500metrics

Treasury auctions · 2-Year Note

2-year note auction of 23 June 2020 (new issue)

The 2-year note sold $52.292 billion at a high yield of 0.193% on , with a bid-to-cover ratio of 2.46.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 27 Mar 2017 to 23 Jun 2020
High yield at each 2-year note auction, 26 Jun 2018 to 23 Jun 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, 27 Mar 2017 to 23 Jun 2020
Bid-to-cover ratio at each 2-year note auction, 26 Jun 2018 to 23 Jun 2020

Who bought the 2-year note of 23 Jun 2020

Shares of the competitive bids accepted

  • Indirect bidders 52.0%
  • Direct bidders 16.7%
  • Primary dealers 31.2%
This auction, 23 Jun 2020
  • Indirect bidders 53.1%
  • Direct bidders 14.8%
  • Primary dealers 32.1%
The 2-year note auction before, 26 May 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 bidders52.0%
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
0.1932.46
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

Observed .

Right now

The high yield was 0.193% on 23 June 2020, up from 0.178% at the auction before.

Higher than 1 of the 137 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the indirect bidders' share was higher than 17 of the 24.

The high yield was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 52.0%
  • Direct bidders 16.7%
  • Primary dealers 31.2%

Size

Treasury sold $52.292 billion of the $46 billion offered.

Bids received came to $119.341 billion; the bid-to-cover ratio was 2.46.

Its bid-to-cover of 2.46 compares with the 24 auctions before it: lowest 2.30 on , highest 3.10 on ; 20.0% of the way from the low to the high.

2.46

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 June 2022.

Understanding this result

Where it stands today

The high yield was 0.193% at this 2-year note auction, the median yield 0.160% and a bid-to-cover ratio of 2.46.

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$46,000,000,000
Bids received$119,341,191,200
Sold$52,291,638,700
Competitive bids accepted$45,799,187,500
Non-competitive bids accepted$100,925,300
Federal Reserve (SOMA) add-on$6,291,525,900
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.193
Median rate, %0.160
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %94.81
Bid-to-cover ratio2.46
Indirect bidders accepted$23,826,740,000
Direct bidders accepted$7,669,620,000
Primary dealers accepted$14,302,827,500
Indirect bidders' share, % (ours)52.0
Direct bidders' share, % (ours)16.7
Primary dealers' share, % (ours)31.2
High minus median, basis points (ours)3.3
Treasury par yield curve, 2-year point, same day, %0.18
High yield minus that point, basis points (ours)1.3
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 ratio2.462.629 of 123 of 12
High yield0.1931.55511 of 121 of 12
Indirect bidders' share52.048.85 of 127 of 12
Direct bidders' share16.719.17 of 125 of 12
Primary dealers' share31.231.46 of 126 of 12
High minus median, basis points3.33.04 of 128 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 ratio2.46Last 24 auctions19 of 245 of 242.64
Bid-to-cover ratio2.46Since 23 April 2008124 of 13713 of 1373.05
Bid-to-cover ratio2.46All 236 since 27 October 1999155 of 23679 of 2362.69
High yield0.193Last 24 auctions23 of 241 of 241.975
High yield0.193Since 23 April 2008136 of 1371 of 1370.789
High yield0.193All 470 since 23 January 1980469 of 4701 of 4704.725
Indirect bidders' share52.0Last 24 auctions7 of 2417 of 2446.5
Indirect bidders' share52.0All 137 since 23 April 200819 of 137118 of 13738.1
Direct bidders' share16.7Last 24 auctions11 of 2413 of 2415.7
Direct bidders' share16.7All 137 since 23 April 200850 of 13787 of 13714.5
Primary dealers' share31.2Last 24 auctions16 of 248 of 2434.1
Primary dealers' share31.2All 137 since 23 April 2008117 of 13720 of 13746.6
High minus median, basis points3.3Last 24 auctions7 of 2417 of 242.8
High minus median, basis points3.3Since 23 April 200848 of 13787 of 1372.7
High minus median, basis points3.3All 470 since 23 January 1980102 of 470366 of 4702.0

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 June 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200623_3.pdf. Compiled by 500metrics, "2-year note auction of 23 June 2020 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2020-06-23.

Page updated