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Treasury auctions · 2-Year Note

2-year note auction of 24 March 2009 (new issue)

The 2-year note sold $41.896 billion at a high yield of 0.949% on , with a bid-to-cover ratio of 2.71.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 26 Apr 2006 to 24 Mar 2009
High yield at each 2-year note auction, 28 Mar 2007 to 24 Mar 2009

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, 26 Apr 2006 to 24 Mar 2009
Bid-to-cover ratio at each 2-year note auction, 28 Mar 2007 to 24 Mar 2009

Who bought the 2-year note of 24 Mar 2009

Shares of the competitive bids accepted

  • Indirect bidders 53.1%
  • Direct bidders 2.2%
  • Primary dealers 44.7%
This auction, 24 Mar 2009
  • Indirect bidders 28.1%
  • Direct bidders 3.3%
  • Primary dealers 68.6%
The 2-year note auction before, 24 Feb 2009

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 bidders53.1%
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
0.9492.71
0.9612.63
0.9252.69
0.9222.13
1.2692.08
1.6002.49
2.1152.21
2.3802.18
2.8202.42
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

Observed .

Right now

The high yield was 0.949% on 24 March 2009, down from 0.961% at the auction before.

The bid-to-cover ratio of 2.71 was the highest for a 2-year note since 24 October 2007, with 16 auctions in between.

Higher than 2 of the 11 since 23 April 2008

Its own history

The indirect bidders' share was higher than all 11 earlier 2-year note auctions we hold.

The primary dealers' share was lower than all 11 earlier 2-year note auctions we hold.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 53.1%
  • Direct bidders 2.2%
  • Primary dealers 44.7%

Size

Treasury sold $41.896 billion of the $40 billion offered.

Bids received came to $110.173 billion; the bid-to-cover ratio was 2.71.

Its bid-to-cover of 2.71 compares with the 24 auctions before it: lowest 2.08 on , highest 3.97 on ; 33.3% of the way from the low to the high.

2.71

Low 2.08 Midpoint 3.025 High 3.97

The security2-Year, new issue

Coupon
0.875%
Announced
Issued
Matures

It adds to the debt that matures in March 2011.

Understanding this result

Where it stands today

The high yield was 0.949% at this 2-year note auction, the median yield 0.900% and a bid-to-cover ratio of 2.71.

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$40,000,000,000
Bids received$110,173,315,800
Sold$41,896,075,800
Competitive bids accepted$39,545,860,000
Non-competitive bids accepted$454,231,200
Federal Reserve (SOMA) add-on$1,895,984,600
Foreign and international (FIMA) non-competitive$0
High yield, %0.949
Median rate, %0.900
Low rate, %0.842
Interest rate (coupon), %0.875
Bids at the high rate filled, %41.80
Bid-to-cover ratio2.71
Indirect bidders accepted$21,010,560,000
Direct bidders accepted$875,500,000
Primary dealers accepted$17,659,800,000
Indirect bidders' share, % (ours)53.1
Direct bidders' share, % (ours)2.2
Primary dealers' share, % (ours)44.7
High minus median, basis points (ours)4.9
Treasury par yield curve, 2-year point, same day, %0.93
High yield minus that point, basis points (ours)1.9
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 ratio2.712.350 of 1212 of 12
High yield0.9491.93810 of 122 of 12
Indirect bidders' share53.130.40 of 1111 of 11
Direct bidders' share2.21.13 of 118 of 11
Primary dealers' share44.765.811 of 110 of 11
High minus median, basis points4.95.08 of 124 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 ratio2.71Last 24 auctions6 of 2418 of 242.46
Bid-to-cover ratio2.71Since 23 April 20080 of 1111 of 112.28
Bid-to-cover ratio2.71All 110 since 27 October 199914 of 11096 of 1102.26
High yield0.949Last 24 auctions22 of 242 of 242.730
High yield0.949Since 23 April 20089 of 112 of 112.115
High yield0.949All 344 since 23 January 1980342 of 3442 of 3446.000
Indirect bidders' share53.1All 11 since 23 April 20080 of 1111 of 1130.4
Direct bidders' share2.2All 11 since 23 April 20083 of 118 of 111.1
Primary dealers' share44.7All 11 since 23 April 200811 of 110 of 1165.8
High minus median, basis points4.9Last 24 auctions8 of 2416 of 243.0
High minus median, basis points4.9Since 23 April 20088 of 113 of 115.0
High minus median, basis points4.9All 344 since 23 January 198031 of 344311 of 3442.0

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 March 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090324_2.pdf. Compiled by 500metrics, "2-year note auction of 24 March 2009 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2009-03-24.

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