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

The 2-year note sold $32 billion at a high yield of 0.323% on , with a bid-to-cover ratio of 3.32.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.323%

Median yield 0.305%

Bid-to-cover

3.32

▲ +0.23 since 24 Sep

Sold

$32.00 billion

$32 billion offered

Indirect bidders

29.0%

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 22 November 2010 to 28 October 2013; the latest at 0.323%.0.2%0.4%0.6%0.8%201120122013This auction, 0.323%High yield at the last 36 2-year note auctions36 auctions from 22 November 2010 to 28 October 2013; the latest at 0.323%.0.2%0.3%0.4%0.5%201220130.323%

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
0.3233.32
0.3483.09
0.3863.21
0.3363.08
0.4303.05
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.323.306 of 126 of 12
High yield0.3230.2864 of 128 of 12
Indirect bidders' share29.022.04 of 128 of 12
Direct bidders' share31.024.92 of 1210 of 12
Primary dealers' share40.053.611 of 121 of 12
High minus median, basis points1.81.23 of 128 of 12

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

Who bought the 2-year note?

Primary dealers took 40.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 24 September 2013

Primary dealers took 40.0% of the competitive bids acceptedIndirect bidders 29.0%, Direct bidders 31.0%, Primary dealers 40.0%Indirect bidders29.0%24.0%Direct bidders31.0%21.8%Primary dealers40.0%54.2%Primary dealers took 40.0% of the competitive bids acceptedIndirect bidders 29.0%, Direct bidders 31.0%, Primary dealers 40.0%Indirect bidders29.0%24.0%Direct bidders31.0%21.8%Primary dealers40.0%54.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders29.024.0
Direct bidders31.021.8
Primary dealers40.054.2

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$32,000,000,000
Bids received$106,090,172,000
Sold$32,000,152,000
Competitive bids accepted$31,749,280,000
Non-competitive bids accepted$140,872,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$110,000,000
High yield, %0.323
Median rate, %0.305
Low rate, %0.250
Interest rate (coupon), %0.250
Bids at the high rate filled, %13.56
Bid-to-cover ratio3.32
Indirect bidders accepted$9,214,300,000
Direct bidders accepted$9,832,000,000
Primary dealers accepted$12,702,980,000
Indirect bidders' share, % (ours)29.0
Direct bidders' share, % (ours)31.0
Primary dealers' share, % (ours)40.0
High minus median, basis points (ours)1.8
Treasury par yield curve, 2-year point, same day, %0.32
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 ratio3.32Last 24 auctions18 of 246 of 243.62
Bid-to-cover ratio3.32Since 23 April 200830 of 6636 of 663.20
Bid-to-cover ratio3.32All 165 since 27 October 199931 of 165134 of 1652.59
High yield0.323Last 24 auctions5 of 2419 of 240.280
High yield0.323Since 23 April 200845 of 6621 of 660.605
High yield0.323All 399 since 23 January 1980378 of 39921 of 3995.530
Indirect bidders' share29.0Last 24 auctions13 of 2411 of 2430.6
Indirect bidders' share29.0All 66 since 23 April 200846 of 6620 of 6632.9
Direct bidders' share31.0Last 24 auctions2 of 2422 of 2416.2
Direct bidders' share31.0All 66 since 23 April 20082 of 6664 of 6612.1
Primary dealers' share40.0Last 24 auctions23 of 241 of 2454.6
Primary dealers' share40.0All 66 since 23 April 200861 of 665 of 6653.8
High minus median, basis points1.8Last 24 auctions6 of 2417 of 241.3
High minus median, basis points1.8Since 23 April 200845 of 6618 of 662.5
High minus median, basis points1.8All 399 since 23 January 1980242 of 399148 of 3992.0

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 October 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131028_3.pdf. Compiled by 500metrics, "2-year note auction of 28 October 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-10-28.

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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