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Treasury auctions · 2-Year Note

2-year note auction of 25 November 2019 (new issue)

The 2-year note sold $43.176 billion at a high yield of 1.601% on , with a bid-to-cover ratio of 2.63.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 23 Aug 2016 to 25 Nov 2019
High yield at each 2-year note auction, 27 Nov 2017 to 25 Nov 2019

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 Aug 2016 to 25 Nov 2019
Bid-to-cover ratio at each 2-year note auction, 27 Nov 2017 to 25 Nov 2019

Who bought the 2-year note of 25 Nov 2019

Shares of the competitive bids accepted

  • Indirect bidders 47.8%
  • Direct bidders 29.1%
  • Primary dealers 23.1%
This auction, 25 Nov 2019
  • Indirect bidders 54.8%
  • Direct bidders 14.0%
  • Primary dealers 31.2%
The 2-year note auction before, 22 Oct 2019

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 bidders47.8%
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
1.6012.63
1.5942.70
1.6122.64
1.5162.60
1.8252.50
1.6952.58
2.1252.75
2.5032.50
2.6002.56
2.6192.31
2.8362.65
2.8802.67
2.8292.44
2.6552.89
2.6572.92
2.5382.73
2.5902.88
2.4982.61
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

Observed .

Right now

The high yield was 1.601% on 25 November 2019, up from 1.594% at the auction before.

The direct bidders' share of 29.1% was the highest for a 2-year note since 24 May 2016, with 37 auctions in between.

The primary dealers' share of 23.1% was the lowest for a 2-year note since 24 May 2016, with 37 auctions in between.

Higher than 104 of the 130 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the direct bidders' share was higher than all 24.

The primary dealers' share was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 47.8%
  • Direct bidders 29.1%
  • Primary dealers 23.1%

Size

Treasury sold $43.176 billion of the $40 billion offered.

Bids received came to $108.198 billion; the bid-to-cover ratio was 2.63.

Its bid-to-cover of 2.63 compares with the 24 auctions before it: lowest 2.31 on , highest 3.22 on ; 35.2% of the way from the low to the high.

2.63

Low 2.31 Midpoint 2.765 High 3.22

The security2-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in November 2021.

Understanding this result

Where it stands today

The high yield was 1.601% at this 2-year note auction, the median yield 1.578% and a bid-to-cover ratio of 2.63.

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$40,000,000,000
Bids received$108,197,783,100
Sold$43,175,557,500
Competitive bids accepted$39,801,229,400
Non-competitive bids accepted$198,795,200
Federal Reserve (SOMA) add-on$3,175,532,900
Foreign and international (FIMA) non-competitive$0
High yield, %1.601
Median rate, %1.578
Low rate, %1.450
Interest rate (coupon), %1.500
Bids at the high rate filled, %39.14
Bid-to-cover ratio2.63
Indirect bidders accepted$19,016,283,000
Direct bidders accepted$11,586,396,400
Primary dealers accepted$9,198,550,000
Indirect bidders' share, % (ours)47.8
Direct bidders' share, % (ours)29.1
Primary dealers' share, % (ours)23.1
High minus median, basis points (ours)2.3
Treasury par yield curve, 2-year point, same day, %1.61
High yield minus that point, basis points (ours)-0.9
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 ratio2.632.595 of 127 of 12
High yield1.6012.31410 of 122 of 12
Indirect bidders' share47.846.95 of 127 of 12
Direct bidders' share29.119.30 of 1212 of 12
Primary dealers' share23.132.012 of 120 of 12
High minus median, basis points2.32.68 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 ratio2.63Last 24 auctions15 of 249 of 242.68
Bid-to-cover ratio2.63Since 23 April 2008108 of 13021 of 1303.07
Bid-to-cover ratio2.63All 229 since 27 October 1999128 of 22998 of 2292.69
High yield1.601Last 24 auctions20 of 244 of 242.282
High yield1.601Since 23 April 200826 of 130104 of 1300.779
High yield1.601All 463 since 23 January 1980354 of 463109 of 4634.765
Indirect bidders' share47.8Last 24 auctions6 of 2418 of 2444.9
Indirect bidders' share47.8All 130 since 23 April 200823 of 130107 of 13036.8
Direct bidders' share29.1Last 24 auctions0 of 2424 of 2415.4
Direct bidders' share29.1All 130 since 23 April 20086 of 130124 of 13014.5
Primary dealers' share23.1Last 24 auctions24 of 240 of 2440.5
Primary dealers' share23.1All 130 since 23 April 2008129 of 1301 of 13047.2
High minus median, basis points2.3Last 24 auctions17 of 245 of 242.8
High minus median, basis points2.3Since 23 April 200876 of 13048 of 1302.6
High minus median, basis points2.3All 463 since 23 January 1980193 of 463262 of 4632.0

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 25 November 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191125_3.pdf. Compiled by 500metrics, "2-year note auction of 25 November 2019 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2019-11-25.

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