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2-year note auction of 17 December 2012 (new issue)

The 2-year note sold $35 billion at a high yield of 0.245% on , with a bid-to-cover ratio of 3.59.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.245%

Median yield 0.234%

Bid-to-cover

3.59

▼ −0.48 since 27 Nov

Sold

$35.00 billion

$35 billion offered

Indirect bidders

17.7%

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 26 January 2010 to 17 December 2012; the latest at 0.245%.0.0%0.3%0.5%0.8%1.0%1.3%201020112012This auction, 0.245%High yield at the last 36 2-year note auctions36 auctions from 26 January 2010 to 17 December 2012; the latest at 0.245%.0.2%0.4%0.6%0.8%201120120.245%

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
0.2453.59
0.2704.07
0.2954.02
0.2733.60
0.2733.94
0.2204.00
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.593.7610 of 122 of 12
High yield0.2450.27310 of 122 of 12
Indirect bidders' share17.732.512 of 120 of 12
Direct bidders' share28.412.31 of 1211 of 12
Primary dealers' share53.958.29 of 123 of 12
High minus median, basis points1.11.26 of 125 of 12

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

  • Indirect bidders' share: Lowest of all 56 earlier 2-year note auctions we hold.

Who bought the 2-year note?

Primary dealers took 53.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 27 November 2012

Primary dealers took 53.9% of the competitive bids acceptedIndirect bidders 17.7%, Direct bidders 28.4%, Primary dealers 53.9%Indirect bidders17.7%34.4%Direct bidders28.4%23.6%Primary dealers53.9%41.9%Primary dealers took 53.9% of the competitive bids acceptedIndirect bidders 17.7%, Direct bidders 28.4%, Primary dealers 53.9%Indirect bidders17.7%34.4%Direct bidders28.4%23.6%Primary dealers53.9%41.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders17.734.4
Direct bidders28.423.6
Primary dealers53.941.9

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$125,660,800,000
Sold$35,000,165,000
Competitive bids accepted$34,777,565,000
Non-competitive bids accepted$122,600,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.245
Median rate, %0.234
Low rate, %0.186
Interest rate (coupon), %0.125
Bids at the high rate filled, %23.59
Bid-to-cover ratio3.59
Indirect bidders accepted$6,155,277,000
Direct bidders accepted$9,888,513,000
Primary dealers accepted$18,733,775,000
Indirect bidders' share, % (ours)17.7
Direct bidders' share, % (ours)28.4
Primary dealers' share, % (ours)53.9
High minus median, basis points (ours)1.1
Treasury par yield curve, 2-year point, same day, %0.25
High yield minus that point, basis points (ours)-0.5

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 ratio3.59Last 24 auctions14 of 2410 of 243.63
Bid-to-cover ratio3.59Since 23 April 200817 of 5639 of 563.18
Bid-to-cover ratio3.59All 155 since 27 October 199918 of 155137 of 1552.52
High yield0.245Last 24 auctions21 of 243 of 240.298
High yield0.245Since 23 April 200853 of 563 of 560.742
High yield0.245All 389 since 23 January 1980386 of 3893 of 3895.662
Indirect bidders' share17.7Last 24 auctions24 of 240 of 2431.9
Indirect bidders' share17.7All 56 since 23 April 200856 of 560 of 5633.6
Direct bidders' share28.4Last 24 auctions1 of 2423 of 2413.4
Direct bidders' share28.4All 56 since 23 April 20081 of 5655 of 5610.8
Primary dealers' share53.9Last 24 auctions13 of 2411 of 2455.0
Primary dealers' share53.9All 56 since 23 April 200827 of 5629 of 5653.7
High minus median, basis points1.1Last 24 auctions18 of 245 of 241.8
High minus median, basis points1.1Since 23 April 200850 of 565 of 563.0
High minus median, basis points1.1All 389 since 23 January 1980281 of 389105 of 3892.0

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 17 December 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20121217_3.pdf. Compiled by 500metrics, "2-year note auction of 17 December 2012 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2012-12-17.

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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