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2-year note auction of 26 April 2021 (new issue)

The 2-year note sold $71.458 billion at a high yield of 0.175% on , with a bid-to-cover ratio of 2.34.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.175%

Median yield 0.150%

Bid-to-cover

2.34

▼ −0.20 since 23 Mar

Sold

$71.46 billion

$60 billion offered

Indirect bidders

43.6%

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 26 March 2018 to 26 April 2021; the latest at 0.175%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.175%High yield at the last 36 2-year note auctions36 auctions from 26 March 2018 to 26 April 2021; the latest at 0.175%.0.0%1.0%2.0%3.0%2019202020210.175%

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
0.1752.34
0.1522.54
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.342.5011 of 120 of 12
High yield0.1750.1543 of 129 of 12
Indirect bidders' share43.652.512 of 120 of 12
Direct bidders' share18.515.60 of 1212 of 12
Primary dealers' share37.931.92 of 1210 of 12
High minus median, basis points2.53.210 of 121 of 12

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

  • Indirect bidders' share: Lowest for a 2-year note since 23 July 2019 (20 auctions in between).
  • Direct bidders' share: Highest for a 2-year note since 27 January 2020 (14 auctions in between).

Who bought the 2-year note?

Indirect bidders took 43.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 23 March 2021

Indirect bidders took 43.6% of the competitive bids acceptedIndirect bidders 43.6%, Direct bidders 18.5%, Primary dealers 37.9%Indirect bidders43.6%50.7%Direct bidders18.5%17.6%Primary dealers37.9%31.7%Indirect bidders took 43.6% of the competitive bids acceptedIndirect bidders 43.6%, Direct bidders 18.5%, Primary dealers 37.9%Indirect bidders43.6%50.7%Direct bidders18.5%17.6%Primary dealers37.9%31.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.650.7
Direct bidders18.517.6
Primary dealers37.931.7

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$151,784,649,100
Sold$71,458,424,100
Competitive bids accepted$59,711,305,000
Non-competitive bids accepted$82,069,300
Federal Reserve (SOMA) add-on$11,458,349,800
Foreign and international (FIMA) non-competitive$206,700,000
High yield, %0.175
Median rate, %0.150
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %2.65
Bid-to-cover ratio2.34
Indirect bidders accepted$26,012,780,000
Direct bidders accepted$11,049,000,000
Primary dealers accepted$22,649,525,000
Indirect bidders' share, % (ours)43.6
Direct bidders' share, % (ours)18.5
Primary dealers' share, % (ours)37.9
High minus median, basis points (ours)2.5
Treasury par yield curve, 2-year point, same day, %0.18
High yield minus that point, basis points (ours)-0.5

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 ratio2.34Last 24 auctions22 of 241 of 242.56
Bid-to-cover ratio2.34Since 23 April 2008138 of 1478 of 1473.00
Bid-to-cover ratio2.34All 246 since 27 October 1999180 of 24665 of 2462.68
High yield0.175Last 24 auctions15 of 249 of 240.314
High yield0.175Since 23 April 2008138 of 1479 of 1470.745
High yield0.175All 480 since 23 January 1980471 of 4809 of 4804.687
Indirect bidders' share43.6Last 24 auctions22 of 242 of 2450.0
Indirect bidders' share43.6All 147 since 23 April 200859 of 14788 of 14739.3
Direct bidders' share18.5Last 24 auctions8 of 2416 of 2416.3
Direct bidders' share18.5All 147 since 23 April 200843 of 147104 of 14714.7
Primary dealers' share37.9Last 24 auctions4 of 2420 of 2431.7
Primary dealers' share37.9All 147 since 23 April 2008104 of 14743 of 14745.7
High minus median, basis points2.5Last 24 auctions18 of 243 of 243.0
High minus median, basis points2.5Since 23 April 200884 of 14757 of 1472.8
High minus median, basis points2.5All 480 since 23 January 1980187 of 480278 of 4802.0

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 26 April 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210426_2.pdf. Compiled by 500metrics, "2-year note auction of 26 April 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-04-26.

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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