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Treasury Auction

2-Year Note

October 29, 2025

C+

Key Metrics

Offered

$30B

Bid-to-Cover

3.63

100th percentile

High Yield

Tail

bp

Indirect

63.6%

45th percentile

Dealer

34.9%

Recent 2-Year Auctions

DateB/CTailIndirectGrade
October 27, 20252.59+2.4bp53.6%F
September 23, 20252.51-3.9bp57.8%D+
August 26, 20252.69-8.9bp57.1%C+
July 29, 20252.81bp59.7%D+
July 28, 20252.62+1.0bp55.3%D

2-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History