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2-year note auction of 25 February 2013 (new issue)

The 2-year note sold $35 billion at a high yield of 0.257% on , with a bid-to-cover ratio of 3.33.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.257%

Median yield 0.249%

Bid-to-cover

3.33

▼ −0.44 since 28 Jan

Sold

$35.00 billion

$35 billion offered

Indirect bidders

22.0%

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 March 2010 to 25 February 2013; the latest at 0.257%.0.0%0.3%0.5%0.8%1.0%1.3%2010201120122013This auction, 0.257%High yield at the last 36 2-year note auctions36 auctions from 23 March 2010 to 25 February 2013; the latest at 0.257%.0.2%0.4%0.6%0.8%2011201220130.257%

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
0.2573.33
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.333.7612 of 120 of 12
High yield0.2570.28010 of 122 of 12
Indirect bidders' share22.031.910 of 122 of 12
Direct bidders' share31.616.81 of 1211 of 12
Primary dealers' share46.455.09 of 123 of 12
High minus median, basis points0.81.210 of 120 of 12

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

  • Bid-to-cover ratio: Lowest for a 2-year note since 26 July 2011 (18 auctions in between).

Who bought the 2-year note?

Primary dealers took 46.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 28 January 2013

Primary dealers took 46.4% of the competitive bids acceptedIndirect bidders 22.0%, Direct bidders 31.6%, Primary dealers 46.4%Indirect bidders22.0%18.0%Direct bidders31.6%30.0%Primary dealers46.4%52.0%Primary dealers took 46.4% of the competitive bids acceptedIndirect bidders 22.0%, Direct bidders 31.6%, Primary dealers 46.4%Indirect bidders22.0%18.0%Direct bidders31.6%30.0%Primary dealers46.4%52.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders22.018.0
Direct bidders31.630.0
Primary dealers46.452.0

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$116,463,818,300
Sold$35,000,121,300
Competitive bids accepted$34,745,648,000
Non-competitive bids accepted$154,473,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.257
Median rate, %0.249
Low rate, %0.199
Interest rate (coupon), %0.250
Bids at the high rate filled, %74.46
Bid-to-cover ratio3.33
Indirect bidders accepted$7,644,508,000
Direct bidders accepted$10,974,380,000
Primary dealers accepted$16,126,760,000
Indirect bidders' share, % (ours)22.0
Direct bidders' share, % (ours)31.6
Primary dealers' share, % (ours)46.4
High minus median, basis points (ours)0.8
Treasury par yield curve, 2-year point, same day, %0.25
High yield minus that point, basis points (ours)0.7

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 ratio3.33Last 24 auctions19 of 245 of 243.63
Bid-to-cover ratio3.33Since 23 April 200826 of 5830 of 583.21
Bid-to-cover ratio3.33All 157 since 27 October 199927 of 157128 of 1572.53
High yield0.257Last 24 auctions18 of 246 of 240.284
High yield0.257Since 23 April 200852 of 586 of 580.739
High yield0.257All 391 since 23 January 1980385 of 3916 of 3915.590
Indirect bidders' share22.0Last 24 auctions21 of 243 of 2431.9
Indirect bidders' share22.0All 58 since 23 April 200855 of 583 of 5833.5
Direct bidders' share31.6Last 24 auctions1 of 2423 of 2413.4
Direct bidders' share31.6All 58 since 23 April 20081 of 5857 of 5811.0
Primary dealers' share46.4Last 24 auctions21 of 243 of 2453.8
Primary dealers' share46.4All 58 since 23 April 200845 of 5813 of 5853.7
High minus median, basis points0.8Last 24 auctions21 of 240 of 241.6
High minus median, basis points0.8Since 23 April 200855 of 580 of 583.0
High minus median, basis points0.8All 391 since 23 January 1980353 of 39134 of 3912.0

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 25 February 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130225_3.pdf. Compiled by 500metrics, "2-year note auction of 25 February 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-02-25.

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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