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Treasury auctions · 2-Year Note

2-year note auction of 27 April 2020 (new issue)

The 2-year note sold $45.647 billion at a high yield of 0.229% on , with a bid-to-cover ratio of 3.10.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 24 Jan 2017 to 27 Apr 2020
High yield at each 2-year note auction, 22 May 2018 to 27 Apr 2020

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, 24 Jan 2017 to 27 Apr 2020
Bid-to-cover ratio at each 2-year note auction, 22 May 2018 to 27 Apr 2020

Who bought the 2-year note of 27 Apr 2020

Shares of the competitive bids accepted

  • Indirect bidders 55.8%
  • Direct bidders 17.8%
  • Primary dealers 26.4%
This auction, 27 Apr 2020
  • Indirect bidders 55.2%
  • Direct bidders 8.6%
  • Primary dealers 36.2%
The 2-year note auction before, 24 Mar 2020

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 bidders55.8%
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
0.2293.10
0.3982.36
1.1882.45
1.4402.65
1.6532.30
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

Observed .

Right now

The high yield of 0.229% on 27 April 2020 was the lowest for a 2-year note since 24 July 2012.

The bid-to-cover ratio of 3.10 was the highest for a 2-year note since 23 January 2018, with 24 auctions in between.

Higher than 2 of the 135 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the bid-to-cover ratio was higher than all 24.

The high yield 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 55.8%
  • Direct bidders 17.8%
  • Primary dealers 26.4%

Size

Treasury sold $45.647 billion of the $42 billion offered.

Bids received came to $133.943 billion; the bid-to-cover ratio was 3.10.

Its bid-to-cover of 3.10 compares with the 24 auctions before it: lowest 2.30 on , highest 3.10 on ; 100.0% of the way from the low to the high.

3.10

Low 2.30 Midpoint 2.700 High 3.10

The security2-Year, new issue

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in April 2022.

Understanding this result

Where it stands today

The high yield was 0.229% at this 2-year note auction, the median yield 0.185% and a bid-to-cover ratio of 3.10.

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$42,000,000,000
Bids received$133,942,572,600
Sold$45,647,472,600
Competitive bids accepted$41,788,275,000
Non-competitive bids accepted$111,739,300
Federal Reserve (SOMA) add-on$3,647,458,300
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.229
Median rate, %0.185
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %72.96
Bid-to-cover ratio3.10
Indirect bidders accepted$23,323,275,000
Direct bidders accepted$7,440,000,000
Primary dealers accepted$11,025,000,000
Indirect bidders' share, % (ours)55.8
Direct bidders' share, % (ours)17.8
Primary dealers' share, % (ours)26.4
High minus median, basis points (ours)4.4
Treasury par yield curve, 2-year point, same day, %0.24
High yield minus that point, basis points (ours)-1.1
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 ratio3.102.590 of 1212 of 12
High yield0.2291.60612 of 120 of 12
Indirect bidders' share55.847.51 of 1211 of 12
Direct bidders' share17.821.18 of 124 of 12
Primary dealers' share26.431.410 of 122 of 12
High minus median, basis points4.42.71 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 ratio3.10Last 24 auctions0 of 2424 of 242.64
Bid-to-cover ratio3.10Since 23 April 200862 of 13573 of 1353.05
Bid-to-cover ratio3.10All 234 since 27 October 199965 of 234169 of 2342.69
High yield0.229Last 24 auctions24 of 240 of 242.282
High yield0.229Since 23 April 2008133 of 1352 of 1350.802
High yield0.229All 468 since 23 January 1980466 of 4682 of 4684.732
Indirect bidders' share55.8Last 24 auctions1 of 2423 of 2446.2
Indirect bidders' share55.8All 135 since 23 April 20087 of 135128 of 13537.9
Direct bidders' share17.8Last 24 auctions10 of 2414 of 2415.4
Direct bidders' share17.8All 135 since 23 April 200846 of 13589 of 13514.5
Primary dealers' share26.4Last 24 auctions22 of 242 of 2437.5
Primary dealers' share26.4All 135 since 23 April 2008129 of 1356 of 13547.1
High minus median, basis points4.4Last 24 auctions3 of 2421 of 242.8
High minus median, basis points4.4Since 23 April 200824 of 135108 of 1352.7
High minus median, basis points4.4All 468 since 23 January 198053 of 468411 of 4682.0

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 27 April 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200427_2.pdf. Compiled by 500metrics, "2-year note auction of 27 April 2020 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2020-04-27.

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