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

The 2-year note sold $35 billion at a high yield of 0.283% on , with a bid-to-cover ratio of 3.04.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.283%

Median yield 0.271%

Bid-to-cover

3.04

▼ −0.59 since 23 Apr

Sold

$35.00 billion

$35 billion offered

Indirect bidders

21.9%

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 22 June 2010 to 28 May 2013; the latest at 0.283%.0.2%0.4%0.6%0.8%2010201120122013This auction, 0.283%High yield at the last 36 2-year note auctions36 auctions from 22 June 2010 to 28 May 2013; the latest at 0.283%.0.2%0.3%0.3%0.3%0.4%0.5%2011201220130.283%

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
0.2833.04
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.043.7012 of 120 of 12
High yield0.2830.2724 of 128 of 12
Indirect bidders' share21.924.78 of 124 of 12
Direct bidders' share12.622.79 of 123 of 12
Primary dealers' share65.554.60 of 1212 of 12
High minus median, basis points1.21.14 of 127 of 12

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

  • Bid-to-cover ratio: Lowest for a 2-year note since 22 February 2011 (26 auctions in between).
  • Primary dealers' share: Highest for a 2-year note since 27 April 2009 (48 auctions in between).

Who bought the 2-year note?

Primary dealers took 65.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 23 April 2013

Primary dealers took 65.5% of the competitive bids acceptedIndirect bidders 21.9%, Direct bidders 12.6%, Primary dealers 65.5%Indirect bidders21.9%20.7%Direct bidders12.6%27.7%Primary dealers65.5%51.6%Primary dealers took 65.5% of the competitive bids acceptedIndirect bidders 21.9%, Direct bidders 12.6%, Primary dealers 65.5%Indirect bidders21.9%20.7%Direct bidders12.6%27.7%Primary dealers65.5%51.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders21.920.7
Direct bidders12.627.7
Primary dealers65.551.6

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$106,419,860,600
Sold$35,000,060,600
Competitive bids accepted$34,741,100,000
Non-competitive bids accepted$158,960,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.283
Median rate, %0.271
Low rate, %0.205
Interest rate (coupon), %0.250
Bids at the high rate filled, %80.95
Bid-to-cover ratio3.04
Indirect bidders accepted$7,617,900,000
Direct bidders accepted$4,378,000,000
Primary dealers accepted$22,745,200,000
Indirect bidders' share, % (ours)21.9
Direct bidders' share, % (ours)12.6
Primary dealers' share, % (ours)65.5
High minus median, basis points (ours)1.2
Treasury par yield curve, 2-year point, same day, %0.29
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 ratio3.04Last 24 auctions24 of 240 of 243.64
Bid-to-cover ratio3.04Since 23 April 200840 of 6121 of 613.27
Bid-to-cover ratio3.04All 160 since 27 October 199943 of 160116 of 1602.58
High yield0.283Last 24 auctions9 of 2415 of 240.273
High yield0.283Since 23 April 200846 of 6115 of 610.673
High yield0.283All 394 since 23 January 1980379 of 39415 of 3945.550
Indirect bidders' share21.9Last 24 auctions19 of 245 of 2431.5
Indirect bidders' share21.9All 61 since 23 April 200856 of 615 of 6133.0
Direct bidders' share12.6Last 24 auctions15 of 249 of 2416.0
Direct bidders' share12.6All 61 since 23 April 200828 of 6133 of 6111.8
Primary dealers' share65.5Last 24 auctions0 of 2424 of 2453.2
Primary dealers' share65.5All 61 since 23 April 20087 of 6154 of 6153.7
High minus median, basis points1.2Last 24 auctions14 of 249 of 241.3
High minus median, basis points1.2Since 23 April 200851 of 619 of 612.6
High minus median, basis points1.2All 394 since 23 January 1980282 of 394111 of 3942.0

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 May 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130528_3.pdf. Compiled by 500metrics, "2-year note auction of 28 May 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-05-28.

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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