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2-year note auction of 28 January 2013 (new issue)

The 2-year note sold $35 billion at a high yield of 0.288% on , with a bid-to-cover ratio of 3.77.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.288%

Median yield 0.269%

Bid-to-cover

3.77

▲ +0.18 since 17 Dec

Sold

$35.00 billion

$35 billion offered

Indirect bidders

18.0%

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 23 February 2010 to 28 January 2013; the latest at 0.288%.0.0%0.3%0.5%0.8%1.0%1.3%2010201120122013This auction, 0.288%High yield at the last 36 2-year note auctions36 auctions from 23 February 2010 to 28 January 2013; the latest at 0.288%.0.2%0.4%0.6%0.8%2011201220130.288%

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
0.2883.77
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.773.765 of 127 of 12
High yield0.2880.2735 of 127 of 12
Indirect bidders' share18.032.511 of 121 of 12
Direct bidders' share30.013.01 of 1211 of 12
Primary dealers' share52.056.49 of 123 of 12
High minus median, basis points1.91.22 of 1210 of 12

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

Who bought the 2-year note?

Primary dealers took 52.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 17 December 2012

Primary dealers took 52.0% of the competitive bids acceptedIndirect bidders 18.0%, Direct bidders 30.0%, Primary dealers 52.0%Indirect bidders18.0%17.7%Direct bidders30.0%28.4%Primary dealers52.0%53.9%Primary dealers took 52.0% of the competitive bids acceptedIndirect bidders 18.0%, Direct bidders 30.0%, Primary dealers 52.0%Indirect bidders18.0%17.7%Direct bidders30.0%28.4%Primary dealers52.0%53.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders18.017.7
Direct bidders30.028.4
Primary dealers52.053.9

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$131,783,486,200
Sold$35,000,111,200
Competitive bids accepted$34,732,725,000
Non-competitive bids accepted$167,386,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.288
Median rate, %0.269
Low rate, %0.225
Interest rate (coupon), %0.250
Bids at the high rate filled, %13.41
Bid-to-cover ratio3.77
Indirect bidders accepted$6,255,100,000
Direct bidders accepted$10,416,460,000
Primary dealers accepted$18,061,165,000
Indirect bidders' share, % (ours)18.0
Direct bidders' share, % (ours)30.0
Primary dealers' share, % (ours)52.0
High minus median, basis points (ours)1.9
Treasury par yield curve, 2-year point, same day, %0.29
High yield minus that point, basis points (ours)-0.2

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 ratio3.77Last 24 auctions6 of 2418 of 243.61
Bid-to-cover ratio3.77Since 23 April 20087 of 5750 of 573.19
Bid-to-cover ratio3.77All 156 since 27 October 19998 of 156148 of 1562.52
High yield0.288Last 24 auctions12 of 2412 of 240.288
High yield0.288Since 23 April 200845 of 5712 of 570.740
High yield0.288All 390 since 23 January 1980378 of 39012 of 3905.626
Indirect bidders' share18.0Last 24 auctions23 of 241 of 2431.9
Indirect bidders' share18.0All 57 since 23 April 200856 of 571 of 5733.5
Direct bidders' share30.0Last 24 auctions1 of 2423 of 2413.4
Direct bidders' share30.0All 57 since 23 April 20081 of 5756 of 5710.8
Primary dealers' share52.0Last 24 auctions17 of 247 of 2454.3
Primary dealers' share52.0All 57 since 23 April 200833 of 5724 of 5753.7
High minus median, basis points1.9Last 24 auctions11 of 2413 of 241.6
High minus median, basis points1.9Since 23 April 200842 of 5715 of 573.0
High minus median, basis points1.9All 390 since 23 January 1980233 of 390151 of 3902.0

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 28 January 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130128_3.pdf. Compiled by 500metrics, "2-year note auction of 28 January 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-01-28.

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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