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2-year note auction of 25 May 2021 (new issue)

The 2-year note sold $71.646 billion at a high yield of 0.152% on , with a bid-to-cover ratio of 2.74.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.152%

Median yield 0.108%

Bid-to-cover

2.74

▲ +0.40 since 26 Apr

Sold

$71.65 billion

$60 billion offered

Indirect bidders

57.1%

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 24 April 2018 to 25 May 2021; the latest at 0.152%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.152%High yield at the last 36 2-year note auctions36 auctions from 24 April 2018 to 25 May 2021; the latest at 0.152%.0.0%0.5%1.0%1.5%2.0%2019202020210.152%

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
0.1522.74
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.742.461 of 1211 of 12
High yield0.1520.1546 of 125 of 12
Indirect bidders' share57.152.22 of 1210 of 12
Direct bidders' share18.015.61 of 1211 of 12
Primary dealers' share24.932.112 of 120 of 12
High minus median, basis points4.43.10 of 1212 of 12

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

  • Primary dealers' share: Lowest for a 2-year note since 25 November 2019 (17 auctions in between).
  • High minus median, basis points: Highest for a 2-year note since 27 April 2020 (12 auctions in between).

Who bought the 2-year note?

Indirect bidders took 57.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 26 April 2021

Indirect bidders took 57.1% of the competitive bids acceptedIndirect bidders 57.1%, Direct bidders 18.0%, Primary dealers 24.9%Indirect bidders57.1%43.6%Direct bidders18.0%18.5%Primary dealers24.9%37.9%Indirect bidders took 57.1% of the competitive bids acceptedIndirect bidders 57.1%, Direct bidders 18.0%, Primary dealers 24.9%Indirect bidders57.1%43.6%Direct bidders18.0%18.5%Primary dealers24.9%37.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.143.6
Direct bidders18.018.5
Primary dealers24.937.9

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$175,791,018,200
Sold$71,646,038,200
Competitive bids accepted$59,794,745,000
Non-competitive bids accepted$100,284,900
Federal Reserve (SOMA) add-on$11,646,008,300
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %0.152
Median rate, %0.108
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %64.17
Bid-to-cover ratio2.74
Indirect bidders accepted$34,118,725,000
Direct bidders accepted$10,780,000,000
Primary dealers accepted$14,896,020,000
Indirect bidders' share, % (ours)57.1
Direct bidders' share, % (ours)18.0
Primary dealers' share, % (ours)24.9
High minus median, basis points (ours)4.4
Treasury par yield curve, 2-year point, same day, %0.15
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 ratio2.74Last 24 auctions3 of 2421 of 242.56
Bid-to-cover ratio2.74Since 23 April 200892 of 14856 of 1483.00
Bid-to-cover ratio2.74All 247 since 27 October 1999106 of 247141 of 2472.68
High yield0.152Last 24 auctions18 of 245 of 240.211
High yield0.152Since 23 April 2008142 of 1485 of 1480.745
High yield0.152All 481 since 23 January 1980475 of 4815 of 4814.685
Indirect bidders' share57.1Last 24 auctions2 of 2422 of 2450.0
Indirect bidders' share57.1All 148 since 23 April 20087 of 148141 of 14839.6
Direct bidders' share18.0Last 24 auctions8 of 2416 of 2416.3
Direct bidders' share18.0All 148 since 23 April 200846 of 148102 of 14814.8
Primary dealers' share24.9Last 24 auctions23 of 241 of 2431.7
Primary dealers' share24.9All 148 since 23 April 2008145 of 1483 of 14845.6
High minus median, basis points4.4Last 24 auctions1 of 2422 of 243.0
High minus median, basis points4.4Since 23 April 200824 of 148120 of 1482.8
High minus median, basis points4.4All 481 since 23 January 198053 of 481423 of 4812.1

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 May 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210525_2.pdf. Compiled by 500metrics, "2-year note auction of 25 May 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-05-25.

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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