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Treasury auctions · 2-Year Note

2-year note auction of 23 May 2017 (new issue)

The 2-year note sold $29.128 billion at a high yield of 1.316% on , with a bid-to-cover ratio of 2.90.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 17 Dec 2013 to 23 May 2017
High yield at each 2-year note auction, 23 Jun 2015 to 23 May 2017

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, 17 Dec 2013 to 23 May 2017
Bid-to-cover ratio at each 2-year note auction, 23 Jun 2015 to 23 May 2017

Who bought the 2-year note of 23 May 2017

Shares of the competitive bids accepted

  • Indirect bidders 57.2%
  • Direct bidders 12.4%
  • Primary dealers 30.4%
This auction, 23 May 2017
  • Indirect bidders 53.6%
  • Direct bidders 10.8%
  • Primary dealers 35.7%
The 2-year note auction before, 27 Mar 2017

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 bidders57.2%
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
1.3162.90
1.2612.73
1.2302.82
1.2102.68
1.2802.44
1.0852.73
0.8552.53
0.7502.65
0.7602.83
0.7602.52
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

Observed .

Right now

The high yield of 1.316% on 23 May 2017 was the highest for a 2-year note since 28 October 2008.

The indirect bidders' share of 57.2% was the highest for a 2-year note since 26 January 2016, with 13 auctions in between.

Higher than 96 of the 103 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

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

  • Indirect bidders 57.2%
  • Direct bidders 12.4%
  • Primary dealers 30.4%

Size

Treasury sold $29.128 billion of the $26 billion offered.

Bids received came to $78.623 billion; the bid-to-cover ratio was 2.90.

Its bid-to-cover of 2.90 compares with the 24 auctions before it: lowest 2.44 on , highest 3.74 on ; 35.4% of the way from the low to the high.

2.90

Low 2.44 Midpoint 3.090 High 3.74

The security2-Year, new issue

Coupon
1.250%
Announced
Issued
Matures

It adds to the debt that matures in May 2019.

Understanding this result

Where it stands today

The high yield was 1.316% at this 2-year note auction, the median yield 1.260% and a bid-to-cover ratio of 2.90.

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$78,623,221,000
Sold$29,127,948,000
Competitive bids accepted$25,776,462,000
Non-competitive bids accepted$123,580,600
Federal Reserve (SOMA) add-on$3,127,905,400
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.316
Median rate, %1.260
Low rate, %0.888
Interest rate (coupon), %1.250
Bids at the high rate filled, %49.14
Bid-to-cover ratio2.90
Indirect bidders accepted$14,731,362,000
Direct bidders accepted$3,197,000,000
Primary dealers accepted$7,848,100,000
Indirect bidders' share, % (ours)57.2
Direct bidders' share, % (ours)12.4
Primary dealers' share, % (ours)30.4
High minus median, basis points (ours)5.6
Treasury par yield curve, 2-year point, same day, %1.31
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 ratio2.902.701 of 1211 of 12
High yield1.3160.8880 of 1212 of 12
Indirect bidders' share57.246.50 of 1212 of 12
Direct bidders' share12.412.16 of 126 of 12
Primary dealers' share30.442.39 of 123 of 12
High minus median, basis points5.63.62 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 ratio2.90Last 24 auctions10 of 2413 of 242.82
Bid-to-cover ratio2.90Since 23 April 200874 of 10328 of 1033.21
Bid-to-cover ratio2.90All 202 since 27 October 199983 of 202118 of 2022.69
High yield1.316Last 24 auctions0 of 2424 of 240.801
High yield1.316Since 23 April 20087 of 10396 of 1030.650
High yield1.316All 436 since 23 January 1980338 of 43698 of 4365.079
Indirect bidders' share57.2Last 24 auctions1 of 2423 of 2446.5
Indirect bidders' share57.2All 103 since 23 April 20082 of 103101 of 10334.4
Direct bidders' share12.4Last 24 auctions15 of 249 of 2414.5
Direct bidders' share12.4All 103 since 23 April 200859 of 10344 of 10313.8
Primary dealers' share30.4Last 24 auctions19 of 245 of 2438.4
Primary dealers' share30.4All 103 since 23 April 200895 of 1038 of 10350.8
High minus median, basis points5.6Last 24 auctions2 of 2422 of 243.4
High minus median, basis points5.6Since 23 April 20088 of 10395 of 1032.6
High minus median, basis points5.6All 436 since 23 January 198018 of 436417 of 4362.0

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 May 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170523_3.pdf. Compiled by 500metrics, "2-year note auction of 23 May 2017 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2017-05-23.

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