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2-year note auction of 27 May 2014 (new issue)

The 2-year note sold $31.012 billion at a high yield of 0.392% on , with a bid-to-cover ratio of 3.52.

Coupon
0.375%
Announced
Issued
Matures

High yield

0.392%

Median yield 0.370%

Bid-to-cover

3.52

▲ +0.17 since 22 Apr

Sold

$31.01 billion

$31 billion offered

Indirect bidders

18.9%

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 27 June 2011 to 27 May 2014; the latest at 0.392%.0.2%0.3%0.4%0.5%2011201220132014This auction, 0.392%High yield at the last 36 2-year note auctions36 auctions from 27 June 2011 to 27 May 2014; the latest at 0.392%.0.2%0.3%0.4%0.5%2012201320140.392%

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
0.3923.52
0.4473.35
0.4693.20
0.3403.60
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.523.263 of 129 of 12
High yield0.3920.3463 of 129 of 12
Indirect bidders' share18.926.212 of 120 of 12
Direct bidders' share25.221.74 of 128 of 12
Primary dealers' share55.951.73 of 129 of 12
High minus median, basis points2.21.81 of 1211 of 12

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

  • Indirect bidders' share: Lowest for a 2-year note since 28 January 2013 (15 auctions in between).

Who bought the 2-year note?

Primary dealers took 55.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 22 April 2014

Primary dealers took 55.9% of the competitive bids acceptedIndirect bidders 18.9%, Direct bidders 25.2%, Primary dealers 55.9%Indirect bidders18.9%23.4%Direct bidders25.2%19.0%Primary dealers55.9%57.7%Primary dealers took 55.9% of the competitive bids acceptedIndirect bidders 18.9%, Direct bidders 25.2%, Primary dealers 55.9%Indirect bidders18.9%23.4%Direct bidders25.2%19.0%Primary dealers55.9%57.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders18.923.4
Direct bidders25.219.0
Primary dealers55.957.7

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$31,000,000,000
Bids received$109,096,946,600
Sold$31,012,032,100
Competitive bids accepted$30,708,385,500
Non-competitive bids accepted$191,720,900
Federal Reserve (SOMA) add-on$11,925,700
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %0.392
Median rate, %0.370
Low rate, %0.333
Interest rate (coupon), %0.375
Bids at the high rate filled, %81.13
Bid-to-cover ratio3.52
Indirect bidders accepted$5,792,210,000
Direct bidders accepted$7,746,565,000
Primary dealers accepted$17,169,610,500
Indirect bidders' share, % (ours)18.9
Direct bidders' share, % (ours)25.2
Primary dealers' share, % (ours)55.9
High minus median, basis points (ours)2.2
Treasury par yield curve, 2-year point, same day, %0.39
High yield minus that point, basis points (ours)0.2

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 ratio3.52Last 24 auctions13 of 2411 of 243.56
Bid-to-cover ratio3.52Since 23 April 200824 of 7349 of 733.27
Bid-to-cover ratio3.52All 172 since 27 October 199925 of 172147 of 1722.63
High yield0.392Last 24 auctions3 of 2421 of 240.300
High yield0.392Since 23 April 200843 of 7330 of 730.469
High yield0.392All 406 since 23 January 1980376 of 40630 of 4065.487
Indirect bidders' share18.9Last 24 auctions22 of 242 of 2425.6
Indirect bidders' share18.9All 73 since 23 April 200871 of 732 of 7332.8
Direct bidders' share25.2Last 24 auctions9 of 2415 of 2421.8
Direct bidders' share25.2All 73 since 23 April 200810 of 7363 of 7313.4
Primary dealers' share55.9Last 24 auctions8 of 2416 of 2453.6
Primary dealers' share55.9All 73 since 23 April 200829 of 7344 of 7353.2
High minus median, basis points2.2Last 24 auctions1 of 2423 of 241.4
High minus median, basis points2.2Since 23 April 200837 of 7335 of 732.3
High minus median, basis points2.2All 406 since 23 January 1980156 of 406242 of 4062.0

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 27 May 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140527_3.pdf. Compiled by 500metrics, "2-year note auction of 27 May 2014 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2014-05-27.

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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