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2-year note auction of 28 January 2014 (new issue)

The 2-year note sold $32 billion at a high yield of 0.380% on , with a bid-to-cover ratio of 3.30.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.380%

Median yield 0.360%

Bid-to-cover

3.30

▼ −0.47 since 17 Dec

Sold

$32.00 billion

$32 billion offered

Indirect bidders

28.5%

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 22 February 2011 to 28 January 2014; the latest at 0.380%.0.2%0.4%0.6%0.8%2011201220132014This auction, 0.380%High yield at the last 36 2-year note auctions36 auctions from 22 February 2011 to 28 January 2014; the latest at 0.380%.0.2%0.3%0.4%0.5%2012201320140.380%

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
0.3803.30
0.3453.77
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.303.306 of 126 of 12
High yield0.3800.3122 of 1210 of 12
Indirect bidders' share28.522.03 of 129 of 12
Direct bidders' share22.426.77 of 125 of 12
Primary dealers' share49.252.69 of 123 of 12
High minus median, basis points2.01.72 of 129 of 12

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

Who bought the 2-year note?

Primary dealers took 49.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 17 December 2013

Primary dealers took 49.2% of the competitive bids acceptedIndirect bidders 28.5%, Direct bidders 22.4%, Primary dealers 49.2%Indirect bidders28.5%21.5%Direct bidders22.4%30.2%Primary dealers49.2%48.2%Primary dealers took 49.2% of the competitive bids acceptedIndirect bidders 28.5%, Direct bidders 22.4%, Primary dealers 49.2%Indirect bidders28.5%21.5%Direct bidders22.4%30.2%Primary dealers49.2%48.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders28.521.5
Direct bidders22.430.2
Primary dealers49.248.2

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$105,501,860,700
Sold$32,000,015,700
Competitive bids accepted$31,709,555,000
Non-competitive bids accepted$175,460,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$115,000,000
High yield, %0.380
Median rate, %0.360
Low rate, %0.300
Interest rate (coupon), %0.375
Bids at the high rate filled, %92.01
Bid-to-cover ratio3.30
Indirect bidders accepted$9,023,405,000
Direct bidders accepted$7,096,000,000
Primary dealers accepted$15,590,150,000
Indirect bidders' share, % (ours)28.5
Direct bidders' share, % (ours)22.4
Primary dealers' share, % (ours)49.2
High minus median, basis points (ours)2.0
Treasury par yield curve, 2-year point, same day, %0.38
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 ratio3.30Last 24 auctions18 of 246 of 243.61
Bid-to-cover ratio3.30Since 23 April 200833 of 6936 of 693.23
Bid-to-cover ratio3.30All 168 since 27 October 199934 of 168134 of 1682.60
High yield0.380Last 24 auctions2 of 2422 of 240.292
High yield0.380Since 23 April 200842 of 6927 of 690.520
High yield0.380All 402 since 23 January 1980375 of 40227 of 4025.510
Indirect bidders' share28.5Last 24 auctions12 of 2412 of 2428.1
Indirect bidders' share28.5All 69 since 23 April 200848 of 6921 of 6932.8
Direct bidders' share22.4Last 24 auctions10 of 2414 of 2421.6
Direct bidders' share22.4All 69 since 23 April 200811 of 6958 of 6912.6
Primary dealers' share49.2Last 24 auctions18 of 246 of 2454.4
Primary dealers' share49.2All 69 since 23 April 200847 of 6922 of 6953.7
High minus median, basis points2.0Last 24 auctions2 of 2419 of 241.4
High minus median, basis points2.0Since 23 April 200839 of 6924 of 692.4
High minus median, basis points2.0All 402 since 23 January 1980173 of 402166 of 4022.0

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 January 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140128_2.pdf. Compiled by 500metrics, "2-year note auction of 28 January 2014 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2014-01-28.

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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