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Treasury Auction

2-Year Note

September 26, 2022

D-

Key Metrics

Offered

$43B

Bid-to-Cover

2.51

26th percentile

High Yield

4.290%

Tail

+9.0bp

100th pct (higher=worse)

Indirect

53.0%

30th percentile

Dealer

22.2%

Recent 2-Year Auctions

DateB/CTailIndirectGrade
August 23, 20222.49-1.3bp59.7%C
July 27, 20223.13—bp69.4%B+
July 25, 20222.58+3.5bp62.0%D+
June 27, 20222.51+4.4bp51.5%F
May 24, 20222.61-13.1bp62.5%B

2-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History