2-Year Treasury Note Auction: Results, Schedule & History
Ask Helious about the 2-Year Treasury Note auction
{
"tenor": "2-year-note",
"date": "2026-09-22",
"offering_usd": 69000000000,
"high_yield": 4.787,
"tail_bps": 0.2,
"bid_to_cover": 2.63,
"indirect_pct": 57.8,
"verdict": "IN LINE"
}The 2-Year Treasury Note auction on Sep 22, 2026 put $69B on offer and stopped at a high yield of 4.787%, tailing 0.2bp against the when-issued yield. The bid-to-cover was 2.63, against a twelve-month average of 2.61. Indirects took 57.8%, directs 29% and primary dealers 13.2%. Helious captured the result live as it crossed and graded it IN LINE.
The 2-year is about as close as the market gets to a live read on Fed policy. Its yield moves almost one for one with the expected rate path, and a CPI or payroll surprise lands here first. That makes the 2s auction a vote on the pricing itself. A tail means the note cleared at a higher yield than the market expected, so if one turns up, or indirect bidders take a weak share, investors are telling you they doubt the path already priced in. The 2s10s curve trade takes its tone from there.
Recent auction results
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRP8 | New | $69B | 4.787% | +0.2bp | 2.63 | 57.8% | 29.0% | 13.2% | IN LINE → | |
| 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% | — |
The issue column says which kind of auction it was. A reopening re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. Offered is the amount the Treasury announced for sale at that auction. The tail is the high yield minus the when-issued yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the desk recap, is the desk's live verdict, posted the moment results cross.
The desk captures each result and backfills the rest from the full auction record · 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.