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2-year note auction of 26 May 2026 (new issue)

The 2-year note sold $79.181 billion at a high yield of 4.071% on , with a bid-to-cover ratio of 2.64.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.071%

Median yield 4.015%

Bid-to-cover

2.64

▼ −0.01 since 27 Apr

Sold

$79.18 billion

$69 billion offered

Indirect bidders

57.6%

Of competitive bids accepted

The high yield was the highest for a 2-year note since 24 February 2025

High yield at each 2-year note auction, %

The high yield was the highest for a 2-year note since 24 February 202536 auctions from 23 May 2023 to 26 May 2026; the latest at 4.071%.3.0%3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 4.071%The high yield was the highest for a 2-year note since 24 February 202536 auctions from 23 May 2023 to 26 May 2026; the latest at 4.071%.3.0%3.5%4.0%4.5%5.0%2024202520264.071%

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
4.0712.64
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.642.583 of 129 of 12
High yield4.0713.7140 of 1212 of 12
Indirect bidders' share57.656.85 of 127 of 12
Direct bidders' share30.131.28 of 124 of 12
Primary dealers' share12.311.54 of 128 of 12
High minus median, basis points5.65.42 of 129 of 12

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

Who bought the 2-year note?

Indirect bidders took 57.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 27 April 2026

Indirect bidders took 57.6% of the competitive bids acceptedIndirect bidders 57.6%, Direct bidders 30.1%, Primary dealers 12.3%Indirect bidders57.6%56.5%Direct bidders30.1%31.6%Primary dealers12.3%11.9%Indirect bidders took 57.6% of the competitive bids acceptedIndirect bidders 57.6%, Direct bidders 30.1%, Primary dealers 12.3%Indirect bidders57.6%56.5%Direct bidders30.1%31.6%Primary dealers12.3%11.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.656.5
Direct bidders30.131.6
Primary dealers12.311.9

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$192,251,635,700
Sold$79,180,503,700
Competitive bids accepted$68,274,791,000
Non-competitive bids accepted$725,260,500
Federal Reserve (SOMA) add-on$10,180,452,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.071
Median rate, %4.015
Low rate, %3.900
Interest rate (coupon), %4.000
Bids at the high rate filled, %42.14
Bid-to-cover ratio2.64
Indirect bidders accepted$39,294,023,000
Direct bidders accepted$20,557,500,000
Primary dealers accepted$8,423,268,000
Indirect bidders' share, % (ours)57.6
Direct bidders' share, % (ours)30.1
Primary dealers' share, % (ours)12.3
High minus median, basis points (ours)5.6
Treasury par yield curve, 2-year point, same day, %4.01
High yield minus that point, basis points (ours)6.1

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 ratio2.64Last 24 auctions11 of 2413 of 242.62
Bid-to-cover ratio2.64Since 23 April 2008136 of 20765 of 2072.73
Bid-to-cover ratio2.64All 306 since 27 October 1999156 of 306144 of 3062.65
High yield4.071Last 24 auctions9 of 2415 of 243.928
High yield4.071Since 23 April 200826 of 207181 of 2070.990
High yield4.071All 540 since 23 January 1980293 of 540247 of 5404.342
Indirect bidders' share57.6Last 24 auctions17 of 247 of 2459.9
Indirect bidders' share57.6All 207 since 23 April 200845 of 207162 of 20745.8
Direct bidders' share30.1Last 24 auctions8 of 2416 of 2424.7
Direct bidders' share30.1All 207 since 23 April 200813 of 207194 of 20716.9
Primary dealers' share12.3Last 24 auctions10 of 2414 of 2411.7
Primary dealers' share12.3All 207 since 23 April 2008193 of 20714 of 20738.2
High minus median, basis points5.6Last 24 auctions4 of 2419 of 245.0
High minus median, basis points5.6Since 23 April 200823 of 207181 of 2073.5
High minus median, basis points5.6All 540 since 23 January 198033 of 540503 of 5402.3

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 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260526_4.pdf. Compiled by 500metrics, "2-year note auction of 26 May 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2026-05-26.

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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