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

The 2-year note sold $32 billion at a high yield of 0.300% on , with a bid-to-cover ratio of 3.54.

Coupon
0.250%
Announced
Issued
Matures

High yield

0.300%

Median yield 0.280%

Bid-to-cover

3.54

▲ +0.22 since 28 Oct

Sold

$32.00 billion

$32 billion offered

Indirect bidders

22.5%

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 27 December 2010 to 25 November 2013; the latest at 0.300%.0.2%0.4%0.6%0.8%201120122013This auction, 0.300%High yield at the last 36 2-year note auctions36 auctions from 27 December 2010 to 25 November 2013; the latest at 0.300%.0.2%0.3%0.4%0.5%201220130.300%

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
0.3003.54
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.543.304 of 128 of 12
High yield0.3000.2865 of 127 of 12
Indirect bidders' share22.522.05 of 127 of 12
Direct bidders' share27.324.95 of 127 of 12
Primary dealers' share50.353.69 of 123 of 12
High minus median, basis points2.01.42 of 1210 of 12

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

Who bought the 2-year note?

Primary dealers took 50.3% of the competitive bids accepted

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

Primary dealers took 50.3% of the competitive bids acceptedIndirect bidders 22.5%, Direct bidders 27.3%, Primary dealers 50.3%Indirect bidders22.5%29.0%Direct bidders27.3%31.0%Primary dealers50.3%40.0%Primary dealers took 50.3% of the competitive bids acceptedIndirect bidders 22.5%, Direct bidders 27.3%, Primary dealers 50.3%Indirect bidders22.5%29.0%Direct bidders27.3%31.0%Primary dealers50.3%40.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders22.529.0
Direct bidders27.331.0
Primary dealers50.340.0

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$32,000,000,000
Bids received$113,176,976,500
Sold$32,000,056,500
Competitive bids accepted$31,742,730,000
Non-competitive bids accepted$147,326,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$110,000,000
High yield, %0.300
Median rate, %0.280
Low rate, %0.250
Interest rate (coupon), %0.250
Bids at the high rate filled, %16.64
Bid-to-cover ratio3.54
Indirect bidders accepted$7,131,740,000
Direct bidders accepted$8,660,150,000
Primary dealers accepted$15,950,840,000
Indirect bidders' share, % (ours)22.5
Direct bidders' share, % (ours)27.3
Primary dealers' share, % (ours)50.3
High minus median, basis points (ours)2.0
Treasury par yield curve, 2-year point, same day, %0.30
High yield minus that point, basis points (ours)0.0

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 ratio3.54Last 24 auctions14 of 249 of 243.61
Bid-to-cover ratio3.54Since 23 April 200820 of 6746 of 673.21
Bid-to-cover ratio3.54All 166 since 27 October 199921 of 166144 of 1662.59
High yield0.300Last 24 auctions8 of 2415 of 240.282
High yield0.300Since 23 April 200848 of 6718 of 670.560
High yield0.300All 400 since 23 January 1980381 of 40018 of 4005.525
Indirect bidders' share22.5Last 24 auctions15 of 249 of 2429.7
Indirect bidders' share22.5All 67 since 23 April 200856 of 6711 of 6732.9
Direct bidders' share27.3Last 24 auctions6 of 2418 of 2416.9
Direct bidders' share27.3All 67 since 23 April 20086 of 6761 of 6712.2
Primary dealers' share50.3Last 24 auctions18 of 246 of 2454.6
Primary dealers' share50.3All 67 since 23 April 200844 of 6723 of 6753.7
High minus median, basis points2.0Last 24 auctions3 of 2419 of 241.3
High minus median, basis points2.0Since 23 April 200839 of 6723 of 672.5
High minus median, basis points2.0All 400 since 23 January 1980173 of 400165 of 4002.0

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 November 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131125_3.pdf. Compiled by 500metrics, "2-year note auction of 25 November 2013 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2013-11-25.

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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