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Treasury auctions · 2-Year Note

2-year note auction of 25 February 2013 (new issue)

The 2-year note sold $35 billion at a high yield of 0.257% on , with a bid-to-cover ratio of 3.33.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 23 Mar 2010 to 25 Feb 2013
High yield at each 2-year note auction, 28 Mar 2011 to 25 Feb 2013

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, 23 Mar 2010 to 25 Feb 2013
Bid-to-cover ratio at each 2-year note auction, 28 Mar 2011 to 25 Feb 2013

Who bought the 2-year note of 25 Feb 2013

Shares of the competitive bids accepted

  • Indirect bidders 22.0%
  • Direct bidders 31.6%
  • Primary dealers 46.4%
This auction, 25 Feb 2013
  • Indirect bidders 18.0%
  • Direct bidders 30.0%
  • Primary dealers 52.0%
The 2-year note auction before, 28 Jan 2013

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 bidders22.0%
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
0.2573.33
0.2883.77
0.2453.59
0.2704.07
0.2954.02
0.2733.60
0.2733.94
0.2204.00
0.3133.62
0.3003.95
0.2703.76
0.3403.69
0.3103.54
0.2503.75
0.2403.45
0.2804.07
0.2813.64
0.2493.76
0.2223.44
0.4173.14
0.3953.08
0.5603.46
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

Observed .

Right now

The high yield was 0.257% on 25 February 2013, down from 0.288% at the auction before.

The bid-to-cover ratio of 3.33 was the lowest for a 2-year note since 26 July 2011, with 18 auctions in between.

Higher than 6 of the 58 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the direct bidders' share was higher than 23 of the 24.

The high minus median was higher than 0 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 22.0%
  • Direct bidders 31.6%
  • Primary dealers 46.4%

Size

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

Bids received came to $116.464 billion; the bid-to-cover ratio was 3.33.

Its bid-to-cover of 3.33 compares with the 24 auctions before it: lowest 3.03 on , highest 4.07 on ; 28.8% of the way from the low to the high.

3.33

Low 3.03 Midpoint 3.550 High 4.07

The security2-Year, new issue

Coupon
0.250%
Announced
Issued
Matures

It adds to the debt that matures in February 2015.

Understanding this result

Where it stands today

The high yield was 0.257% at this 2-year note auction, the median yield 0.249% and a bid-to-cover ratio of 3.33.

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$116,463,818,300
Sold$35,000,121,300
Competitive bids accepted$34,745,648,000
Non-competitive bids accepted$154,473,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.257
Median rate, %0.249
Low rate, %0.199
Interest rate (coupon), %0.250
Bids at the high rate filled, %74.46
Bid-to-cover ratio3.33
Indirect bidders accepted$7,644,508,000
Direct bidders accepted$10,974,380,000
Primary dealers accepted$16,126,760,000
Indirect bidders' share, % (ours)22.0
Direct bidders' share, % (ours)31.6
Primary dealers' share, % (ours)46.4
High minus median, basis points (ours)0.8
Treasury par yield curve, 2-year point, same day, %0.25
High yield minus that point, basis points (ours)0.7
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 ratio3.333.7612 of 120 of 12
High yield0.2570.28010 of 122 of 12
Indirect bidders' share22.031.910 of 122 of 12
Direct bidders' share31.616.81 of 1211 of 12
Primary dealers' share46.455.09 of 123 of 12
High minus median, basis points0.81.210 of 120 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 ratio3.33Last 24 auctions19 of 245 of 243.63
Bid-to-cover ratio3.33Since 23 April 200826 of 5830 of 583.21
Bid-to-cover ratio3.33All 157 since 27 October 199927 of 157128 of 1572.53
High yield0.257Last 24 auctions18 of 246 of 240.284
High yield0.257Since 23 April 200852 of 586 of 580.739
High yield0.257All 391 since 23 January 1980385 of 3916 of 3915.590
Indirect bidders' share22.0Last 24 auctions21 of 243 of 2431.9
Indirect bidders' share22.0All 58 since 23 April 200855 of 583 of 5833.5
Direct bidders' share31.6Last 24 auctions1 of 2423 of 2413.4
Direct bidders' share31.6All 58 since 23 April 20081 of 5857 of 5811.0
Primary dealers' share46.4Last 24 auctions21 of 243 of 2453.8
Primary dealers' share46.4All 58 since 23 April 200845 of 5813 of 5853.7
High minus median, basis points0.8Last 24 auctions21 of 240 of 241.6
High minus median, basis points0.8Since 23 April 200855 of 580 of 583.0
High minus median, basis points0.8All 391 since 23 January 1980353 of 39134 of 3912.0

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 25 February 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130225_3.pdf. Compiled by 500metrics, "2-year note auction of 25 February 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-02-25.

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