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2-year note auction of 25 August 2026 (new issue)

The 2-year note sold $77.871 billion at a high yield of 4.204% on , with a bid-to-cover ratio of 2.60.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.204%

Median yield 4.157%

Bid-to-cover

2.60

▼ −0.06 since 27 Jul

Sold

$77.87 billion

$69 billion offered

Indirect bidders

66.0%

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 28 August 2023 to 25 August 2026; the latest at 4.204%.3.0%3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 4.204%High yield at the last 36 2-year note auctions36 auctions from 28 August 2023 to 25 August 2026; the latest at 4.204%.3.3%3.5%3.8%4.0%4.3%4.5%2024202520264.204%

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
4.2042.60
4.3152.66
4.1892.64
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.602.648 of 124 of 12
High yield4.2043.7261 of 1211 of 12
Indirect bidders' share66.056.50 of 1212 of 12
Direct bidders' share23.133.611 of 121 of 12
Primary dealers' share10.911.37 of 125 of 12
High minus median, basis points4.75.210 of 122 of 12

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

  • Indirect bidders' share: Highest for a 2-year note since 25 March 2025 (15 auctions in between).

Who bought the 2-year note?

Indirect bidders took 66.0% of the competitive bids accepted

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

Indirect bidders took 66.0% of the competitive bids acceptedIndirect bidders 66.0%, Direct bidders 23.1%, Primary dealers 10.9%Indirect bidders66.0%56.6%Direct bidders23.1%34.1%Primary dealers10.9%9.4%Indirect bidders took 66.0% of the competitive bids acceptedIndirect bidders 66.0%, Direct bidders 23.1%, Primary dealers 10.9%Indirect bidders66.0%56.6%Direct bidders23.1%34.1%Primary dealers10.9%9.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.056.6
Direct bidders23.134.1
Primary dealers10.99.4

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$188,193,782,100
Sold$77,870,538,900
Competitive bids accepted$68,107,241,800
Non-competitive bids accepted$737,951,900
Federal Reserve (SOMA) add-on$8,870,345,200
Foreign and international (FIMA) non-competitive$155,000,000
High yield, %4.204
Median rate, %4.157
Low rate, %4.100
Interest rate (coupon), %4.125
Bids at the high rate filled, %85.68
Bid-to-cover ratio2.60
Indirect bidders accepted$44,958,379,400
Direct bidders accepted$15,727,302,400
Primary dealers accepted$7,421,560,000
Indirect bidders' share, % (ours)66.0
Direct bidders' share, % (ours)23.1
Primary dealers' share, % (ours)10.9
High minus median, basis points (ours)4.7
Treasury par yield curve, 2-year point, same day, %4.17
High yield minus that point, basis points (ours)3.4

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 ratio2.60Last 24 auctions14 of 2410 of 242.64
Bid-to-cover ratio2.60Since 23 April 2008153 of 21056 of 2102.73
Bid-to-cover ratio2.60All 309 since 27 October 1999176 of 309132 of 3092.65
High yield4.204Last 24 auctions5 of 2419 of 243.928
High yield4.204Since 23 April 200824 of 210186 of 2101.010
High yield4.204All 543 since 23 January 1980285 of 543258 of 5434.327
Indirect bidders' share66.0Last 24 auctions7 of 2417 of 2458.2
Indirect bidders' share66.0All 210 since 23 April 200811 of 210199 of 21045.9
Direct bidders' share23.1Last 24 auctions15 of 249 of 2428.2
Direct bidders' share23.1All 210 since 23 April 200842 of 210168 of 21017.1
Primary dealers' share10.9Last 24 auctions14 of 2410 of 2411.4
Primary dealers' share10.9All 210 since 23 April 2008200 of 21010 of 21037.7
High minus median, basis points4.7Last 24 auctions17 of 247 of 245.1
High minus median, basis points4.7Since 23 April 200858 of 210150 of 2103.5
High minus median, basis points4.7All 543 since 23 January 198084 of 543457 of 5432.3

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 25 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260825_2.pdf. Compiled by 500metrics, "2-year note auction of 25 August 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2026-08-25.

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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