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Treasury auctions · 2-Year Note

2-year note auction of 24 September 2013 (new issue)

The 2-year note sold $33 billion at a high yield of 0.348% on , with a bid-to-cover ratio of 3.09.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 26 Oct 2010 to 24 Sep 2013
High yield at each 2-year note auction, 27 Sep 2011 to 24 Sep 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, 26 Oct 2010 to 24 Sep 2013
Bid-to-cover ratio at each 2-year note auction, 27 Sep 2011 to 24 Sep 2013

Who bought the 2-year note of 24 Sep 2013

Shares of the competitive bids accepted

  • Indirect bidders 24.0%
  • Direct bidders 21.8%
  • Primary dealers 54.2%
This auction, 24 Sep 2013
  • Indirect bidders 19.3%
  • Direct bidders 26.1%
  • Primary dealers 54.6%
The 2-year note auction before, 27 Aug 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 bidders24.0%
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
0.3483.09
0.3863.21
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

Observed .

Right now

The high yield was 0.348% on 24 September 2013, down from 0.386% at the auction before.

Higher than 23 of the 65 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the high yield was higher than 22 of the 24.

The bid-to-cover ratio was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 24.0%
  • Direct bidders 21.8%
  • Primary dealers 54.2%

Size

Treasury sold $33 billion of the $33 billion offered.

Bids received came to $101.981 billion; the bid-to-cover ratio was 3.09.

Its bid-to-cover of 3.09 compares with the 24 auctions before it: lowest 3.04 on , highest 4.07 on ; 4.9% of the way from the low to the high.

3.09

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 September 2015.

Understanding this result

Where it stands today

The high yield was 0.348% at this 2-year note auction, the median yield 0.330% and a bid-to-cover ratio of 3.09.

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$33,000,000,000
Bids received$101,981,417,200
Sold$33,000,096,200
Competitive bids accepted$32,728,979,000
Non-competitive bids accepted$171,117,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.348
Median rate, %0.330
Low rate, %0.289
Interest rate (coupon), %0.250
Bids at the high rate filled, %49.47
Bid-to-cover ratio3.09
Indirect bidders accepted$7,857,664,000
Direct bidders accepted$7,129,495,000
Primary dealers accepted$17,741,820,000
Indirect bidders' share, % (ours)24.0
Direct bidders' share, % (ours)21.8
Primary dealers' share, % (ours)54.2
High minus median, basis points (ours)1.8
Treasury par yield curve, 2-year point, same day, %0.35
High yield minus that point, basis points (ours)-0.2
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 ratio3.093.469 of 123 of 12
High yield0.3480.2782 of 1210 of 12
Indirect bidders' share24.022.05 of 127 of 12
Direct bidders' share21.824.98 of 124 of 12
Primary dealers' share54.253.65 of 127 of 12
High minus median, basis points1.81.23 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 ratio3.09Last 24 auctions21 of 243 of 243.64
Bid-to-cover ratio3.09Since 23 April 200839 of 6526 of 653.21
Bid-to-cover ratio3.09All 164 since 27 October 199942 of 164122 of 1642.58
High yield0.348Last 24 auctions2 of 2422 of 240.276
High yield0.348Since 23 April 200842 of 6523 of 650.650
High yield0.348All 398 since 23 January 1980375 of 39823 of 3985.534
Indirect bidders' share24.0Last 24 auctions15 of 249 of 2431.3
Indirect bidders' share24.0All 65 since 23 April 200853 of 6512 of 6533.0
Direct bidders' share21.8Last 24 auctions8 of 2416 of 2415.4
Direct bidders' share21.8All 65 since 23 April 20089 of 6556 of 6512.1
Primary dealers' share54.2Last 24 auctions13 of 2411 of 2454.6
Primary dealers' share54.2All 65 since 23 April 200831 of 6534 of 6553.7
High minus median, basis points1.8Last 24 auctions7 of 2417 of 241.3
High minus median, basis points1.8Since 23 April 200845 of 6518 of 652.5
High minus median, basis points1.8All 398 since 23 January 1980242 of 398148 of 3982.0

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 September 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130924_2.pdf. Compiled by 500metrics, "2-year note auction of 24 September 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-09-24.

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