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Treasury auctions · 2-Year Note

2-year note auction of 23 November 2015 (new issue)

The 2-year note sold $26 billion at a high yield of 0.948% on , with a bid-to-cover ratio of 3.15.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 28 Aug 2012 to 23 Nov 2015
High yield at each 2-year note auction, 25 Nov 2013 to 23 Nov 2015

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 Aug 2012 to 23 Nov 2015
Bid-to-cover ratio at each 2-year note auction, 25 Nov 2013 to 23 Nov 2015

Who bought the 2-year note of 23 Nov 2015

Shares of the competitive bids accepted

  • Indirect bidders 45.7%
  • Direct bidders 19.0%
  • Primary dealers 35.3%
This auction, 23 Nov 2015
  • Indirect bidders 54.4%
  • Direct bidders 17.9%
  • Primary dealers 27.8%
The 2-year note auction before, 28 Jul 2015

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 bidders45.7%
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
0.9483.15
0.6903.42
0.6923.28
0.5403.30
0.5983.46
0.6033.45
0.5403.74
0.7033.21
0.5423.71
0.4253.11
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

Observed .

Right now

The high yield of 0.948% on 23 November 2015 was the highest for a 2-year note since 27 April 2010.

The direct bidders' share of 19.0% was the highest for a 2-year note since 24 June 2014, with 12 auctions in between.

Higher than 68 of the 87 since 23 April 2008

Its own history

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

The high minus median was higher than 22 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 45.7%
  • Direct bidders 19.0%
  • Primary dealers 35.3%

Size

Treasury sold $26 billion of the $26 billion offered.

Bids received came to $81.998 billion; the bid-to-cover ratio was 3.15.

Its bid-to-cover of 3.15 compares with the 24 auctions before it: lowest 3.08 on , highest 3.77 on ; 10.1% of the way from the low to the high.

3.15

Low 3.08 Midpoint 3.425 High 3.77

The security2-Year, new issue

Coupon
0.875%
Announced
Issued
Matures

It adds to the debt that matures in November 2017.

Understanding this result

Where it stands today

The high yield was 0.948% at this 2-year note auction, the median yield 0.910% and a bid-to-cover ratio of 3.15.

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$26,000,000,000
Bids received$81,997,623,800
Sold$26,000,028,800
Competitive bids accepted$25,837,205,000
Non-competitive bids accepted$162,823,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %0.948
Median rate, %0.910
Low rate, %0.850
Interest rate (coupon), %0.875
Bids at the high rate filled, %53.98
Bid-to-cover ratio3.15
Indirect bidders accepted$11,803,295,000
Direct bidders accepted$4,912,000,000
Primary dealers accepted$9,121,910,000
Indirect bidders' share, % (ours)45.7
Direct bidders' share, % (ours)19.0
Primary dealers' share, % (ours)35.3
High minus median, basis points (ours)3.8
Treasury par yield curve, 2-year point, same day, %0.94
High yield minus that point, basis points (ours)0.8
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 ratio3.153.4411 of 121 of 12
High yield0.9480.5660 of 1212 of 12
Indirect bidders' share45.740.45 of 127 of 12
Direct bidders' share19.014.60 of 1212 of 12
Primary dealers' share35.345.111 of 121 of 12
High minus median, basis points3.82.41 of 1210 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 ratio3.15Last 24 auctions21 of 243 of 243.34
Bid-to-cover ratio3.15Since 23 April 200856 of 8731 of 873.30
Bid-to-cover ratio3.15All 186 since 27 October 199958 of 186128 of 1862.69
High yield0.948Last 24 auctions0 of 2424 of 240.490
High yield0.948Since 23 April 200819 of 8768 of 870.540
High yield0.948All 420 since 23 January 1980352 of 42068 of 4205.264
Indirect bidders' share45.7Last 24 auctions5 of 2419 of 2435.0
Indirect bidders' share45.7All 87 since 23 April 200810 of 8777 of 8733.5
Direct bidders' share19.0Last 24 auctions10 of 2414 of 2418.1
Direct bidders' share19.0All 87 since 23 April 200825 of 8762 of 8713.8
Primary dealers' share35.3Last 24 auctions23 of 241 of 2448.0
Primary dealers' share35.3All 87 since 23 April 200883 of 874 of 8752.0
High minus median, basis points3.8Last 24 auctions1 of 2422 of 242.0
High minus median, basis points3.8Since 23 April 200821 of 8765 of 872.3
High minus median, basis points3.8All 420 since 23 January 198067 of 420352 of 4202.0

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 November 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151123_3.pdf. Compiled by 500metrics, "2-year note auction of 23 November 2015 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2015-11-23.

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