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Treasury auctions · 2-Year Note

2-year note auction of 24 June 2008 (new issue)

The 2-year note sold $33.217 billion at a high yield of 2.922% on , with a bid-to-cover ratio of 2.64.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 27 Jul 2005 to 24 Jun 2008
High yield at each 2-year note auction, 27 Jun 2006 to 24 Jun 2008

Bid-to-cover ratio at each 2-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 2-year note auction, 27 Jul 2005 to 24 Jun 2008
Bid-to-cover ratio at each 2-year note auction, 27 Jun 2006 to 24 Jun 2008

Who bought the 2-year note of 24 Jun 2008

Shares of the competitive bids accepted

  • Indirect bidders 28.5%
  • Direct bidders 0.4%
  • Primary dealers 71.1%
This auction, 24 Jun 2008
  • Indirect bidders 22.4%
  • Direct bidders 0.9%
  • Primary dealers 76.6%
The 2-year note auction before, 28 May 2008

Each point is one 2-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders28.5%
Inspect and compare dates
High yield and bid-to-cover of the last 36 2-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
2.9222.64
2.6402.28
2.2252.21
1.7612.44
2.0452.14
2.2372.33
3.2852.23
3.1592.21
3.7232.86
4.0003.29
4.1153.97
4.7352.59
4.9062.80
4.8862.53
4.6062.93
4.5142.81
4.8303.04
4.9303.03
4.7652.46
4.6923.02
4.8942.91
4.6602.77
4.9212.32
5.0902.03
5.2392.28
4.9332.58
4.9752.05
4.7302.12
4.6892.24
4.4272.11
4.4042.42
4.3492.16
4.3652.21
4.0952.58
4.0142.28
3.9752.38

Observed .

Right now

The high yield of 2.922% on 24 June 2008 was the highest for a 2-year note since 26 December 2007.

Its own history

The direct bidders' share was lower than all 2 earlier 2-year note auctions we hold.

The bid-to-cover ratio was higher than 13 of the previous 24 2-year note auctions.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 28.5%
  • Direct bidders 0.4%
  • Primary dealers 71.1%

Size

Treasury sold $33.217 billion of the $30 billion offered.

Bids received came to $82.503 billion; the bid-to-cover ratio was 2.64.

Its bid-to-cover of 2.64 compares with the 24 auctions before it: lowest 2.03 on , highest 3.97 on ; 31.4% of the way from the low to the high.

2.64

Low 2.03 Midpoint 3.000 High 3.97

The security2-Year, new issue

Coupon
2.875%
Announced
Issued
Matures

It adds to the debt that matures in June 2010.

Understanding this result

Where it stands today

The high yield was 2.922% at this 2-year note auction, the median yield 2.899% and a bid-to-cover ratio of 2.64.

What do these figures measure?

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

Read more

How does it compare with the par yield curve?

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (2-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What these figures cannot tell

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as2-Year, new issue
Offering amount$30,000,000,000
Bids received$82,503,106,200
Sold$33,216,531,200
Competitive bids accepted$29,276,775,000
Non-competitive bids accepted$696,276,200
Federal Reserve (SOMA) add-on$3,216,480,000
Foreign and international (FIMA) non-competitive$27,000,000
High yield, %2.922
Median rate, %2.899
Low rate, %2.850
Interest rate (coupon), %2.875
Bids at the high rate filled, %4.05
Bid-to-cover ratio2.64
Indirect bidders accepted$8,330,750,000
Direct bidders accepted$125,000,000
Primary dealers accepted$20,821,025,000
Indirect bidders' share, % (ours)28.5
Direct bidders' share, % (ours)0.4
Primary dealers' share, % (ours)71.1
High minus median, basis points (ours)2.3
Treasury par yield curve, 2-year point, same day, %2.87
High yield minus that point, basis points (ours)5.2
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.642.384 of 128 of 12
High yield2.9223.2227 of 125 of 12
Indirect bidders' share28.528.01 of 21 of 2
Direct bidders' share0.40.72 of 20 of 2
Primary dealers' share71.171.21 of 21 of 2
High minus median, basis points2.32.46 of 126 of 12

The table scrolls sideways; the first column stays in place.

The longer windows

Each measure against earlier 2-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.64Last 24 auctions11 of 2413 of 242.56
Bid-to-cover ratio2.64Since 23 April 20080 of 22 of 22.24
Bid-to-cover ratio2.64All 101 since 27 October 199920 of 10181 of 1012.26
High yield2.922Last 24 auctions19 of 245 of 244.633
High yield2.922Since 23 April 20080 of 22 of 22.432
High yield2.922All 335 since 23 January 1980300 of 33535 of 3356.053
Indirect bidders' share28.5All 2 since 23 April 20081 of 21 of 228.0
Direct bidders' share0.4All 2 since 23 April 20082 of 20 of 20.7
Primary dealers' share71.1All 2 since 23 April 20081 of 21 of 271.2
High minus median, basis points2.3Last 24 auctions10 of 2413 of 242.2
High minus median, basis points2.3Since 23 April 20082 of 20 of 24.2
High minus median, basis points2.3All 335 since 23 January 1980119 of 335214 of 3352.0

The table scrolls sideways; the first column stays in place.

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 24 June 2008. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2008/R_20080624_2.pdf. Compiled by 500metrics, "2-year note auction of 24 June 2008 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2008-06-24.

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