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Treasury auctions · 2-Year Note

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

The 2-year note sold $54.066 billion at a high yield of 2.519% on , with a bid-to-cover ratio of 2.61.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 25 Jun 2019 to 24 May 2022
High yield at each 2-year note auction, 26 May 2020 to 24 May 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, 25 Jun 2019 to 24 May 2022
Bid-to-cover ratio at each 2-year note auction, 26 May 2020 to 24 May 2022

Who bought the 2-year note of 24 May 2022

Shares of the competitive bids accepted

  • Indirect bidders 62.6%
  • Direct bidders 22.1%
  • Primary dealers 15.4%
This auction, 24 May 2022
  • Indirect bidders 66.0%
  • Direct bidders 21.4%
  • Primary dealers 12.6%
The 2-year note auction before, 26 Apr 2022

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 bidders62.6%
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
2.5192.61
2.5852.74
2.3652.46
1.5532.64
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

Observed .

Right now

The high yield was 2.519% on 24 May 2022, down from 2.585% at the auction before.

The high minus median of 7.4 basis points was the highest for a 2-year note since 22 December 2008, with 151 auctions in between.

Higher than 147 of the 160 since 23 April 2008

Its own history

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

The high yield 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 62.6%
  • Direct bidders 22.1%
  • Primary dealers 15.4%

Size

Treasury sold $54.066 billion of the $47 billion offered.

Bids received came to $129.574 billion; the bid-to-cover ratio was 2.61.

Its bid-to-cover of 2.61 compares with the 24 auctions before it: lowest 2.28 on , highest 2.81 on ; 62.3% of the way from the low to the high.

2.61

Low 2.28 Midpoint 2.545 High 2.81

The security2-Year, new issue

Coupon
2.500%
Announced
Issued
Matures

It adds to the debt that matures in May 2024.

Understanding this result

Where it stands today

The high yield was 2.519% at this 2-year note auction, the median yield 2.445% and a bid-to-cover ratio of 2.61.

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$47,000,000,000
Bids received$129,574,450,100
Sold$54,065,998,700
Competitive bids accepted$46,222,751,600
Non-competitive bids accepted$677,416,300
Federal Reserve (SOMA) add-on$7,065,830,800
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.519
Median rate, %2.445
Low rate, %2.400
Interest rate (coupon), %2.500
Bids at the high rate filled, %28.24
Bid-to-cover ratio2.61
Indirect bidders accepted$28,913,903,000
Direct bidders accepted$10,212,168,600
Primary dealers accepted$7,096,680,000
Indirect bidders' share, % (ours)62.6
Direct bidders' share, % (ours)22.1
Primary dealers' share, % (ours)15.4
High minus median, basis points (ours)7.4
Treasury par yield curve, 2-year point, same day, %2.50
High yield minus that point, basis points (ours)1.9
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 ratio2.612.606 of 126 of 12
High yield2.5190.5521 of 1211 of 12
Indirect bidders' share62.657.63 of 129 of 12
Direct bidders' share22.120.02 of 1210 of 12
Primary dealers' share15.424.411 of 121 of 12
High minus median, basis points7.44.20 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 ratio2.61Last 24 auctions10 of 2414 of 242.54
Bid-to-cover ratio2.61Since 23 April 2008122 of 16037 of 1602.90
Bid-to-cover ratio2.61All 259 since 27 October 1999144 of 259113 of 2592.67
High yield2.519Last 24 auctions1 of 2423 of 240.186
High yield2.519Since 23 April 200813 of 160147 of 1600.742
High yield2.519All 493 since 23 January 1980320 of 493173 of 4934.575
Indirect bidders' share62.6Last 24 auctions3 of 2421 of 2452.9
Indirect bidders' share62.6All 160 since 23 April 20084 of 160156 of 16041.2
Direct bidders' share22.1Last 24 auctions2 of 2422 of 2417.3
Direct bidders' share22.1All 160 since 23 April 200824 of 160136 of 16015.2
Primary dealers' share15.4Last 24 auctions23 of 241 of 2430.8
Primary dealers' share15.4All 160 since 23 April 2008159 of 1601 of 16044.2
High minus median, basis points7.4Last 24 auctions0 of 2424 of 243.4
High minus median, basis points7.4Since 23 April 20082 of 160158 of 1603.0
High minus median, basis points7.4All 493 since 23 January 19805 of 493488 of 4932.1

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 May 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220524_1.pdf. Compiled by 500metrics, "2-year note auction of 24 May 2022 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2022-05-24.

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