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Treasury Auction

2-Year Note

September 23, 2025

F

Key Metrics

Offered

$69B

Bid-to-Cover

2.51

th percentile

High Yield

3.571%

Tail

bp

Indirect

57.8%

Dealer

11.5%

Recent 2-Year Auctions

DateB/CTailIndirectGrade
August 26, 20252.69bp57.1%F
July 29, 20252.81bp59.7%F
July 28, 20252.62bp55.3%F
June 24, 20252.58bp60.5%F
May 27, 20252.57bp63.3%F

2-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History