Upcoming US Treasury auction - 2 year Note 'fresh issue'

18 April 2025 - Written by ML

Schedule

The table provides details of upcoming US Treasury security auctions. Details on each auction can be accessed on the Treasury website(U.S. Department of the Treasury, 2025).

Upcoming Treasury Auctions
Summary of Key Auction Details
Auction Date Issue Date Maturity Date Amount ($B) Security Type Term Int. Freq. Notes
April 21, 2025 April 24, 2025 July 24, 2025 76 B Bill 13-Week N/A Reopening
April 21, 2025 April 24, 2025 October 23, 2025 68 B Bill 26-Week N/A None
April 22, 2025 April 30, 2025 April 30, 2027 69 B Note 2-Year Semi None
April 22, 2025 April 24, 2025 June 5, 2025 70 B Bill 6-Week N/A Reopening
April 23, 2025 April 30, 2025 April 30, 2027 30 B Note 2-Year Qtr Floating
April 23, 2025 April 30, 2025 April 30, 2030 70 B Note 5-Year Semi None
April 24, 2025 April 30, 2025 April 30, 2032 44 B Note 7-Year Semi None
Source: U.S. Treasury, extracted April 17, 2025

Past auction data

2 year note fresh issue

Annual summary of fresh1 issued notes

Annual summary

Annual Auction Summary
All figures annual medians, allocations in %
Year Total Accepted (B) Median Bid-to-Cover
Allocation (%)
Primary Dealer Direct Bidder Indirect Bidder FIMA Non‑comp Treasury Retail Other Non‑comp SOMA
2017 29 2.5 40% 13% 35% 0% 0% 0% 12%
2018 446 2.7 38% 13% 40% 0% 0% 0% 10%
2019 430 2.6 28% 20% 43% 0% 0% 0% 8%
2020 639 2.5 29% 14% 46% 0% 0% 0% 11%
2021 817 2.5 25% 16% 47% 0% 0% 0% 12%
2022 613 2.6 18% 19% 53% 0% 1% 1% 11%
2023 576 2.7 15% 19% 59% 0% 1% 1% 0%
2024 837 2.6 13% 19% 65% 0% 0% 0% 3%
2025 220 2.7 10% 13% 73% 0% 0% 0% 5%
Allocation columns – Primary Dealer (own house account), Direct Bidder (own house account), Indirect Bidder (including foreign & intl monetary authorities), FIMA Noncompetitive (foreign & intl monetary authorities), Treasury Retail Noncompetitive, Other Noncompetitive, SOMA (managed by Federal Reserve)

Auction result by Year

2018 Auction Results

Treasury Auction Results 2018
Summary of Key Auction Metrics for 2018
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 23, 2018 January 31, 2018 January 31, 2020 3.2 99.871 30 B
February 20, 2018 February 28, 2018 February 29, 2020 2.7 99.990 35 B
March 26, 2018 April 2, 2018 March 31, 2020 2.9 99.884 35 B
April 24, 2018 April 30, 2018 April 30, 2020 2.6 99.761 36 B
May 22, 2018 May 31, 2018 May 31, 2020 2.9 99.826 39 B
June 26, 2018 July 2, 2018 June 30, 2020 2.7 99.926 38 B
July 24, 2018 July 31, 2018 July 31, 2020 2.9 99.938 37 B
August 27, 2018 August 31, 2018 August 31, 2020 2.9 99.942 39 B
September 24, 2018 October 1, 2018 September 30, 2020 2.4 99.848 37 B
October 23, 2018 October 31, 2018 October 31, 2020 2.7 99.990 38 B
November 26, 2018 November 30, 2018 November 30, 2020 2.6 99.834 42 B
December 24, 2018 December 31, 2018 December 31, 2020 2.3 99.770 40 B
Source: U.S. Treasury, extracted April 17 2025

2019 Auction Results

Treasury Auction Results 2019
Summary of Key Auction Metrics for 2019
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 28, 2019 January 31, 2019 January 31, 2021 2.6 99.806 40 B
February 25, 2019 February 28, 2019 February 28, 2021 2.5 99.994 42 B
May 28, 2019 May 31, 2019 May 31, 2021 2.8 100.000 44 B
June 25, 2019 July 1, 2019 June 30, 2021 2.6 99.863 42 B
July 23, 2019 July 31, 2019 July 31, 2021 2.5 99.853 42 B
August 27, 2019 September 3, 2019 August 31, 2021 2.6 99.969 45 B
September 24, 2019 September 30, 2019 September 30, 2021 2.6 99.780 44 B
October 22, 2019 October 31, 2019 October 31, 2021 2.7 99.816 44 B
November 25, 2019 December 2, 2019 November 30, 2021 2.6 99.802 43 B
December 23, 2019 December 31, 2019 December 31, 2021 2.3 99.945 44 B
Source: U.S. Treasury, extracted April 17 2025

2020 Auction Results

Treasury Auction Results 2020
Summary of Key Auction Metrics for 2020
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 27, 2020 January 31, 2020 January 31, 2022 2.6 99.872 44 B
February 25, 2020 March 2, 2020 February 28, 2022 2.4 99.876 46 B
March 24, 2020 March 31, 2020 March 31, 2022 2.4 99.954 45 B
April 27, 2020 April 30, 2020 April 30, 2022 3.1 99.793 46 B
May 26, 2020 June 1, 2020 May 31, 2022 2.7 99.894 49 B
June 23, 2020 June 30, 2020 June 30, 2022 2.5 99.864 52 B
July 27, 2020 July 31, 2020 July 31, 2022 2.3 99.940 53 B
August 25, 2020 August 31, 2020 August 31, 2022 2.8 99.940 54 B
September 22, 2020 September 30, 2020 September 30, 2022 2.4 99.978 59 B
October 27, 2020 November 2, 2020 October 31, 2022 2.4 99.948 60 B
November 23, 2020 November 30, 2020 November 30, 2022 2.7 99.920 64 B
December 28, 2020 December 31, 2020 December 31, 2022 2.4 99.976 67 B
Source: U.S. Treasury, extracted April 17 2025

2021 Auction Results

Treasury Auction Results 2021
Summary of Key Auction Metrics for 2021
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 25, 2021 February 1, 2021 January 31, 2023 2.7 100.000 68 B
February 23, 2021 March 1, 2021 February 28, 2023 2.4 100.012 73 B
March 23, 2021 March 31, 2021 March 31, 2023 2.5 99.946 71 B
April 26, 2021 April 30, 2021 April 30, 2023 2.3 99.900 71 B
May 25, 2021 June 1, 2021 May 31, 2023 2.7 99.946 72 B
June 22, 2021 June 30, 2021 June 30, 2023 2.5 99.753 69 B
July 26, 2021 August 2, 2021 July 31, 2023 2.5 99.825 66 B
August 24, 2021 August 31, 2021 August 31, 2023 2.6 99.767 68 B
September 27, 2021 September 30, 2021 September 30, 2023 2.3 99.880 67 B
October 26, 2021 November 1, 2021 October 31, 2023 2.7 99.790 66 B
November 22, 2021 November 30, 2021 November 30, 2023 2.4 99.756 63 B
December 27, 2021 December 31, 2021 December 31, 2023 2.5 99.962 64 B
Source: U.S. Treasury, extracted April 17 2025

2022 Auction Results

Treasury Auction Results 2022
Summary of Key Auction Metrics for 2022
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 24, 2022 January 31, 2022 January 31, 2024 2.8 99.773 62 B
February 22, 2022 February 28, 2022 February 29, 2024 2.6 99.896 61 B
March 28, 2022 March 31, 2022 March 31, 2024 2.5 99.777 59 B
April 26, 2022 May 2, 2022 April 30, 2024 2.7 99.836 55 B
May 24, 2022 May 31, 2022 May 31, 2024 2.6 99.963 54 B
June 27, 2022 June 30, 2022 June 30, 2024 2.5 99.838 50 B
July 25, 2022 August 1, 2022 July 31, 2024 2.6 99.971 49 B
August 23, 2022 August 31, 2022 August 31, 2024 2.5 99.891 50 B
September 26, 2022 September 30, 2022 September 30, 2024 2.5 99.924 43 B
October 25, 2022 October 31, 2022 October 31, 2024 2.6 99.839 42 B
November 21, 2022 November 30, 2022 November 30, 2024 2.6 99.991 47 B
December 27, 2022 January 3, 2023 December 31, 2024 2.7 99.767 42 B
Source: U.S. Treasury, extracted April 17 2025

2023 Auction Results

Treasury Auction Results 2023
Summary of Key Auction Metrics for 2023
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 24, 2023 January 31, 2023 January 31, 2025 2.9 99.973 42 B
February 21, 2023 February 28, 2023 February 28, 2025 2.6 99.909 52 B
March 27, 2023 March 31, 2023 March 31, 2025 2.4 99.850 42 B
April 25, 2023 May 1, 2023 April 30, 2025 2.7 99.821 46 B
May 23, 2023 May 31, 2023 May 31, 2025 2.9 99.905 50 B
June 26, 2023 June 30, 2023 June 30, 2025 2.9 99.915 42 B
July 24, 2023 July 31, 2023 July 31, 2025 2.8 99.862 42 B
August 28, 2023 August 31, 2023 August 31, 2025 2.9 99.955 50 B
September 26, 2023 October 2, 2023 September 30, 2025 2.7 99.840 48 B
October 24, 2023 October 31, 2023 October 31, 2025 2.6 99.897 51 B
November 27, 2023 November 30, 2023 November 30, 2025 2.5 99.977 55 B
December 26, 2023 January 2, 2024 December 31, 2025 2.7 99.878 57 B
Source: U.S. Treasury, extracted April 17 2025

2024 Auction Results

Treasury Auction Results 2024
Summary of Key Auction Metrics for 2024
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
January 23, 2024 January 31, 2024 January 31, 2026 2.6 99.782 60 B
February 26, 2024 February 29, 2024 February 28, 2026 2.5 99.875 66 B
March 25, 2024 April 1, 2024 March 31, 2026 2.6 99.820 66 B
April 23, 2024 April 30, 2024 April 30, 2026 2.7 99.957 69 B
May 28, 2024 May 31, 2024 May 31, 2026 2.4 99.921 73 B
June 25, 2024 July 1, 2024 June 30, 2026 2.8 99.847 71 B
July 23, 2024 July 31, 2024 July 31, 2026 2.8 99.888 73 B
August 27, 2024 September 3, 2024 August 31, 2026 2.7 99.764 74 B
September 24, 2024 September 30, 2024 September 30, 2026 2.6 99.962 70 B
October 28, 2024 October 31, 2024 October 31, 2026 2.5 99.990 70 B
November 25, 2024 December 2, 2024 November 30, 2026 2.8 99.954 74 B
December 23, 2024 December 31, 2024 December 31, 2026 2.7 99.839 70 B
Source: U.S. Treasury, extracted April 17 2025

2025 Auction Results

Treasury Auction Results 2025
Summary of Key Auction Metrics for 2025
Auction Date Issue Date Maturity Date Bid‑to‑Cover Ratio Price per 100 Accepted ($B)
April 22, 2025 April 30, 2025 April 30, 2027 NA NA NA
March 25, 2025 March 31, 2025 March 31, 2027 2.7 99.792 71 B
February 24, 2025 February 28, 2025 February 28, 2027 2.6 99.916 76 B
January 27, 2025 January 31, 2025 January 31, 2027 2.7 99.837 73 B
Source: U.S. Treasury, extracted April 17 2025

Statistics by Year

2018 Stats by Year

Auction Statistics
Key Metrics Summary for 2018 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 30B 42B 37B 38B
bidToCoverRatio 2.31 3.22 2.75 2.73
pricePer100 99.76 99.99 99.88 99.88
highYield 2.07 2.88 2.56 2.60
interestRate 2.00 2.88 2.50 2.50
Primary Dealer (own house account) 0.22 0.47 0.37 0.38
Direct Bidder (own house account) 0.05 0.18 0.12 0.13
Indirect Bidder (including foreign & intl monetary authorities) 0.33 0.52 0.41 0.40
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.01 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.20 0.09 0.10
Treasury Retail Noncompetitive 0.00 0.01 0.00 0.00
Other Noncompetitive 0.00 0.01 0.01 0.00
Source: U.S. Treasury, extracted April 17, 2025

2019 Stats by Year

Auction Statistics
Key Metrics Summary for 2019 • Total Issues: 10
Metric Min Max Average Median
Total Accepted (B) 40B 45B 43B 43B
bidToCoverRatio 2.30 2.75 2.58 2.59
pricePer100 99.78 100.00 99.88 99.86
highYield 1.52 2.60 1.87 1.67
interestRate 1.50 2.50 1.81 1.62
Primary Dealer (own house account) 0.21 0.37 0.27 0.28
Direct Bidder (own house account) 0.13 0.27 0.20 0.20
Indirect Bidder (including foreign & intl monetary authorities) 0.36 0.53 0.45 0.43
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.11 0.07 0.08
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2020 Stats by Year

Auction Statistics
Key Metrics Summary for 2020 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 44B 67B 53B 53B
bidToCoverRatio 2.34 3.10 2.57 2.46
pricePer100 99.79 99.98 99.91 99.93
highYield 0.14 1.44 0.38 0.17
interestRate 0.12 1.38 0.33 0.12
Primary Dealer (own house account) 0.24 0.38 0.30 0.29
Direct Bidder (own house account) 0.08 0.19 0.13 0.14
Indirect Bidder (including foreign & intl monetary authorities) 0.40 0.53 0.46 0.46
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.08 0.13 0.11 0.11
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2021 Stats by Year

Auction Statistics
Key Metrics Summary for 2021 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 63B 73B 68B 68B
bidToCoverRatio 2.28 2.74 2.52 2.54
pricePer100 99.75 100.01 99.88 99.89
highYield 0.12 0.77 0.30 0.23
interestRate 0.12 0.75 0.24 0.12
Primary Dealer (own house account) 0.16 0.34 0.25 0.25
Direct Bidder (own house account) 0.10 0.20 0.16 0.16
Indirect Bidder (including foreign & intl monetary authorities) 0.36 0.54 0.46 0.47
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.08 0.18 0.12 0.12
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.00 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2022 Stats by Year

Auction Statistics
Key Metrics Summary for 2022 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 42B 62B 51B 50B
bidToCoverRatio 2.46 2.81 2.61 2.60
pricePer100 99.77 99.99 99.87 99.86
highYield 0.99 4.50 3.09 3.05
interestRate 0.88 4.50 3.02 3.00
Primary Dealer (own house account) 0.11 0.23 0.18 0.18
Direct Bidder (own house account) 0.08 0.24 0.19 0.19
Indirect Bidder (including foreign & intl monetary authorities) 0.46 0.61 0.53 0.53
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.01 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.16 0.09 0.11
Treasury Retail Noncompetitive 0.00 0.02 0.01 0.01
Other Noncompetitive 0.00 0.02 0.01 0.01
Source: U.S. Treasury, extracted April 17, 2025

2023 Stats by Year

Auction Statistics
Key Metrics Summary for 2023 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 42B 57B 48B 49B
bidToCoverRatio 2.44 2.94 2.73 2.71
pricePer100 99.82 99.98 99.90 99.90
highYield 3.95 5.08 4.57 4.67
interestRate 3.88 5.00 4.52 4.62
Primary Dealer (own house account) 0.12 0.23 0.16 0.15
Direct Bidder (own house account) 0.13 0.24 0.19 0.19
Indirect Bidder (including foreign & intl monetary authorities) 0.50 0.68 0.59 0.59
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.19 0.04 0.00
Treasury Retail Noncompetitive 0.00 0.01 0.01 0.01
Other Noncompetitive 0.00 0.01 0.01 0.01
Source: U.S. Treasury, extracted April 17, 2025

2024 Stats by Year

Auction Statistics
Key Metrics Summary for 2024 • Total Issues: 12
Metric Min Max Average Median
Total Accepted (B) 60B 74B 70B 70B
bidToCoverRatio 2.41 2.81 2.63 2.64
pricePer100 99.76 99.99 99.88 99.88
highYield 3.52 4.92 4.39 4.40
interestRate 3.50 4.88 4.33 4.31
Primary Dealer (own house account) 0.08 0.17 0.13 0.13
Direct Bidder (own house account) 0.07 0.24 0.18 0.19
Indirect Bidder (including foreign & intl monetary authorities) 0.54 0.81 0.65 0.65
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.01 0.00 0.00
SOMA (managed by Federal Reserve) 0.00 0.07 0.03 0.03
Treasury Retail Noncompetitive 0.00 0.01 0.00 0.00
Other Noncompetitive 0.00 0.01 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

2025 Stats by Year

Auction Statistics
Key Metrics Summary for 2025 • Total Issues: 4
Metric Min Max Average Median
Total Accepted (B) 71B 76B 73B 73B
bidToCoverRatio 2.56 2.66 2.63 2.66
pricePer100 99.79 99.92 99.85 99.84
highYield 3.98 4.21 4.12 4.17
interestRate 3.88 4.12 4.04 4.12
Primary Dealer (own house account) 0.06 0.13 0.10 0.10
Direct Bidder (own house account) 0.07 0.20 0.13 0.13
Indirect Bidder (including foreign & intl monetary authorities) 0.61 0.77 0.70 0.73
FIMA Noncompetitive (foreign & intl monetary authorities) 0.00 0.00 0.00 0.00
SOMA (managed by Federal Reserve) 0.03 0.09 0.06 0.05
Treasury Retail Noncompetitive 0.00 0.00 0.00 0.00
Other Noncompetitive 0.00 0.01 0.00 0.00
Source: U.S. Treasury, extracted April 17, 2025

References

U.S. Department of the Treasury. (2025). Announcements, results, and press releases. TreasuryDirect. https://www.treasurydirect.gov/auctions/announcements-data-results/announcement-results-press-releases/

  1. Fresh issued notes as opposed to reopened securities previously issued↩︎