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2-year note auction of 22 September 2026 (new issue)

The 2-year note sold $79.388 billion at a high yield of 4.787% on , with a bid-to-cover ratio of 2.63.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.787%

Median yield 4.738%

Bid-to-cover

2.63

▲ +0.03 since 25 Aug

Sold

$79.39 billion

$69 billion offered

Indirect bidders

57.8%

Of competitive bids accepted

The high yield was the highest for a 2-year note since 28 May 2024

High yield at each 2-year note auction, %

The high yield was the highest for a 2-year note since 28 May 202436 auctions from 26 September 2023 to 22 September 2026; the latest at 4.787%.3.0%3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 4.787%The high yield was the highest for a 2-year note since 28 May 202436 auctions from 26 September 2023 to 22 September 2026; the latest at 4.787%.3.0%3.5%4.0%4.5%5.0%202520264.787%

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
4.7872.63
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.632.646 of 125 of 12
High yield4.7873.7260 of 1212 of 12
Indirect bidders' share57.856.83 of 129 of 12
Direct bidders' share29.032.410 of 122 of 12
Primary dealers' share13.211.31 of 1211 of 12
High minus median, basis points4.95.29 of 123 of 12

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

Who bought the 2-year note?

Indirect bidders took 57.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 25 August 2026

Indirect bidders took 57.8% of the competitive bids acceptedIndirect bidders 57.8%, Direct bidders 29.0%, Primary dealers 13.2%Indirect bidders57.8%66.0%Direct bidders29.0%23.1%Primary dealers13.2%10.9%Indirect bidders took 57.8% of the competitive bids acceptedIndirect bidders 57.8%, Direct bidders 29.0%, Primary dealers 13.2%Indirect bidders57.8%66.0%Direct bidders29.0%23.1%Primary dealers13.2%10.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.866.0
Direct bidders29.023.1
Primary dealers13.210.9

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$191,651,805,600
Sold$79,388,014,800
Competitive bids accepted$67,685,935,200
Non-competitive bids accepted$1,109,136,700
Federal Reserve (SOMA) add-on$10,387,942,900
Foreign and international (FIMA) non-competitive$205,000,000
High yield, %4.787
Median rate, %4.738
Low rate, %4.660
Interest rate (coupon), %4.750
Bids at the high rate filled, %33.42
Bid-to-cover ratio2.63
Indirect bidders accepted$39,116,326,000
Direct bidders accepted$19,641,219,200
Primary dealers accepted$8,928,390,000
Indirect bidders' share, % (ours)57.8
Direct bidders' share, % (ours)29.0
Primary dealers' share, % (ours)13.2
High minus median, basis points (ours)4.9
Treasury par yield curve, 2-year point, same day, %4.71
High yield minus that point, basis points (ours)7.7

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 ratio2.63Last 24 auctions11 of 2412 of 242.62
Bid-to-cover ratio2.63Since 23 April 2008145 of 21163 of 2112.73
Bid-to-cover ratio2.63All 310 since 27 October 1999165 of 310140 of 3102.65
High yield4.787Last 24 auctions0 of 2424 of 243.928
High yield4.787Since 23 April 20087 of 211204 of 2111.020
High yield4.787All 544 since 23 January 1980238 of 544306 of 5444.321
Indirect bidders' share57.8Last 24 auctions13 of 2411 of 2458.2
Indirect bidders' share57.8All 211 since 23 April 200844 of 211167 of 21146.0
Direct bidders' share29.0Last 24 auctions12 of 2412 of 2428.2
Direct bidders' share29.0All 211 since 23 April 200819 of 211192 of 21117.2
Primary dealers' share13.2Last 24 auctions4 of 2420 of 2411.4
Primary dealers' share13.2All 211 since 23 April 2008189 of 21122 of 21137.5
High minus median, basis points4.9Last 24 auctions16 of 248 of 245.1
High minus median, basis points4.9Since 23 April 200849 of 211159 of 2113.5
High minus median, basis points4.9All 544 since 23 January 198072 of 544467 of 5442.4

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 22 September 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260922_2.pdf. Compiled by 500metrics, "2-year note auction of 22 September 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2026-09-22.

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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