 27 April 2026; the latest at 3.812%.3.0%3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 3.812%High yield at the last 36 2-year note auctions36 auctions from 25 April 2023 to 27 April 2026; the latest at 3.812%.3.0%3.5%4.0%4.5%5.0%2024202520263.812%

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
3.8122.65
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.652.583 of 129 of 12
High yield3.8123.7144 of 128 of 12
Indirect bidders' share56.557.47 of 125 of 12
Direct bidders' share31.630.85 of 127 of 12
Primary dealers' share11.911.34 of 128 of 12
High minus median, basis points6.25.31 of 1211 of 12

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

Who bought the 2-year note?

Indirect bidders took 56.5% of the competitive bids accepted

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

Indirect bidders took 56.5% of the competitive bids acceptedIndirect bidders 56.5%, Direct bidders 31.6%, Primary dealers 11.9%Indirect bidders56.5%59.4%Direct bidders31.6%16.5%Primary dealers11.9%24.1%Indirect bidders took 56.5% of the competitive bids acceptedIndirect bidders 56.5%, Direct bidders 31.6%, Primary dealers 11.9%Indirect bidders56.5%59.4%Direct bidders31.6%16.5%Primary dealers11.9%24.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.559.4
Direct bidders31.616.5
Primary dealers11.924.1

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$191,772,231,000
Sold$77,684,221,100
Competitive bids accepted$68,334,730,100
Non-competitive bids accepted$465,345,300
Federal Reserve (SOMA) add-on$8,684,145,700
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %3.812
Median rate, %3.750
Low rate, %2.880
Interest rate (coupon), %3.750
Bids at the high rate filled, %4.28
Bid-to-cover ratio2.65
Indirect bidders accepted$38,597,840,000
Direct bidders accepted$21,626,470,100
Primary dealers accepted$8,110,420,000
Indirect bidders' share, % (ours)56.5
Direct bidders' share, % (ours)31.6
Primary dealers' share, % (ours)11.9
High minus median, basis points (ours)6.2
Treasury par yield curve, 2-year point, same day, %3.78
High yield minus that point, basis points (ours)3.2

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 ratio2.65Last 24 auctions10 of 2414 of 242.62
Bid-to-cover ratio2.65Since 23 April 2008131 of 20671 of 2062.74
Bid-to-cover ratio2.65All 305 since 27 October 1999151 of 305150 of 3052.65
High yield3.812Last 24 auctions15 of 249 of 243.946
High yield3.812Since 23 April 200833 of 206173 of 2060.976
High yield3.812All 539 since 23 January 1980314 of 539225 of 5394.349
Indirect bidders' share56.5Last 24 auctions19 of 245 of 2461.9
Indirect bidders' share56.5All 206 since 23 April 200854 of 206152 of 20645.8
Direct bidders' share31.6Last 24 auctions5 of 2419 of 2422.6
Direct bidders' share31.6All 206 since 23 April 20087 of 206199 of 20616.8
Primary dealers' share11.9Last 24 auctions12 of 2412 of 2411.8
Primary dealers' share11.9All 206 since 23 April 2008194 of 20612 of 20638.2
High minus median, basis points6.2Last 24 auctions2 of 2422 of 245.0
High minus median, basis points6.2Since 23 April 200814 of 206192 of 2063.4
High minus median, basis points6.2All 539 since 23 January 198019 of 539520 of 5392.3

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 27 April 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260427_1.pdf. Compiled by 500metrics, "2-year note auction of 27 April 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2026-04-27.

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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