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Treasury auctions · 2-Year Note

2-year note auction of 21 November 2022 (new issue)

The 2-year note sold $46.566 billion at a high yield of 4.505% on , with a bid-to-cover ratio of 2.64.

High yield at each 2-year note auction

The last 36 auctions, this one last

High yield at each 2-year note auction, 23 Dec 2019 to 21 Nov 2022
High yield at each 2-year note auction, 23 Nov 2020 to 21 Nov 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, 23 Dec 2019 to 21 Nov 2022
Bid-to-cover ratio at each 2-year note auction, 23 Nov 2020 to 21 Nov 2022

Who bought the 2-year note of 21 Nov 2022

Shares of the competitive bids accepted

  • Indirect bidders 57.0%
  • Direct bidders 22.4%
  • Primary dealers 20.6%
This auction, 21 Nov 2022
  • Indirect bidders 50.5%
  • Direct bidders 25.3%
  • Primary dealers 24.2%
The 2-year note auction before, 25 Oct 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 bidders57.0%
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
4.5052.64
4.4602.59
4.2902.51
3.3072.49
3.0152.58
3.0842.51
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

Observed .

Right now

The high yield of 4.505% on 21 November 2022 was the highest for a 2-year note since 25 July 2007.

Higher than all 166 since 23 April 2008

Its own history

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

The direct bidders' share was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 57.0%
  • Direct bidders 22.4%
  • Primary dealers 20.6%

Size

Treasury sold $46.566 billion of the $42 billion offered.

Bids received came to $115.563 billion; the bid-to-cover ratio was 2.64.

Its bid-to-cover of 2.64 compares with the 24 auctions before it: lowest 2.28 on , highest 2.81 on ; 67.9% of the way from the low to the high.

2.64

Low 2.28 Midpoint 2.545 High 2.81

The security2-Year, new issue

Coupon
4.500%
Announced
Issued
Matures

It adds to the debt that matures in November 2024.

Understanding this result

Where it stands today

The high yield was 4.505% at this 2-year note auction, the median yield 4.460% and a bid-to-cover ratio of 2.64.

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$42,000,000,000
Bids received$115,563,037,700
Sold$46,566,125,200
Competitive bids accepted$40,926,642,500
Non-competitive bids accepted$973,450,300
Federal Reserve (SOMA) add-on$4,566,032,400
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %4.505
Median rate, %4.460
Low rate, %4.350
Interest rate (coupon), %4.500
Bids at the high rate filled, %98.05
Bid-to-cover ratio2.64
Indirect bidders accepted$23,321,067,500
Direct bidders accepted$9,164,525,000
Primary dealers accepted$8,441,050,000
Indirect bidders' share, % (ours)57.0
Direct bidders' share, % (ours)22.4
Primary dealers' share, % (ours)20.6
High minus median, basis points (ours)4.5
Treasury par yield curve, 2-year point, same day, %4.48
High yield minus that point, basis points (ours)2.5
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 ratio2.642.562 of 129 of 12
High yield4.5052.5520 of 1212 of 12
Indirect bidders' share57.060.67 of 125 of 12
Direct bidders' share22.420.74 of 128 of 12
Primary dealers' share20.622.67 of 125 of 12
High minus median, basis points4.56.19 of 123 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 ratio2.64Last 24 auctions7 of 2416 of 242.54
Bid-to-cover ratio2.64Since 23 April 2008116 of 16646 of 1662.88
Bid-to-cover ratio2.64All 265 since 27 October 1999136 of 265125 of 2652.65
High yield4.505Last 24 auctions0 of 2424 of 240.552
High yield4.505Since 23 April 20080 of 166166 of 1660.755
High yield4.505All 499 since 23 January 1980248 of 499251 of 4994.427
Indirect bidders' share57.0Last 24 auctions11 of 2413 of 2455.8
Indirect bidders' share57.0All 166 since 23 April 200818 of 166148 of 16641.9
Direct bidders' share22.4Last 24 auctions4 of 2420 of 2418.6
Direct bidders' share22.4All 166 since 23 April 200825 of 166141 of 16615.4
Primary dealers' share20.6Last 24 auctions17 of 247 of 2424.4
Primary dealers' share20.6All 166 since 23 April 2008158 of 1668 of 16643.0
High minus median, basis points4.5Last 24 auctions9 of 2415 of 244.2
High minus median, basis points4.5Since 23 April 200830 of 166133 of 1663.0
High minus median, basis points4.5All 499 since 23 January 198056 of 499437 of 4992.1

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 21 November 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221121_1.pdf. Compiled by 500metrics, "2-year note auction of 21 November 2022 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2022-11-21.

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