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Treasury auctions · 2-Year Note

2-year note auction of 22 November 2021 (new issue)

The 2-year note sold $62.781 billion at a high yield of 0.623% on , with a bid-to-cover ratio of 2.36.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 23 Oct 2018 to 22 Nov 2021
High yield at each 2-year note auction, 25 Nov 2019 to 22 Nov 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, 23 Oct 2018 to 22 Nov 2021
Bid-to-cover ratio at each 2-year note auction, 25 Nov 2019 to 22 Nov 2021

Who bought the 2-year note of 22 Nov 2021

Shares of the competitive bids accepted

  • Indirect bidders 45.6%
  • Direct bidders 17.2%
  • Primary dealers 37.2%
This auction, 22 Nov 2021
  • Indirect bidders 58.1%
  • Direct bidders 22.3%
  • Primary dealers 19.6%
The 2-year note auction before, 26 Oct 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 bidders45.6%
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
0.6232.36
0.4812.69
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

Observed .

Right now

The high yield of 0.623% on 22 November 2021 was the highest for a 2-year note since 25 February 2020.

The high minus median of 4.8 basis points was the highest for a 2-year note since 24 March 2020, with 19 auctions in between.

Higher than 71 of the 154 since 23 April 2008

Its own history

Against the previous 24 2-year note auctions, the high minus median was higher than 23 of the 24.

The indirect bidders' 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 45.6%
  • Direct bidders 17.2%
  • Primary dealers 37.2%

Size

Treasury sold $62.781 billion of the $58 billion offered.

Bids received came to $141.567 billion; the bid-to-cover ratio was 2.36.

Its bid-to-cover of 2.36 compares with the 24 auctions before it: lowest 2.28 on , highest 3.10 on ; 9.8% of the way from the low to the high.

2.36

Low 2.28 Midpoint 2.690 High 3.10

The security2-Year, new issue

Coupon
0.500%
Announced
Issued
Matures

It adds to the debt that matures in November 2023.

Understanding this result

Where it stands today

The high yield was 0.623% at this 2-year note auction, the median yield 0.575% and a bid-to-cover ratio of 2.36.

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$58,000,000,000
Bids received$141,567,138,800
Sold$62,780,583,800
Competitive bids accepted$57,840,525,000
Non-competitive bids accepted$154,492,700
Federal Reserve (SOMA) add-on$4,780,566,100
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.623
Median rate, %0.575
Low rate, %0.430
Interest rate (coupon), %0.500
Bids at the high rate filled, %90.18
Bid-to-cover ratio2.36
Indirect bidders accepted$26,387,080,000
Direct bidders accepted$9,930,000,000
Primary dealers accepted$21,523,445,000
Indirect bidders' share, % (ours)45.6
Direct bidders' share, % (ours)17.2
Primary dealers' share, % (ours)37.2
High minus median, basis points (ours)4.8
Treasury par yield curve, 2-year point, same day, %0.63
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 ratio2.362.5410 of 122 of 12
High yield0.6230.1700 of 1212 of 12
Indirect bidders' share45.651.710 of 122 of 12
Direct bidders' share17.218.39 of 123 of 12
Primary dealers' share37.230.82 of 1210 of 12
High minus median, basis points4.83.00 of 1212 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 ratio2.36Last 24 auctions19 of 244 of 242.50
Bid-to-cover ratio2.36Since 23 April 2008142 of 15411 of 1542.92
Bid-to-cover ratio2.36All 253 since 27 October 1999182 of 25368 of 2532.68
High yield0.623Last 24 auctions4 of 2420 of 240.186
High yield0.623Since 23 April 200883 of 15471 of 1540.720
High yield0.623All 487 since 23 January 1980416 of 48771 of 4874.629
Indirect bidders' share45.6Last 24 auctions22 of 242 of 2452.2
Indirect bidders' share45.6All 154 since 23 April 200855 of 15499 of 15440.0
Direct bidders' share17.2Last 24 auctions13 of 2411 of 2417.5
Direct bidders' share17.2All 154 since 23 April 200857 of 15497 of 15415.0
Primary dealers' share37.2Last 24 auctions4 of 2420 of 2431.5
Primary dealers' share37.2All 154 since 23 April 2008109 of 15445 of 15444.6
High minus median, basis points4.8Last 24 auctions0 of 2423 of 243.2
High minus median, basis points4.8Since 23 April 200817 of 154135 of 1542.8
High minus median, basis points4.8All 487 since 23 January 198042 of 487442 of 4872.1

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 22 November 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211122_2.pdf. Compiled by 500metrics, "2-year note auction of 22 November 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-11-22.

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