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2-year note auction of 21 February 2012 (new issue)

The 2-year note sold $35.497 billion at a high yield of 0.310% on , with a bid-to-cover ratio of 3.54.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.310%

Median yield 0.290%

Bid-to-cover

3.54

▼ −0.21 since 24 Jan

Sold

$35.50 billion

$35 billion offered

Indirect bidders

35.8%

Of competitive bids accepted

High yield at the last 36 2-year note auctions

High yield at each 2-year note auction, %

High yield at the last 36 2-year note auctions36 auctions from 24 March 2009 to 21 February 2012; the latest at 0.310%.0.0%0.3%0.5%0.8%1.0%1.3%2009201020112012This auction, 0.310%High yield at the last 36 2-year note auctions36 auctions from 24 March 2009 to 21 February 2012; the latest at 0.310%.0.0%0.3%0.5%0.8%1.0%1.3%2010201120120.310%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 2-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
0.3103.54
0.2503.75
0.2403.45
0.2804.07
0.2813.64
0.2493.76
0.2223.44
0.4173.14
0.3953.08
0.5603.46
0.6733.06
0.7893.16
0.7453.03
0.6503.47
0.7403.71
0.5203.70
0.4003.43
0.4413.78
0.4983.12
0.6653.33
0.7383.45
0.7692.93
1.0243.03
1.0003.00
0.8953.33
0.8803.13
1.0892.91
0.8023.16
1.0203.63
1.0343.23
1.1192.68
1.0802.75
1.1513.19
0.9402.94
0.9492.72
0.9492.71

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.543.444 of 128 of 12
High yield0.3100.3386 of 126 of 12
Indirect bidders' share35.832.34 of 128 of 12
Direct bidders' share9.513.39 of 123 of 12
Primary dealers' share54.752.54 of 128 of 12
High minus median, basis points2.02.37 of 124 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 2-year note?

Primary dealers took 54.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 24 January 2012

Primary dealers took 54.7% of the competitive bids acceptedIndirect bidders 35.8%, Direct bidders 9.5%, Primary dealers 54.7%Indirect bidders35.8%32.9%Direct bidders9.5%8.3%Primary dealers54.7%58.8%Primary dealers took 54.7% of the competitive bids acceptedIndirect bidders 35.8%, Direct bidders 9.5%, Primary dealers 54.7%Indirect bidders35.8%32.9%Direct bidders9.5%8.3%Primary dealers54.7%58.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders35.832.9
Direct bidders9.58.3
Primary dealers54.758.8

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as2-Year, new issue
Offering amount$35,000,000,000
Bids received$124,421,816,000
Sold$35,496,956,000
Competitive bids accepted$34,832,549,000
Non-competitive bids accepted$167,593,800
Federal Reserve (SOMA) add-on$496,813,200
Foreign and international (FIMA) non-competitive$0
High yield, %0.310
Median rate, %0.290
Low rate, %0.220
Interest rate (coupon), %0.250
Bids at the high rate filled, %79.09
Bid-to-cover ratio3.54
Indirect bidders accepted$12,485,589,000
Direct bidders accepted$3,310,857,500
Primary dealers accepted$19,036,102,500
Indirect bidders' share, % (ours)35.8
Direct bidders' share, % (ours)9.5
Primary dealers' share, % (ours)54.7
High minus median, basis points (ours)2.0
Treasury par yield curve, 2-year point, same day, %0.31
High yield minus that point, basis points (ours)0.0

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 this number cannot tell you

  • 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 longer windows

Each measure against earlier 2-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio3.54Last 24 auctions7 of 2417 of 243.44
Bid-to-cover ratio3.54Since 23 April 20088 of 4638 of 463.10
Bid-to-cover ratio3.54All 145 since 27 October 19999 of 145136 of 1452.44
High yield0.310Last 24 auctions18 of 246 of 240.540
High yield0.310Since 23 April 200840 of 466 of 460.888
High yield0.310All 379 since 23 January 1980373 of 3796 of 3795.695
Indirect bidders' share35.8Last 24 auctions10 of 2414 of 2432.9
Indirect bidders' share35.8All 46 since 23 April 200820 of 4626 of 4634.7
Direct bidders' share9.5Last 24 auctions20 of 244 of 2413.7
Direct bidders' share9.5All 46 since 23 April 200824 of 4622 of 4610.8
Primary dealers' share54.7Last 24 auctions7 of 2417 of 2451.9
Primary dealers' share54.7All 46 since 23 April 200820 of 4626 of 4652.5
High minus median, basis points2.0Last 24 auctions15 of 246 of 242.4
High minus median, basis points2.0Since 23 April 200837 of 466 of 463.2
High minus median, basis points2.0All 379 since 23 January 1980171 of 379148 of 3792.0

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 21 February 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120221_3.pdf. Compiled by 500metrics, "2-year note auction of 21 February 2012 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2012-02-21.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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