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Treasury auctions · 2-Year Note

2-year note auction of 23 July 2013 (new issue)

The 2-year note sold $35 billion at a high yield of 0.336% on , with a bid-to-cover ratio of 3.08.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 24 Aug 2010 to 23 Jul 2013
High yield at each 2-year note auction, 26 Jul 2011 to 23 Jul 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, 24 Aug 2010 to 23 Jul 2013
Bid-to-cover ratio at each 2-year note auction, 26 Jul 2011 to 23 Jul 2013

Who bought the 2-year note of 23 Jul 2013

Shares of the competitive bids accepted

  • Indirect bidders 30.4%
  • Direct bidders 16.4%
  • Primary dealers 53.2%
This auction, 23 Jul 2013
  • Indirect bidders 35.8%
  • Direct bidders 7.8%
  • Primary dealers 56.3%
The 2-year note auction before, 25 Jun 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 bidders30.4%
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
0.3363.08
0.4303.05
0.2833.04
0.2333.63
0.2553.27
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

Observed .

Right now

The high yield was 0.336% on 23 July 2013, down from 0.430% at the auction before.

Higher than 21 of the 63 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the high yield was higher than 21 of the 24.

The bid-to-cover ratio was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 30.4%
  • Direct bidders 16.4%
  • Primary dealers 53.2%

Size

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

Bids received came to $107.699 billion; the bid-to-cover ratio was 3.08.

Its bid-to-cover of 3.08 compares with the 24 auctions before it: lowest 3.04 on , highest 4.07 on ; 3.9% of the way from the low to the high.

3.08

Low 3.04 Midpoint 3.555 High 4.07

The security2-Year, new issue

Coupon
0.250%
Announced
Issued
Matures

It adds to the debt that matures in July 2015.

Understanding this result

Where it stands today

The high yield was 0.336% at this 2-year note auction, the median yield 0.315% and a bid-to-cover ratio of 3.08.

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$107,699,136,600
Sold$35,000,055,600
Competitive bids accepted$34,722,869,000
Non-competitive bids accepted$147,186,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$130,000,000
High yield, %0.336
Median rate, %0.315
Low rate, %0.285
Interest rate (coupon), %0.250
Bids at the high rate filled, %42.14
Bid-to-cover ratio3.08
Indirect bidders accepted$10,550,950,000
Direct bidders accepted$5,683,749,000
Primary dealers accepted$18,488,170,000
Indirect bidders' share, % (ours)30.4
Direct bidders' share, % (ours)16.4
Primary dealers' share, % (ours)53.2
High minus median, basis points (ours)2.1
Treasury par yield curve, 2-year point, same day, %0.33
High yield minus that point, basis points (ours)0.6
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 ratio3.083.6210 of 122 of 12
High yield0.3360.2721 of 1211 of 12
Indirect bidders' share30.422.24 of 128 of 12
Direct bidders' share16.422.78 of 124 of 12
Primary dealers' share53.254.67 of 125 of 12
High minus median, basis points2.11.11 of 1211 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 ratio3.08Last 24 auctions22 of 242 of 243.64
Bid-to-cover ratio3.08Since 23 April 200838 of 6324 of 633.23
Bid-to-cover ratio3.08All 162 since 27 October 199941 of 162120 of 1622.58
High yield0.336Last 24 auctions3 of 2421 of 240.273
High yield0.336Since 23 April 200842 of 6321 of 630.665
High yield0.336All 396 since 23 January 1980375 of 39621 of 3965.540
Indirect bidders' share30.4Last 24 auctions14 of 2410 of 2431.7
Indirect bidders' share30.4All 63 since 23 April 200843 of 6320 of 6333.0
Direct bidders' share16.4Last 24 auctions10 of 2414 of 2415.3
Direct bidders' share16.4All 63 since 23 April 200816 of 6347 of 6311.8
Primary dealers' share53.2Last 24 auctions13 of 2411 of 2454.3
Primary dealers' share53.2All 63 since 23 April 200833 of 6330 of 6353.7
High minus median, basis points2.1Last 24 auctions4 of 2420 of 241.3
High minus median, basis points2.1Since 23 April 200838 of 6325 of 632.6
High minus median, basis points2.1All 396 since 23 January 1980164 of 396224 of 3962.0

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 23 July 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130723_3.pdf. Compiled by 500metrics, "2-year note auction of 23 July 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-07-23.

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