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Treasury auctions · 2-Year Note

2-year note auction of 23 July 2024 (new issue)

The 2-year note sold $72.805 billion at a high yield of 4.434% 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 Aug 2021 to 23 Jul 2024
High yield at each 2-year note auction, 25 Jul 2022 to 23 Jul 2024

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 Aug 2021 to 23 Jul 2024
Bid-to-cover ratio at each 2-year note auction, 25 Jul 2022 to 23 Jul 2024

Who bought the 2-year note of 23 Jul 2024

Shares of the competitive bids accepted

  • Indirect bidders 76.6%
  • Direct bidders 14.4%
  • Primary dealers 9.0%
This auction, 23 Jul 2024
  • Indirect bidders 65.6%
  • Direct bidders 20.9%
  • Primary dealers 13.5%
The 2-year note auction before, 25 Jun 2024

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 bidders76.6%
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
4.4342.81
4.7062.75
4.9172.41
4.8982.66
4.5952.62
4.6912.49
4.3652.57
4.3142.68
4.8872.54
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

Observed .

Right now

The high yield of 4.434% on 23 July 2024 was the lowest for a 2-year note since 23 January 2024.

The indirect bidders' share of 76.6% was the highest of all 186 earlier 2-year note auctions we hold.

The direct bidders' share of 14.4% was the lowest for a 2-year note since 24 January 2022, with 29 auctions in between.

Higher than 172 of the 186 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 direct bidders' share and the primary dealers' share were lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 76.6%
  • Direct bidders 14.4%
  • Primary dealers 9.0%

Size

Treasury sold $72.805 billion of the $69 billion offered.

Bids received came to $197.961 billion; the bid-to-cover ratio was 2.81.

Its bid-to-cover of 2.81 compares with the 24 auctions before it: lowest 2.41 on , highest 2.94 on ; 75.5% of the way from the low to the high.

2.81

Low 2.41 Midpoint 2.675 High 2.94

The security2-Year, new issue

Coupon
4.375%
Announced
Issued
Matures

It adds to the debt that matures in July 2026.

Understanding this result

Where it stands today

The high yield was 4.434% at this 2-year note auction, the median yield 4.393% 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$69,000,000,000
Bids received$197,960,920,100
Sold$72,804,526,100
Competitive bids accepted$68,226,981,000
Non-competitive bids accepted$673,101,300
Federal Reserve (SOMA) add-on$3,804,443,800
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %4.434
Median rate, %4.393
Low rate, %4.000
Interest rate (coupon), %4.375
Bids at the high rate filled, %37.33
Bid-to-cover ratio2.81
Indirect bidders accepted$52,239,325,000
Direct bidders accepted$9,838,656,000
Primary dealers accepted$6,149,000,000
Indirect bidders' share, % (ours)76.6
Direct bidders' share, % (ours)14.4
Primary dealers' share, % (ours)9.0
High minus median, basis points (ours)4.1
Treasury par yield curve, 2-year point, same day, %4.40
High yield minus that point, basis points (ours)3.4
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 ratio2.812.651 of 1211 of 12
High yield4.4344.85510 of 122 of 12
Indirect bidders' share76.665.10 of 1212 of 12
Direct bidders' share14.420.512 of 120 of 12
Primary dealers' share9.014.912 of 120 of 12
High minus median, basis points4.15.312 of 120 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 auctions4 of 2420 of 242.64
Bid-to-cover ratio2.81Since 23 April 200892 of 18693 of 1862.80
Bid-to-cover ratio2.81All 285 since 27 October 1999102 of 285181 of 2852.66
High yield4.434Last 24 auctions14 of 2410 of 244.550
High yield4.434Since 23 April 200814 of 186172 of 1860.878
High yield4.434All 519 since 23 January 1980262 of 519257 of 5194.514
Indirect bidders' share76.6Last 24 auctions0 of 2424 of 2462.1
Indirect bidders' share76.6All 186 since 23 April 20080 of 186186 of 18644.5
Direct bidders' share14.4Last 24 auctions24 of 240 of 2420.2
Direct bidders' share14.4All 186 since 23 April 2008115 of 18671 of 18616.1
Primary dealers' share9.0Last 24 auctions24 of 240 of 2416.4
Primary dealers' share9.0All 186 since 23 April 2008186 of 1860 of 18641.5
High minus median, basis points4.1Last 24 auctions23 of 241 of 245.5
High minus median, basis points4.1Since 23 April 200861 of 186123 of 1863.2
High minus median, basis points4.1All 519 since 23 January 198093 of 519423 of 5192.2

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 23 July 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240723_2.pdf. Compiled by 500metrics, "2-year note auction of 23 July 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2024-07-23.

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