--- title: "2-Year Treasury Auction Results: Sep 22, 2026" description: "2-Year Treasury Note, Sep 22, 2026: 4.787% high yield, 0.2bp tail, 2.63x cover, indirects 57.8%. Full bidder split, tails and 12-month averages." source: Helious canonical: "https://helious.io/auctions/2-year-note" --- # 2-Year Treasury Note Auction: Results, Schedule & History High yield 4.787% Sep 22, 2026 Tail +0.2bp conceded yield Bid to cover 2.63 12m avg 2.61 Indirects 57.8% 12m avg 57.3% [Ask Helious about the 2-Year Treasury Note auction](https://helious.io/?ask=How%20did%20the%20last%202-Year%20Treasury%20Note%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/2-year-note) High yield, last 12 auctions 4.787%4.121%3.455% 2025-09-232026-09-22 Human Agent Last result · Sep 22, 2026 4.787% tail +0.2bp · b/c 2.63 · indirects 57.8% IN LINE { "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. NEXT AUCTION Auctioned monthly: typically the fourth week (mon/tue), month-end settlement; results cross ~13:00 ET. LATEST RESULT: SEP 22, 2026 4.787%high yield $69Bon offer 2.63bid-to-cover+0.02 vs avg 57.8%indirects+0.55 vs avg 29%directs-1.36 vs avg 13.2%dealer take+0.79 vs avg IN LINEdesk verdict [Full desk recap →](https://helious.io/news/auc-91282CRP8-2026-09-22/2-year-note-auction-in-line) 12-MONTH AVERAGES · 10 AUCTIONS 2.61bid-to-cover 57.25%indirects 30.36%directs 12.41%dealer take Read a new result against these numbers. When cover, indirects and directs come in above the average, that is solid investor demand. An above-average [dealer take](https://helious.io/learn/primary-dealers) means the street absorbed the balance. The shares are percentages of *competitive* accepted, so indirects, directs and dealers add up to 100. ## Recent auction results DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP Sep 22, 2026Sep 22 ’26 91282CRP8 New $69B 4.787% +0.2bp 2.63 57.8% 29.0% 13.2% [IN LINE →](https://helious.io/news/auc-91282CRP8-2026-09-22/2-year-note-auction-in-line) Aug 25, 2026Aug 25 ’26 91282CRH6 New $69B 4.204% -0.4bp 2.60 66.0% 23.1% 10.9% [IN LINE →](https://helious.io/news/auc-91282CRH6-2026-08-25/2-year-note-auction-in-line) Jul 27, 2026Jul 27 ’26 91282CRB9 New $69B 4.315% -0.5bp 2.66 56.6% 34.1% 9.4% [IN LINE →](https://helious.io/news/auc-91282CRB9-2026-07-27/2-year-note-auction-in-line) Jun 23, 2026Jun 23 ’26 91282CQY0 New $69B 4.189% — 2.64 55.5% 34.3% 10.2% — May 26, 2026May 26 ’26 91282CQS3 New $69B 4.071% — 2.64 57.6% 30.1% 12.3% — Apr 27, 2026Apr 27 ’26 91282CQL8 New $69B 3.812% — 2.65 56.5% 31.6% 11.9% — Mar 24, 2026Mar 24 ’26 91282CQH7 New $69B 3.936% — 2.44 59.4% 16.5% 24.1% — Feb 24, 2026Feb 24 ’26 91282CQB0 New $69B 3.455% — 2.63 55.9% 34.3% 9.8% — Dec 22, 2025Dec 22 ’25 91282CPS4 New $69B 3.499% — 2.54 53.2% 34.1% 12.7% — Nov 24, 2025Nov 24 ’25 91282CPL9 New $69B 3.489% — 2.68 58.1% 30.7% 11.2% — Oct 27, 2025Oct 27 ’25 91282CPE5 New $69B 3.504% — 2.59 53.7% 34.8% 11.6% — Sep 23, 2025Sep 23 ’25 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](https://helious.io/learn/when-issued-yield) 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](https://helious.io/learn/when-issued-yield) 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)](https://helious.io/auctions/2-year-note.csv). The full history comes through the [Helious API](https://helious.io/developers/) and MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan. Read [what a tail means](https://helious.io/learn/auction-tail) · [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) · [who indirect bidders are](https://helious.io/learn/indirect-bidders) · [who direct bidders are](https://helious.io/learn/direct-bidders). [Watch the next auction live →](https://helious.io/)