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Treasury auctions · 2-Year Note

2-year note auction of 20 June 2016 (new issue)

The 2-year note sold $29.793 billion at a high yield of 0.745% on , with a bid-to-cover ratio of 2.72.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 25 Feb 2013 to 20 Jun 2016
High yield at each 2-year note auction, 24 Jun 2014 to 20 Jun 2016

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 Feb 2013 to 20 Jun 2016
Bid-to-cover ratio at each 2-year note auction, 24 Jun 2014 to 20 Jun 2016

Who bought the 2-year note of 20 Jun 2016

Shares of the competitive bids accepted

  • Indirect bidders 47.4%
  • Direct bidders 9.9%
  • Primary dealers 42.7%
This auction, 20 Jun 2016
  • Indirect bidders 49.8%
  • Direct bidders 32.5%
  • Primary dealers 17.7%
The 2-year note auction before, 24 May 2016

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 bidders47.4%
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
0.7452.72
0.9203.00
0.8422.64
0.8772.58
0.8602.90
1.0562.80
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

Observed .

Right now

The high yield of 0.745% on 20 June 2016 was the lowest for a 2-year note since 28 July 2015.

Higher than 59 of the 93 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the high minus median was higher than 23 of the 24.

The direct bidders' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 47.4%
  • Direct bidders 9.9%
  • Primary dealers 42.7%

Size

Treasury sold $29.793 billion of the $26 billion offered.

Bids received came to $74.472 billion; the bid-to-cover ratio was 2.72.

Its bid-to-cover of 2.72 compares with the 24 auctions before it: lowest 2.58 on , highest 3.74 on ; 12.1% of the way from the low to the high.

2.72

Low 2.58 Midpoint 3.160 High 3.74

The security2-Year, new issue

Coupon
0.625%
Announced
Issued
Matures

It adds to the debt that matures in June 2018.

Understanding this result

Where it stands today

The high yield was 0.745% at this 2-year note auction, the median yield 0.700% and a bid-to-cover ratio of 2.72.

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$74,471,780,800
Sold$29,792,960,800
Competitive bids accepted$25,861,780,000
Non-competitive bids accepted$138,285,400
Federal Reserve (SOMA) add-on$3,792,895,400
Foreign and international (FIMA) non-competitive$0
High yield, %0.745
Median rate, %0.700
Low rate, %0.388
Interest rate (coupon), %0.625
Bids at the high rate filled, %57.37
Bid-to-cover ratio2.72
Indirect bidders accepted$12,247,395,000
Direct bidders accepted$2,565,000,000
Primary dealers accepted$11,049,385,000
Indirect bidders' share, % (ours)47.4
Direct bidders' share, % (ours)9.9
Primary dealers' share, % (ours)42.7
High minus median, basis points (ours)4.5
Treasury par yield curve, 2-year point, same day, %0.74
High yield minus that point, basis points (ours)0.5
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 ratio2.723.2210 of 122 of 12
High yield0.7450.7676 of 126 of 12
Indirect bidders' share47.447.87 of 125 of 12
Direct bidders' share9.914.911 of 121 of 12
Primary dealers' share42.736.61 of 1211 of 12
High minus median, basis points4.53.41 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 ratio2.72Last 24 auctions22 of 242 of 243.29
Bid-to-cover ratio2.72Since 23 April 200877 of 9315 of 933.27
Bid-to-cover ratio2.72All 192 since 27 October 199991 of 192100 of 1922.69
High yield0.745Last 24 auctions6 of 2418 of 240.566
High yield0.745Since 23 April 200833 of 9359 of 930.544
High yield0.745All 426 since 23 January 1980366 of 42659 of 4265.135
Indirect bidders' share47.4Last 24 auctions7 of 2417 of 2440.4
Indirect bidders' share47.4All 93 since 23 April 200812 of 9381 of 9334.3
Direct bidders' share9.9Last 24 auctions23 of 241 of 2416.2
Direct bidders' share9.9All 93 since 23 April 200865 of 9328 of 9314.4
Primary dealers' share42.7Last 24 auctions12 of 2412 of 2442.8
Primary dealers' share42.7All 93 since 23 April 200874 of 9319 of 9351.1
High minus median, basis points4.5Last 24 auctions1 of 2423 of 242.3
High minus median, basis points4.5Since 23 April 200813 of 9380 of 932.3
High minus median, basis points4.5All 426 since 23 January 198039 of 426384 of 4262.0

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 20 June 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160620_3.pdf. Compiled by 500metrics, "2-year note auction of 20 June 2016 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2016-06-20.

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