500metrics

Treasury auctions · 2-Year Note

2-year note auction of 26 May 2020 (new issue)

The 2-year note sold $48.619 billion at a high yield of 0.178% on , with a bid-to-cover ratio of 2.68.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 21 Feb 2017 to 26 May 2020
High yield at each 2-year note auction, 26 Jun 2018 to 26 May 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, 21 Feb 2017 to 26 May 2020
Bid-to-cover ratio at each 2-year note auction, 26 Jun 2018 to 26 May 2020

Who bought the 2-year note of 26 May 2020

Shares of the competitive bids accepted

  • Indirect bidders 53.1%
  • Direct bidders 14.8%
  • Primary dealers 32.1%
This auction, 26 May 2020
  • Indirect bidders 55.8%
  • Direct bidders 17.8%
  • Primary dealers 26.4%
The 2-year note auction before, 27 Apr 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 bidders53.1%
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
0.1782.68
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

Observed .

Right now

The high yield of 0.178% on 26 May 2020 was the lowest of all 469 earlier 2-year note auctions we hold.

Lower than all 136 since 23 April 2008

Its own history

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

The indirect bidders' share was higher than 19 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 53.1%
  • Direct bidders 14.8%
  • Primary dealers 32.1%

Size

Treasury sold $48.619 billion of the $44 billion offered.

Bids received came to $122.669 billion; the bid-to-cover ratio was 2.68.

Its bid-to-cover of 2.68 compares with the 24 auctions before it: lowest 2.30 on , highest 3.10 on ; 47.5% of the way from the low to the high.

2.68

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 May 2022.

Understanding this result

Where it stands today

The high yield was 0.178% at this 2-year note auction, the median yield 0.147% and a bid-to-cover ratio of 2.68.

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$44,000,000,000
Bids received$122,668,753,200
Sold$48,619,273,200
Competitive bids accepted$43,789,995,000
Non-competitive bids accepted$110,029,400
Federal Reserve (SOMA) add-on$4,619,248,800
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.178
Median rate, %0.147
Low rate, %0.018
Interest rate (coupon), %0.125
Bids at the high rate filled, %18.84
Bid-to-cover ratio2.68
Indirect bidders accepted$23,241,575,000
Direct bidders accepted$6,490,000,000
Primary dealers accepted$14,058,420,000
Indirect bidders' share, % (ours)53.1
Direct bidders' share, % (ours)14.8
Primary dealers' share, % (ours)32.1
High minus median, basis points (ours)3.1
Treasury par yield curve, 2-year point, same day, %0.18
High yield minus that point, basis points (ours)-0.2
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 ratio2.682.623 of 129 of 12
High yield0.1781.59812 of 120 of 12
Indirect bidders' share53.148.14 of 128 of 12
Direct bidders' share14.820.69 of 123 of 12
Primary dealers' share32.130.74 of 128 of 12
High minus median, basis points3.12.84 of 127 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 ratio2.68Last 24 auctions8 of 2416 of 242.64
Bid-to-cover ratio2.68Since 23 April 2008101 of 13633 of 1363.06
Bid-to-cover ratio2.68All 235 since 27 October 1999120 of 235113 of 2352.69
High yield0.178Last 24 auctions24 of 240 of 242.218
High yield0.178Since 23 April 2008136 of 1360 of 1360.796
High yield0.178All 469 since 23 January 1980469 of 4690 of 4694.730
Indirect bidders' share53.1Last 24 auctions5 of 2419 of 2446.2
Indirect bidders' share53.1All 136 since 23 April 200816 of 136120 of 13638.0
Direct bidders' share14.8Last 24 auctions15 of 249 of 2415.7
Direct bidders' share14.8All 136 since 23 April 200865 of 13671 of 13614.5
Primary dealers' share32.1Last 24 auctions15 of 249 of 2435.9
Primary dealers' share32.1All 136 since 23 April 2008115 of 13621 of 13646.9
High minus median, basis points3.1Last 24 auctions8 of 2415 of 242.8
High minus median, basis points3.1Since 23 April 200853 of 13680 of 1362.7
High minus median, basis points3.1All 469 since 23 January 1980107 of 469358 of 4692.0

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 May 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200526_4.pdf. Compiled by 500metrics, "2-year note auction of 26 May 2020 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2020-05-26.

Page updated