500metrics

Treasury auctions · 2-Year Note

2-year note auction of 24 October 2023 (new issue)

The 2-year note sold $51 billion at a high yield of 5.055% 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 Nov 2020 to 24 Oct 2023
High yield at each 2-year note auction, 26 Oct 2021 to 24 Oct 2023

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 Nov 2020 to 24 Oct 2023
Bid-to-cover ratio at each 2-year note auction, 26 Oct 2021 to 24 Oct 2023

Who bought the 2-year note of 24 Oct 2023

Shares of the competitive bids accepted

  • Indirect bidders 62.0%
  • Direct bidders 20.3%
  • Primary dealers 17.6%
This auction, 24 Oct 2023
  • Indirect bidders 65.0%
  • Direct bidders 21.0%
  • Primary dealers 14.0%
The 2-year note auction before, 26 Sep 2023

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 bidders62.0%
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
5.0552.64
5.0852.73
5.0242.94
4.8232.78
4.6702.86
4.3002.90
3.9692.68
3.9542.44
4.6732.61
4.1392.94
4.3732.71
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

Observed .

Right now

The high yield was 5.055% on 24 October 2023, down from 5.085% at the auction before.

Higher than 176 of the 177 since 23 April 2008

Its own history

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

The high minus median was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.0%
  • Direct bidders 20.3%
  • Primary dealers 17.6%

Size

Treasury sold $51 billion of the $51 billion offered.

Bids received came to $134.414 billion; the bid-to-cover ratio was 2.64.

Its bid-to-cover of 2.64 compares with the 24 auctions before it: lowest 2.36 on , highest 2.94 on ; 48.3% of the way from the low to the high.

2.64

Low 2.36 Midpoint 2.650 High 2.94

The security2-Year, new issue

Coupon
5.000%
Announced
Issued
Matures

It adds to the debt that matures in October 2025.

Understanding this result

Where it stands today

The high yield was 5.055% at this 2-year note auction, the median yield 5.010% 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$51,000,000,000
Bids received$134,413,900,100
Sold$51,000,026,900
Competitive bids accepted$50,334,877,100
Non-competitive bids accepted$665,149,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %5.055
Median rate, %5.010
Low rate, %4.950
Interest rate (coupon), %5.000
Bids at the high rate filled, %63.46
Bid-to-cover ratio2.64
Indirect bidders accepted$31,230,612,100
Direct bidders accepted$10,231,750,000
Primary dealers accepted$8,872,515,000
Indirect bidders' share, % (ours)62.0
Direct bidders' share, % (ours)20.3
Primary dealers' share, % (ours)17.6
High minus median, basis points (ours)4.5
Treasury par yield curve, 2-year point, same day, %5.02
High yield minus that point, basis points (ours)3.5
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 ratio2.642.728 of 123 of 12
High yield5.0554.4821 of 1211 of 12
Indirect bidders' share62.063.67 of 125 of 12
Direct bidders' share20.320.46 of 126 of 12
Primary dealers' share17.616.25 of 127 of 12
High minus median, basis points4.55.27 of 122 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 auctions11 of 2411 of 242.64
Bid-to-cover ratio2.64Since 23 April 2008124 of 17748 of 1772.86
Bid-to-cover ratio2.64All 276 since 27 October 1999144 of 276127 of 2762.67
High yield5.055Last 24 auctions1 of 2423 of 243.962
High yield5.055Since 23 April 20081 of 177176 of 1770.802
High yield5.055All 510 since 23 January 1980220 of 510290 of 5104.444
Indirect bidders' share62.0Last 24 auctions11 of 2413 of 2462.0
Indirect bidders' share62.0All 177 since 23 April 200812 of 177165 of 17743.6
Direct bidders' share20.3Last 24 auctions12 of 2412 of 2420.4
Direct bidders' share20.3All 177 since 23 April 200846 of 177131 of 17715.9
Primary dealers' share17.6Last 24 auctions14 of 2410 of 2419.0
Primary dealers' share17.6All 177 since 23 April 2008167 of 17710 of 17742.3
High minus median, basis points4.5Last 24 auctions15 of 246 of 245.3
High minus median, basis points4.5Since 23 April 200836 of 177135 of 1773.1
High minus median, basis points4.5All 510 since 23 January 198062 of 510439 of 5102.2

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 October 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231024_2.pdf. Compiled by 500metrics, "2-year note auction of 24 October 2023 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2023-10-24.

Page updated