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Treasury auctions · 2-Year Note

2-year note auction of 26 April 2011 (new issue)

The 2-year note sold $37.208 billion at a high yield of 0.673% on , with a bid-to-cover ratio of 3.06.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 28 May 2008 to 26 Apr 2011
High yield at each 2-year note auction, 27 Apr 2009 to 26 Apr 2011

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, 28 May 2008 to 26 Apr 2011
Bid-to-cover ratio at each 2-year note auction, 27 Apr 2009 to 26 Apr 2011

Who bought the 2-year note of 26 Apr 2011

Shares of the competitive bids accepted

  • Indirect bidders 37.9%
  • Direct bidders 13.4%
  • Primary dealers 48.8%
This auction, 26 Apr 2011
  • Indirect bidders 33.0%
  • Direct bidders 13.3%
  • Primary dealers 53.7%
The 2-year note auction before, 28 Mar 2011

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 bidders37.9%
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
0.6733.06
0.7893.16
0.7453.03
0.6503.47
0.7403.71
0.5203.70
0.4003.43
0.4413.78
0.4983.12
0.6653.33
0.7383.45
0.7692.93
1.0243.03
1.0003.00
0.8953.33
0.8803.13
1.0892.91
0.8023.16
1.0203.63
1.0343.23
1.1192.68
1.0802.75
1.1513.19
0.9402.94
0.9492.72
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

Observed .

Right now

The high yield was 0.673% on 26 April 2011, down from 0.789% at the auction before.

Higher than 6 of the 36 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the direct bidders' share was higher than 13 of the 24.

The high yield was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 37.9%
  • Direct bidders 13.4%
  • Primary dealers 48.8%

Size

Treasury sold $37.208 billion of the $35 billion offered.

Bids received came to $109.183 billion; the bid-to-cover ratio was 3.06.

Its bid-to-cover of 3.06 compares with the 24 auctions before it: lowest 2.68 on , highest 3.78 on ; 34.5% of the way from the low to the high.

3.06

Low 2.68 Midpoint 3.230 High 3.78

The security2-Year, new issue

Coupon
0.625%
Announced
Issued
Matures

It adds to the debt that matures in April 2013.

Understanding this result

Where it stands today

The high yield was 0.673% at this 2-year note auction, the median yield 0.640% and a bid-to-cover ratio of 3.06.

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$35,000,000,000
Bids received$109,183,269,500
Sold$37,208,284,800
Competitive bids accepted$34,689,365,300
Non-competitive bids accepted$310,702,000
Federal Reserve (SOMA) add-on$2,208,217,500
Foreign and international (FIMA) non-competitive$0
High yield, %0.673
Median rate, %0.640
Low rate, %0.577
Interest rate (coupon), %0.625
Bids at the high rate filled, %79.79
Bid-to-cover ratio3.06
Indirect bidders accepted$13,132,038,300
Direct bidders accepted$4,635,895,000
Primary dealers accepted$16,921,432,000
Indirect bidders' share, % (ours)37.9
Direct bidders' share, % (ours)13.4
Primary dealers' share, % (ours)48.8
High minus median, basis points (ours)3.3
Treasury par yield curve, 2-year point, same day, %0.65
High yield minus that point, basis points (ours)2.3
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 ratio3.063.389 of 123 of 12
High yield0.6730.7026 of 126 of 12
Indirect bidders' share37.932.94 of 128 of 12
Direct bidders' share13.414.68 of 124 of 12
Primary dealers' share48.851.97 of 125 of 12
High minus median, basis points3.32.63 of 129 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 ratio3.06Last 24 auctions15 of 249 of 243.16
Bid-to-cover ratio3.06Since 23 April 200815 of 3621 of 362.97
Bid-to-cover ratio3.06All 135 since 27 October 199918 of 135117 of 1352.40
High yield0.673Last 24 auctions18 of 246 of 240.841
High yield0.673Since 23 April 200830 of 366 of 360.949
High yield0.673All 369 since 23 January 1980363 of 3696 of 3695.794
Indirect bidders' share37.9Last 24 auctions12 of 2412 of 2437.2
Indirect bidders' share37.9All 36 since 23 April 200814 of 3622 of 3634.8
Direct bidders' share13.4Last 24 auctions11 of 2413 of 2412.7
Direct bidders' share13.4All 36 since 23 April 200811 of 3625 of 367.5
Primary dealers' share48.8Last 24 auctions11 of 2413 of 2448.1
Primary dealers' share48.8All 36 since 23 April 200822 of 3614 of 3653.7
High minus median, basis points3.3Last 24 auctions11 of 2413 of 243.2
High minus median, basis points3.3Since 23 April 200821 of 3615 of 364.0
High minus median, basis points3.3All 369 since 23 January 198075 of 369294 of 3692.0

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 26 April 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110426_2.pdf. Compiled by 500metrics, "2-year note auction of 26 April 2011 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2011-04-26.

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