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Treasury auctions · 2-Year Note

2-year note auction of 23 September 2014 (new issue)

The 2-year note sold $29 billion at a high yield of 0.589% on , with a bid-to-cover ratio of 3.56.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 25 Oct 2011 to 23 Sep 2014
High yield at each 2-year note auction, 25 Sep 2012 to 23 Sep 2014

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, 25 Oct 2011 to 23 Sep 2014
Bid-to-cover ratio at each 2-year note auction, 25 Sep 2012 to 23 Sep 2014

Who bought the 2-year note of 23 Sep 2014

Shares of the competitive bids accepted

  • Indirect bidders 40.9%
  • Direct bidders 16.1%
  • Primary dealers 43.0%
This auction, 23 Sep 2014
  • Indirect bidders 39.8%
  • Direct bidders 12.1%
  • Primary dealers 48.0%
The 2-year note auction before, 26 Aug 2014

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 bidders40.9%
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
0.5893.56
0.5303.48
0.5443.22
0.5113.23
0.3923.52
0.4473.35
0.4693.20
0.3403.60
0.3803.30
0.3453.77
0.3003.54
0.3233.32
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

Observed .

Right now

The high yield of 0.589% on 23 September 2014 was the highest for a 2-year note since 26 April 2011.

Higher than 44 of the 77 since 23 April 2008

Its own history

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

The indirect bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 40.9%
  • Direct bidders 16.1%
  • Primary dealers 43.0%

Size

Treasury sold $29 billion of the $29 billion offered.

Bids received came to $103.359 billion; the bid-to-cover ratio was 3.56.

Its bid-to-cover of 3.56 compares with the 24 auctions before it: lowest 3.04 on , highest 4.07 on ; 50.5% of the way from the low to the high.

3.56

Low 3.04 Midpoint 3.555 High 4.07

The security2-Year, new issue

Coupon
0.500%
Announced
Issued
Matures

It adds to the debt that matures in September 2016.

Understanding this result

Where it stands today

The high yield was 0.589% at this 2-year note auction, the median yield 0.570% and a bid-to-cover ratio of 3.56.

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$29,000,000,000
Bids received$103,359,115,600
Sold$29,000,113,100
Competitive bids accepted$28,749,197,500
Non-competitive bids accepted$150,915,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.589
Median rate, %0.570
Low rate, %0.520
Interest rate (coupon), %0.500
Bids at the high rate filled, %28.59
Bid-to-cover ratio3.56
Indirect bidders accepted$11,762,200,000
Direct bidders accepted$4,630,590,000
Primary dealers accepted$12,356,407,500
Indirect bidders' share, % (ours)40.9
Direct bidders' share, % (ours)16.1
Primary dealers' share, % (ours)43.0
High minus median, basis points (ours)1.9
Treasury par yield curve, 2-year point, same day, %0.57
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 ratio3.563.342 of 1210 of 12
High yield0.5890.3860 of 1212 of 12
Indirect bidders' share40.925.51 of 1211 of 12
Direct bidders' share16.122.110 of 122 of 12
Primary dealers' share43.049.710 of 122 of 12
High minus median, basis points1.91.95 of 125 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 ratio3.56Last 24 auctions8 of 2416 of 243.34
Bid-to-cover ratio3.56Since 23 April 200822 of 7755 of 773.27
Bid-to-cover ratio3.56All 176 since 27 October 199923 of 176153 of 1762.64
High yield0.589Last 24 auctions0 of 2424 of 240.338
High yield0.589Since 23 April 200833 of 7744 of 770.498
High yield0.589All 410 since 23 January 1980366 of 41044 of 4105.458
Indirect bidders' share40.9Last 24 auctions1 of 2423 of 2423.7
Indirect bidders' share40.9All 77 since 23 April 200813 of 7764 of 7732.1
Direct bidders' share16.1Last 24 auctions20 of 244 of 2422.8
Direct bidders' share16.1All 77 since 23 April 200828 of 7749 of 7713.5
Primary dealers' share43.0Last 24 auctions20 of 244 of 2452.6
Primary dealers' share43.0All 77 since 23 April 200869 of 778 of 7753.6
High minus median, basis points1.9Last 24 auctions7 of 2414 of 241.8
High minus median, basis points1.9Since 23 April 200849 of 7725 of 772.2
High minus median, basis points1.9All 410 since 23 January 1980240 of 410161 of 4102.0

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 September 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140923_2.pdf. Compiled by 500metrics, "2-year note auction of 23 September 2014 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2014-09-23.

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