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Treasury auctions · 2-Year Note

2-year note auction of 24 January 2022 (new issue)

The 2-year note sold $62.071 billion at a high yield of 0.990% on , with a bid-to-cover ratio of 2.81.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 24 Dec 2018 to 24 Jan 2022
High yield at each 2-year note auction, 27 Jan 2020 to 24 Jan 2022

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, 24 Dec 2018 to 24 Jan 2022
Bid-to-cover ratio at each 2-year note auction, 27 Jan 2020 to 24 Jan 2022

Who bought the 2-year note of 24 Jan 2022

Shares of the competitive bids accepted

  • Indirect bidders 66.0%
  • Direct bidders 9.4%
  • Primary dealers 24.6%
This auction, 24 Jan 2022
  • Indirect bidders 61.4%
  • Direct bidders 14.4%
  • Primary dealers 24.2%
The 2-year note auction before, 27 Dec 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 bidders66.0%
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
0.9902.81
0.7692.55
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

Observed .

Right now

The high yield of 0.990% on 24 January 2022 was the highest for a 2-year note since 25 February 2020.

The bid-to-cover ratio of 2.81 was the highest for a 2-year note since 27 April 2020, with 20 auctions in between.

The indirect bidders' share of 66.0% was the highest for a 2-year note since 23 June 2009, with 141 auctions in between.

Higher than 103 of the 156 since 23 April 2008

Its own history

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

The bid-to-cover ratio 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 66.0%
  • Direct bidders 9.4%
  • Primary dealers 24.6%

Size

Treasury sold $62.071 billion of the $54 billion offered.

Bids received came to $159.861 billion; the bid-to-cover ratio was 2.81.

Its bid-to-cover of 2.81 compares with the 24 auctions before it: lowest 2.28 on , highest 3.10 on ; 64.6% of the way from the low to the high.

2.81

Low 2.28 Midpoint 2.690 High 3.10

The security2-Year, new issue

Coupon
0.875%
Announced
Issued
Matures

It adds to the debt that matures in January 2024.

Understanding this result

Where it stands today

The high yield was 0.990% at this 2-year note auction, the median yield 0.950% and a bid-to-cover ratio of 2.81.

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$54,000,000,000
Bids received$159,860,718,800
Sold$62,071,266,800
Competitive bids accepted$53,665,608,000
Non-competitive bids accepted$231,672,400
Federal Reserve (SOMA) add-on$8,070,986,400
Foreign and international (FIMA) non-competitive$103,000,000
High yield, %0.990
Median rate, %0.950
Low rate, %0.903
Interest rate (coupon), %0.875
Bids at the high rate filled, %61.80
Bid-to-cover ratio2.81
Indirect bidders accepted$35,420,980,000
Direct bidders accepted$5,037,500,000
Primary dealers accepted$13,207,128,000
Indirect bidders' share, % (ours)66.0
Direct bidders' share, % (ours)9.4
Primary dealers' share, % (ours)24.6
High minus median, basis points (ours)4.0
Treasury par yield curve, 2-year point, same day, %0.99
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 ratio2.812.540 of 1212 of 12
High yield0.9900.2280 of 1212 of 12
Indirect bidders' share66.054.70 of 1212 of 12
Direct bidders' share9.418.312 of 120 of 12
Primary dealers' share24.629.29 of 123 of 12
High minus median, basis points4.03.25 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 ratio2.81Last 24 auctions1 of 2423 of 242.50
Bid-to-cover ratio2.81Since 23 April 200888 of 15668 of 1562.92
Bid-to-cover ratio2.81All 255 since 27 October 199998 of 255156 of 2552.67
High yield0.990Last 24 auctions2 of 2422 of 240.186
High yield0.990Since 23 April 200853 of 156103 of 1560.720
High yield0.990All 489 since 23 January 1980386 of 489103 of 4894.615
Indirect bidders' share66.0Last 24 auctions0 of 2424 of 2452.5
Indirect bidders' share66.0All 156 since 23 April 20081 of 156155 of 15640.4
Direct bidders' share9.4Last 24 auctions22 of 242 of 2417.0
Direct bidders' share9.4All 156 since 23 April 2008123 of 15633 of 15615.0
Primary dealers' share24.6Last 24 auctions21 of 243 of 2431.5
Primary dealers' share24.6All 156 since 23 April 2008151 of 1565 of 15644.4
High minus median, basis points4.0Last 24 auctions7 of 2417 of 243.3
High minus median, basis points4.0Since 23 April 200835 of 156118 of 1562.9
High minus median, basis points4.0All 489 since 23 January 198068 of 489406 of 4892.1

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 24 January 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220124_3.pdf. Compiled by 500metrics, "2-year note auction of 24 January 2022 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2022-01-24.

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