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2-year note auction of 22 June 2021 (new issue)

The 2-year note sold $69.108 billion at a high yield of 0.249% on , with a bid-to-cover ratio of 2.54.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.249%

Median yield 0.219%

Bid-to-cover

2.54

▼ −0.20 since 25 May

Sold

$69.11 billion

$60 billion offered

Indirect bidders

50.6%

Of competitive bids accepted

The high yield was the highest for a 2-year note since 24 March 2020

High yield at each 2-year note auction, %

The high yield was the highest for a 2-year note since 24 March 202036 auctions from 22 May 2018 to 22 June 2021; the latest at 0.249%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.249%The high yield was the highest for a 2-year note since 24 March 202036 auctions from 22 May 2018 to 22 June 2021; the latest at 0.249%.0.0%0.5%1.0%1.5%2.0%2019202020210.249%

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
0.2492.54
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.464 of 127 of 12
High yield0.2490.1520 of 1212 of 12
Indirect bidders' share50.652.28 of 124 of 12
Direct bidders' share18.515.71 of 1211 of 12
Primary dealers' share30.931.98 of 124 of 12
High minus median, basis points3.03.27 of 125 of 12

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

Who bought the 2-year note?

Indirect bidders took 50.6% of the competitive bids accepted

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

Indirect bidders took 50.6% of the competitive bids acceptedIndirect bidders 50.6%, Direct bidders 18.5%, Primary dealers 30.9%Indirect bidders50.6%57.1%Direct bidders18.5%18.0%Primary dealers30.9%24.9%Indirect bidders took 50.6% of the competitive bids acceptedIndirect bidders 50.6%, Direct bidders 18.5%, Primary dealers 30.9%Indirect bidders50.6%57.1%Direct bidders18.5%18.0%Primary dealers30.9%24.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders50.657.1
Direct bidders18.518.0
Primary dealers30.924.9

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$161,537,693,800
Sold$69,107,625,300
Competitive bids accepted$59,890,423,500
Non-competitive bids accepted$104,698,700
Federal Reserve (SOMA) add-on$9,107,503,100
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %0.249
Median rate, %0.219
Low rate, %0.130
Interest rate (coupon), %0.125
Bids at the high rate filled, %22.55
Bid-to-cover ratio2.54
Indirect bidders accepted$30,325,123,500
Direct bidders accepted$11,070,000,000
Primary dealers accepted$18,495,300,000
Indirect bidders' share, % (ours)50.6
Direct bidders' share, % (ours)18.5
Primary dealers' share, % (ours)30.9
High minus median, basis points (ours)3.0
Treasury par yield curve, 2-year point, same day, %0.25
High yield minus that point, basis points (ours)-0.1

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 ratio2.54Last 24 auctions12 of 2411 of 242.56
Bid-to-cover ratio2.54Since 23 April 2008122 of 14926 of 1493.00
Bid-to-cover ratio2.54All 248 since 27 October 1999150 of 24897 of 2482.68
High yield0.249Last 24 auctions10 of 2414 of 240.186
High yield0.249Since 23 April 2008129 of 14919 of 1490.745
High yield0.249All 482 since 23 January 1980462 of 48219 of 4824.672
Indirect bidders' share50.6Last 24 auctions13 of 2411 of 2451.4
Indirect bidders' share50.6All 149 since 23 April 200827 of 149122 of 14939.8
Direct bidders' share18.5Last 24 auctions7 of 2417 of 2416.3
Direct bidders' share18.5All 149 since 23 April 200844 of 149105 of 14914.8
Primary dealers' share30.9Last 24 auctions15 of 249 of 2431.7
Primary dealers' share30.9All 149 since 23 April 2008126 of 14923 of 14945.5
High minus median, basis points3.0Last 24 auctions13 of 2411 of 243.1
High minus median, basis points3.0Since 23 April 200864 of 14979 of 1492.8
High minus median, basis points3.0All 482 since 23 January 1980119 of 482321 of 4822.1

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 22 June 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210622_2.pdf. Compiled by 500metrics, "2-year note auction of 22 June 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-06-22.

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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