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Treasury auctions · 2-Year Note

2-year note auction of 26 July 2021 (new issue)

The 2-year note sold $65.746 billion at a high yield of 0.213% on , with a bid-to-cover ratio of 2.47.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 26 Jun 2018 to 26 Jul 2021
High yield at each 2-year note auction, 27 Aug 2019 to 26 Jul 2021

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, 26 Jun 2018 to 26 Jul 2021
Bid-to-cover ratio at each 2-year note auction, 27 Aug 2019 to 26 Jul 2021

Who bought the 2-year note of 26 Jul 2021

Shares of the competitive bids accepted

  • Indirect bidders 52.8%
  • Direct bidders 21.3%
  • Primary dealers 26.0%
This auction, 26 Jul 2021
  • Indirect bidders 50.6%
  • Direct bidders 18.5%
  • Primary dealers 30.9%
The 2-year note auction before, 22 Jun 2021

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 bidders52.8%
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
0.2132.47
0.2492.54
0.1522.74
0.1752.34
0.1522.54
0.1192.44
0.1252.67
0.1372.45
0.1652.71
0.1512.41
0.1362.42
0.1552.78
0.1552.34
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

Observed .

Right now

The high yield was 0.213% on 26 July 2021, down from 0.249% at the auction before.

The direct bidders' share of 21.3% was the highest for a 2-year note since 23 December 2019, with 18 auctions in between.

Higher than 13 of the 150 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the direct bidders' share was higher than 21 of the 24.

The primary dealers' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 52.8%
  • Direct bidders 21.3%
  • Primary dealers 26.0%

Size

Treasury sold $65.746 billion of the $60 billion offered.

Bids received came to $154.024 billion; the bid-to-cover ratio was 2.47.

Its bid-to-cover of 2.47 compares with the 24 auctions before it: lowest 2.30 on , highest 3.10 on ; 21.3% of the way from the low to the high.

2.47

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 July 2023.

Understanding this result

Where it stands today

The high yield was 0.213% at this 2-year note auction, the median yield 0.180% and a bid-to-cover ratio of 2.47.

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$60,000,000,000
Bids received$154,023,822,200
Sold$65,745,819,700
Competitive bids accepted$59,682,552,500
Non-competitive bids accepted$117,488,500
Federal Reserve (SOMA) add-on$5,745,778,700
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %0.213
Median rate, %0.180
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %93.81
Bid-to-cover ratio2.47
Indirect bidders accepted$31,487,670,000
Direct bidders accepted$12,688,000,000
Primary dealers accepted$15,506,882,500
Indirect bidders' share, % (ours)52.8
Direct bidders' share, % (ours)21.3
Primary dealers' share, % (ours)26.0
High minus median, basis points (ours)3.3
Treasury par yield curve, 2-year point, same day, %0.22
High yield minus that point, basis points (ours)-0.7
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 ratio2.472.506 of 126 of 12
High yield0.2130.1521 of 1211 of 12
Indirect bidders' share52.851.54 of 128 of 12
Direct bidders' share21.315.70 of 1212 of 12
Primary dealers' share26.031.911 of 121 of 12
High minus median, basis points3.33.05 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 ratio2.47Last 24 auctions14 of 2410 of 242.54
Bid-to-cover ratio2.47Since 23 April 2008130 of 15020 of 1502.97
Bid-to-cover ratio2.47All 249 since 27 October 1999161 of 24988 of 2492.68
High yield0.213Last 24 auctions11 of 2413 of 240.186
High yield0.213Since 23 April 2008137 of 15013 of 1500.742
High yield0.213All 483 since 23 January 1980470 of 48313 of 4834.660
Indirect bidders' share52.8Last 24 auctions9 of 2415 of 2451.4
Indirect bidders' share52.8All 150 since 23 April 200821 of 150129 of 15039.9
Direct bidders' share21.3Last 24 auctions3 of 2421 of 2416.3
Direct bidders' share21.3All 150 since 23 April 200829 of 150121 of 15014.8
Primary dealers' share26.0Last 24 auctions22 of 242 of 2431.7
Primary dealers' share26.0All 150 since 23 April 2008144 of 1506 of 15045.4
High minus median, basis points3.3Last 24 auctions9 of 2414 of 243.0
High minus median, basis points3.3Since 23 April 200853 of 15094 of 1502.8
High minus median, basis points3.3All 483 since 23 January 1980107 of 483373 of 4832.1

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 July 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210726_3.pdf. Compiled by 500metrics, "2-year note auction of 26 July 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-07-26.

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