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2-year note auction of 23 April 2013 (new issue)

The 2-year note sold $35 billion at a high yield of 0.233% on , with a bid-to-cover ratio of 3.63.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.233%

Median yield 0.220%

Bid-to-cover

3.63

▲ +0.36 since 26 Mar

Sold

$35.00 billion

$35 billion offered

Indirect bidders

20.7%

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 25 May 2010 to 23 April 2013; the latest at 0.233%.0.2%0.4%0.6%0.8%2010201120122013This auction, 0.233%High yield at the last 36 2-year note auctions36 auctions from 25 May 2010 to 23 April 2013; the latest at 0.233%.0.2%0.3%0.4%0.5%0.6%2011201220130.233%

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
0.2333.63
0.2553.27
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.633.767 of 125 of 12
High yield0.2330.27211 of 121 of 12
Indirect bidders' share20.729.09 of 123 of 12
Direct bidders' share27.719.74 of 128 of 12
Primary dealers' share51.656.49 of 123 of 12
High minus median, basis points1.31.13 of 128 of 12

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

Who bought the 2-year note?

Primary dealers took 51.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 26 March 2013

Primary dealers took 51.6% of the competitive bids acceptedIndirect bidders 20.7%, Direct bidders 27.7%, Primary dealers 51.6%Indirect bidders20.7%20.6%Direct bidders27.7%21.8%Primary dealers51.6%57.6%Primary dealers took 51.6% of the competitive bids acceptedIndirect bidders 20.7%, Direct bidders 27.7%, Primary dealers 51.6%Indirect bidders20.7%20.6%Direct bidders27.7%21.8%Primary dealers51.6%57.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders20.720.6
Direct bidders27.721.8
Primary dealers51.657.6

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$126,989,409,200
Sold$35,000,209,200
Competitive bids accepted$34,758,400,000
Non-competitive bids accepted$141,809,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.233
Median rate, %0.220
Low rate, %0.164
Interest rate (coupon), %0.125
Bids at the high rate filled, %3.83
Bid-to-cover ratio3.63
Indirect bidders accepted$7,180,520,000
Direct bidders accepted$9,639,895,000
Primary dealers accepted$17,937,985,000
Indirect bidders' share, % (ours)20.7
Direct bidders' share, % (ours)27.7
Primary dealers' share, % (ours)51.6
High minus median, basis points (ours)1.3
Treasury par yield curve, 2-year point, same day, %0.23
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 ratio3.63Last 24 auctions12 of 2412 of 243.63
Bid-to-cover ratio3.63Since 23 April 200815 of 6044 of 603.25
Bid-to-cover ratio3.63All 159 since 27 October 199916 of 159142 of 1592.57
High yield0.233Last 24 auctions22 of 242 of 240.276
High yield0.233Since 23 April 200858 of 602 of 600.706
High yield0.233All 393 since 23 January 1980391 of 3932 of 3935.557
Indirect bidders' share20.7Last 24 auctions21 of 243 of 2431.7
Indirect bidders' share20.7All 60 since 23 April 200857 of 603 of 6033.2
Direct bidders' share27.7Last 24 auctions4 of 2420 of 2415.3
Direct bidders' share27.7All 60 since 23 April 20084 of 6056 of 6011.5
Primary dealers' share51.6Last 24 auctions16 of 248 of 2453.2
Primary dealers' share51.6All 60 since 23 April 200835 of 6025 of 6053.7
High minus median, basis points1.3Last 24 auctions12 of 2410 of 241.4
High minus median, basis points1.3Since 23 April 200848 of 6010 of 602.8
High minus median, basis points1.3All 393 since 23 January 1980278 of 393112 of 3932.0

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 23 April 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130423_2.pdf. Compiled by 500metrics, "2-year note auction of 23 April 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-04-23.

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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