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Treasury auctions · 2-Year Note

2-year note auction of 27 September 2021 (new issue)

The 2-year note sold $67.226 billion at a high yield of 0.310% on , with a bid-to-cover ratio of 2.28.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 27 Aug 2018 to 27 Sep 2021
High yield at each 2-year note auction, 22 Oct 2019 to 27 Sep 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, 27 Aug 2018 to 27 Sep 2021
Bid-to-cover ratio at each 2-year note auction, 22 Oct 2019 to 27 Sep 2021

Who bought the 2-year note of 27 Sep 2021

Shares of the competitive bids accepted

  • Indirect bidders 45.3%
  • Direct bidders 21.7%
  • Primary dealers 33.0%
This auction, 27 Sep 2021
  • Indirect bidders 60.5%
  • Direct bidders 21.2%
  • Primary dealers 18.3%
The 2-year note auction before, 24 Aug 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 bidders45.3%
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
0.3102.28
0.2422.65
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

Observed .

Right now

The high yield of 0.310% on 27 September 2021 was the highest for a 2-year note since 24 March 2020.

The bid-to-cover ratio of 2.28 was the lowest for a 2-year note since 22 December 2008, with 143 auctions in between.

The direct bidders' share of 21.7% was the highest for a 2-year note since 25 November 2019, with 21 auctions in between.

Higher than 37 of the 152 since 23 April 2008

Its own history

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

The direct bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 45.3%
  • Direct bidders 21.7%
  • Primary dealers 33.0%

Size

Treasury sold $67.226 billion of the $60 billion offered.

Bids received came to $144.053 billion; the bid-to-cover ratio was 2.28.

Its bid-to-cover of 2.28 compares with the 24 auctions before it: lowest 2.28 on , highest 3.10 on ; 0.0% of the way from the low to the high.

2.28

Low 2.28 Midpoint 2.690 High 3.10

The security2-Year, new issue

Coupon
0.250%
Announced
Issued
Matures

It adds to the debt that matures in September 2023.

Understanding this result

Where it stands today

The high yield was 0.310% at this 2-year note auction, the median yield 0.280% and a bid-to-cover ratio of 2.28.

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$144,052,503,500
Sold$67,226,031,500
Competitive bids accepted$59,906,153,000
Non-competitive bids accepted$93,853,400
Federal Reserve (SOMA) add-on$7,226,025,100
Foreign and international (FIMA) non-competitive$0
High yield, %0.310
Median rate, %0.280
Low rate, %0.200
Interest rate (coupon), %0.250
Bids at the high rate filled, %15.68
Bid-to-cover ratio2.28
Indirect bidders accepted$27,151,193,000
Direct bidders accepted$12,993,000,000
Primary dealers accepted$19,761,960,000
Indirect bidders' share, % (ours)45.3
Direct bidders' share, % (ours)21.7
Primary dealers' share, % (ours)33.0
High minus median, basis points (ours)3.0
Treasury par yield curve, 2-year point, same day, %0.31
High yield minus that point, basis points (ours)0.0
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 ratio2.282.5012 of 120 of 12
High yield0.3100.1520 of 1212 of 12
Indirect bidders' share45.352.511 of 121 of 12
Direct bidders' share21.717.50 of 1212 of 12
Primary dealers' share33.031.34 of 128 of 12
High minus median, basis points3.03.06 of 125 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 ratio2.28Last 24 auctions24 of 240 of 242.54
Bid-to-cover ratio2.28Since 23 April 2008146 of 1525 of 1522.94
Bid-to-cover ratio2.28All 251 since 27 October 1999192 of 25156 of 2512.68
High yield0.310Last 24 auctions7 of 2417 of 240.186
High yield0.310Since 23 April 2008114 of 15237 of 1520.739
High yield0.310All 485 since 23 January 1980447 of 48537 of 4854.660
Indirect bidders' share45.3Last 24 auctions23 of 241 of 2452.5
Indirect bidders' share45.3All 152 since 23 April 200854 of 15298 of 15240.0
Direct bidders' share21.7Last 24 auctions1 of 2423 of 2416.3
Direct bidders' share21.7All 152 since 23 April 200824 of 152128 of 15214.9
Primary dealers' share33.0Last 24 auctions7 of 2417 of 2431.2
Primary dealers' share33.0All 152 since 23 April 2008118 of 15234 of 15245.0
High minus median, basis points3.0Last 24 auctions14 of 249 of 243.2
High minus median, basis points3.0Since 23 April 200866 of 15279 of 1522.8
High minus median, basis points3.0All 485 since 23 January 1980121 of 485321 of 4852.1

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 27 September 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210927_2.pdf. Compiled by 500metrics, "2-year note auction of 27 September 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-09-27.

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