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Treasury auctions · 2-Year Note

2-year note auction of 26 March 2018 (new issue)

The 2-year note sold $35.285 billion at a high yield of 2.310% on , with a bid-to-cover ratio of 2.91.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 23 Sep 2014 to 26 Mar 2018
High yield at each 2-year note auction, 28 Mar 2016 to 26 Mar 2018

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, 23 Sep 2014 to 26 Mar 2018
Bid-to-cover ratio at each 2-year note auction, 28 Mar 2016 to 26 Mar 2018

Who bought the 2-year note of 26 Mar 2018

Shares of the competitive bids accepted

  • Indirect bidders 44.5%
  • Direct bidders 14.1%
  • Primary dealers 41.3%
This auction, 26 Mar 2018
  • Indirect bidders 46.3%
  • Direct bidders 13.4%
  • Primary dealers 40.3%
The 2-year note auction before, 20 Feb 2018

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 bidders44.5%
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
2.3102.91
2.2552.72
2.0663.22
1.9222.52
1.7652.73
1.4622.88
1.3452.86
1.3953.06
1.3483.03
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

Observed .

Right now

The high yield of 2.310% on 26 March 2018 was the highest for a 2-year note since 27 August 2008.

Higher than 108 of the 112 since 23 April 2008

Its own history

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

The bid-to-cover ratio was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 44.5%
  • Direct bidders 14.1%
  • Primary dealers 41.3%

Size

Treasury sold $35.285 billion of the $30 billion offered.

Bids received came to $92.446 billion; the bid-to-cover ratio was 2.91.

Its bid-to-cover of 2.91 compares with the 24 auctions before it: lowest 2.44 on , highest 3.22 on ; 60.3% of the way from the low to the high.

2.91

Low 2.44 Midpoint 2.830 High 3.22

The security2-Year, new issue

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in March 2020.

Understanding this result

Where it stands today

The high yield was 2.310% at this 2-year note auction, the median yield 2.276% and a bid-to-cover ratio of 2.91.

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$30,000,000,000
Bids received$92,446,201,700
Sold$35,284,834,700
Competitive bids accepted$29,596,381,000
Non-competitive bids accepted$303,740,100
Federal Reserve (SOMA) add-on$5,284,713,600
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.310
Median rate, %2.276
Low rate, %1.888
Interest rate (coupon), %2.250
Bids at the high rate filled, %50.43
Bid-to-cover ratio2.91
Indirect bidders accepted$13,181,920,000
Direct bidders accepted$4,179,086,000
Primary dealers accepted$12,235,375,000
Indirect bidders' share, % (ours)44.5
Direct bidders' share, % (ours)14.1
Primary dealers' share, % (ours)41.3
High minus median, basis points (ours)3.4
Treasury par yield curve, 2-year point, same day, %2.33
High yield minus that point, basis points (ours)-2.0
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 ratio2.912.843 of 129 of 12
High yield2.3101.3720 of 1212 of 12
Indirect bidders' share44.549.39 of 123 of 12
Direct bidders' share14.115.27 of 125 of 12
Primary dealers' share41.336.23 of 129 of 12
High minus median, basis points3.44.59 of 123 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 ratio2.91Last 24 auctions4 of 2420 of 242.73
Bid-to-cover ratio2.91Since 23 April 200876 of 11235 of 1123.16
Bid-to-cover ratio2.91All 211 since 27 October 199984 of 211125 of 2112.71
High yield2.310Last 24 auctions0 of 2424 of 241.220
High yield2.310Since 23 April 20084 of 112108 of 1120.698
High yield2.310All 445 since 23 January 1980312 of 445133 of 4454.995
Indirect bidders' share44.5Last 24 auctions15 of 249 of 2446.7
Indirect bidders' share44.5All 112 since 23 April 200827 of 11285 of 11235.3
Direct bidders' share14.1Last 24 auctions13 of 2411 of 2414.5
Direct bidders' share14.1All 112 since 23 April 200857 of 11255 of 11214.4
Primary dealers' share41.3Last 24 auctions9 of 2415 of 2437.9
Primary dealers' share41.3All 112 since 23 April 200885 of 11227 of 11249.4
High minus median, basis points3.4Last 24 auctions14 of 2410 of 243.8
High minus median, basis points3.4Since 23 April 200840 of 11272 of 1122.6
High minus median, basis points3.4All 445 since 23 January 198094 of 445351 of 4452.0

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 26 March 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180326_3.pdf. Compiled by 500metrics, "2-year note auction of 26 March 2018 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2018-03-26.

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