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2-year note auction of 26 June 2012 (new issue)

The 2-year note sold $35.357 billion at a high yield of 0.313% on , with a bid-to-cover ratio of 3.62.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.313%

Median yield 0.300%

Bid-to-cover

3.62

▼ −0.33 since 22 May

Sold

$35.36 billion

$35 billion offered

Indirect bidders

31.7%

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 28 July 2009 to 26 June 2012; the latest at 0.313%.0.0%0.3%0.5%0.8%1.0%1.3%2009201020112012This auction, 0.313%High yield at the last 36 2-year note auctions36 auctions from 28 July 2009 to 26 June 2012; the latest at 0.313%.0.2%0.4%0.6%0.8%2010201120120.313%

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
0.3133.62
0.3003.95
0.2703.76
0.3403.69
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.623.667 of 125 of 12
High yield0.3130.2803 of 129 of 12
Indirect bidders' share31.733.28 of 124 of 12
Direct bidders' share7.911.711 of 121 of 12
Primary dealers' share60.453.62 of 1210 of 12
High minus median, basis points1.31.89 of 122 of 12

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

Who bought the 2-year note?

Primary dealers took 60.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 22 May 2012

Primary dealers took 60.4% of the competitive bids acceptedIndirect bidders 31.7%, Direct bidders 7.9%, Primary dealers 60.4%Indirect bidders31.7%33.5%Direct bidders7.9%9.0%Primary dealers60.4%57.5%Primary dealers took 60.4% of the competitive bids acceptedIndirect bidders 31.7%, Direct bidders 7.9%, Primary dealers 60.4%Indirect bidders31.7%33.5%Direct bidders7.9%9.0%Primary dealers60.4%57.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders31.733.5
Direct bidders7.99.0
Primary dealers60.457.5

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$126,941,091,900
Sold$35,357,351,900
Competitive bids accepted$34,724,032,800
Non-competitive bids accepted$175,978,900
Federal Reserve (SOMA) add-on$357,340,200
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.313
Median rate, %0.300
Low rate, %0.242
Interest rate (coupon), %0.250
Bids at the high rate filled, %90.32
Bid-to-cover ratio3.62
Indirect bidders accepted$11,004,072,800
Direct bidders accepted$2,745,000,000
Primary dealers accepted$20,974,960,000
Indirect bidders' share, % (ours)31.7
Direct bidders' share, % (ours)7.9
Primary dealers' share, % (ours)60.4
High minus median, basis points (ours)1.3
Treasury par yield curve, 2-year point, same day, %0.31
High yield minus that point, basis points (ours)0.3

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 ratio3.62Last 24 auctions10 of 2414 of 243.46
Bid-to-cover ratio3.62Since 23 April 200811 of 5039 of 503.14
Bid-to-cover ratio3.62All 149 since 27 October 199912 of 149137 of 1492.46
High yield0.313Last 24 auctions15 of 249 of 240.408
High yield0.313Since 23 April 200841 of 509 of 500.796
High yield0.313All 383 since 23 January 1980374 of 3839 of 3835.690
Indirect bidders' share31.7Last 24 auctions15 of 249 of 2432.9
Indirect bidders' share31.7All 50 since 23 April 200833 of 5017 of 5034.5
Direct bidders' share7.9Last 24 auctions22 of 242 of 2413.4
Direct bidders' share7.9All 50 since 23 April 200831 of 5019 of 5010.1
Primary dealers' share60.4Last 24 auctions3 of 2421 of 2453.1
Primary dealers' share60.4All 50 since 23 April 200815 of 5035 of 5053.1
High minus median, basis points1.3Last 24 auctions21 of 242 of 242.0
High minus median, basis points1.3Since 23 April 200847 of 502 of 503.2
High minus median, basis points1.3All 383 since 23 January 1980277 of 383104 of 3832.0

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 26 June 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120626_3.pdf. Compiled by 500metrics, "2-year note auction of 26 June 2012 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2012-06-26.

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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