2-Year Treasury Note Auction: Results, Schedule & History
{
"tenor": "2-year-note",
"date": "2026-08-25",
"offering_usd": 69000000000,
"high_yield": 4.204,
"tail_bps": -0.4,
"bid_to_cover": 2.6,
"indirect_pct": 66,
"verdict": "IN LINE"
}The 2-Year Treasury Note auction on Aug 25, 2026 put $69B on offer and stopped at a high yield of 4.204%, stopping through the when-issued yield by 0.4bp, with a bid-to-cover of 2.6 against a 2.6 twelve-month average. Indirects took 66%, directs 23.1% and primary dealers 10.9%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 2-year note is the market's Fed-policy proxy: its yield moves nearly one-for-one with expected rate paths, and CPI or payroll surprises hit this tenor first. A tail or weak indirect take at the 2s auction says investors doubt the priced-in path, and it sets the tone for the 2s10s curve trade.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRH6 | New | $69B | 4.204% | -0.4bp | 2.60 | 66.0% | 23.1% | 10.9% | IN LINE → | |
| 91282CRB9 | New | $69B | 4.315% | -0.5bp | 2.66 | 56.6% | 34.1% | 9.4% | IN LINE → | |
| 91282CQY0 | New | $69B | 4.189% | — | 2.64 | 55.5% | 34.3% | 10.2% | — | |
| 91282CQS3 | New | $69B | 4.071% | — | 2.64 | 57.6% | 30.1% | 12.3% | — | |
| 91282CQL8 | New | $69B | 3.812% | — | 2.65 | 56.5% | 31.6% | 11.9% | — | |
| 91282CQH7 | New | $69B | 3.936% | — | 2.44 | 59.4% | 16.5% | 24.1% | — | |
| 91282CQB0 | New | $69B | 3.455% | — | 2.63 | 55.9% | 34.3% | 9.8% | — | |
| 91282CPS4 | New | $69B | 3.499% | — | 2.54 | 53.2% | 34.1% | 12.7% | — | |
| 91282CPL9 | New | $69B | 3.489% | — | 2.68 | 58.1% | 30.7% | 11.2% | — | |
| 91282CPE5 | New | $69B | 3.504% | — | 2.59 | 53.7% | 34.8% | 11.6% | — | |
| 91282CPB1 | New | $69B | 3.571% | — | 2.51 | 57.7% | 30.8% | 11.5% | — | |
| 91282CNV9 | New | $69B | 3.641% | — | 2.69 | 57.1% | 33.2% | 9.7% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.