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2-year note auction of 23 February 2021 (new issue)

The 2-year note sold $72.998 billion at a high yield of 0.119% on , with a bid-to-cover ratio of 2.44.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.119%

Median yield 0.098%

Bid-to-cover

2.44

▼ −0.23 since 25 Jan

Sold

$73.00 billion

$60 billion offered

Indirect bidders

57.3%

Of competitive bids accepted

The high yield was the lowest for a 2-year note of all 478 earlier auctions we hold

High yield at each 2-year note auction, %

The high yield was the lowest for a 2-year note of all 478 earlier auctions we hold36 auctions from 23 January 2018 to 23 February 2021; the latest at 0.119%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.119%The high yield was the lowest for a 2-year note of all 478 earlier auctions we hold36 auctions from 23 January 2018 to 23 February 2021; the latest at 0.119%.0.0%1.0%2.0%3.0%2019202020210.119%

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
0.1192.44
0.1252.67
0.1372.45
0.1652.71
0.1512.41
0.1362.42
0.1552.78
0.1552.34
0.1932.46
0.1782.68
0.2293.10
0.3982.36
1.1882.45
1.4402.65
1.6532.30
1.6012.63
1.5942.70
1.6122.64
1.5162.60
1.8252.50
1.6952.58
2.1252.75
2.5032.50
2.6002.56
2.6192.31
2.8362.65
2.8802.67
2.8292.44
2.6552.89
2.6572.92
2.5382.73
2.5902.88
2.4982.61
2.3102.91
2.2552.72
2.0663.22

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.468 of 124 of 12
High yield0.1190.16012 of 120 of 12
Indirect bidders' share57.352.51 of 1211 of 12
Direct bidders' share12.015.210 of 122 of 12
Primary dealers' share30.732.79 of 123 of 12
High minus median, basis points2.13.412 of 120 of 12

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

  • High minus median, basis points: Lowest for a 2-year note since 25 February 2019 (21 auctions in between).

Who bought the 2-year note?

Indirect bidders took 57.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 25 January 2021

Indirect bidders took 57.3% of the competitive bids acceptedIndirect bidders 57.3%, Direct bidders 12.0%, Primary dealers 30.7%Indirect bidders57.3%56.6%Direct bidders12.0%15.6%Primary dealers30.7%27.7%Indirect bidders took 57.3% of the competitive bids acceptedIndirect bidders 57.3%, Direct bidders 12.0%, Primary dealers 30.7%Indirect bidders57.3%56.6%Direct bidders12.0%15.6%Primary dealers30.7%27.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.356.6
Direct bidders12.015.6
Primary dealers30.727.7

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$60,000,000,000
Bids received$159,310,624,000
Sold$72,997,992,300
Competitive bids accepted$59,682,313,300
Non-competitive bids accepted$117,816,600
Federal Reserve (SOMA) add-on$12,997,862,400
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %0.119
Median rate, %0.098
Low rate, %0.030
Interest rate (coupon), %0.125
Bids at the high rate filled, %58.77
Bid-to-cover ratio2.44
Indirect bidders accepted$34,199,765,800
Direct bidders accepted$7,168,925,000
Primary dealers accepted$18,313,622,500
Indirect bidders' share, % (ours)57.3
Direct bidders' share, % (ours)12.0
Primary dealers' share, % (ours)30.7
High minus median, basis points (ours)2.1
Treasury par yield curve, 2-year point, same day, %0.11
High yield minus that point, basis points (ours)0.9

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 ratio2.44Last 24 auctions18 of 246 of 242.57
Bid-to-cover ratio2.44Since 23 April 2008130 of 14513 of 1453.03
Bid-to-cover ratio2.44All 244 since 27 October 1999163 of 24478 of 2442.68
High yield0.119Last 24 auctions24 of 240 of 241.314
High yield0.119Since 23 April 2008145 of 1450 of 1450.750
High yield0.119All 478 since 23 January 1980478 of 4780 of 4784.690
Indirect bidders' share57.3Last 24 auctions1 of 2423 of 2449.1
Indirect bidders' share57.3All 145 since 23 April 20085 of 145140 of 14539.2
Direct bidders' share12.0Last 24 auctions21 of 243 of 2416.3
Direct bidders' share12.0All 145 since 23 April 2008101 of 14544 of 14514.7
Primary dealers' share30.7Last 24 auctions15 of 249 of 2431.8
Primary dealers' share30.7All 145 since 23 April 2008124 of 14521 of 14546.1
High minus median, basis points2.1Last 24 auctions23 of 241 of 243.0
High minus median, basis points2.1Since 23 April 2008101 of 14541 of 1452.8
High minus median, basis points2.1All 478 since 23 January 1980227 of 478240 of 4782.0

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 23 February 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210223_3.pdf. Compiled by 500metrics, "2-year note auction of 23 February 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-02-23.

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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