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

The 2-year note sold $65.746 billion at a high yield of 0.213% on , with a bid-to-cover ratio of 2.47.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.213%

Median yield 0.180%

Bid-to-cover

2.47

▼ −0.07 since 22 Jun

Sold

$65.75 billion

$60 billion offered

Indirect bidders

52.8%

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 June 2018 to 26 July 2021; the latest at 0.213%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.213%High yield at the last 36 2-year note auctions36 auctions from 26 June 2018 to 26 July 2021; the latest at 0.213%.0.0%0.5%1.0%1.5%2.0%2019202020210.213%

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
0.2132.47
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.506 of 126 of 12
High yield0.2130.1521 of 1211 of 12
Indirect bidders' share52.851.54 of 128 of 12
Direct bidders' share21.315.70 of 1212 of 12
Primary dealers' share26.031.911 of 121 of 12
High minus median, basis points3.33.05 of 127 of 12

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

  • Direct bidders' share: Highest for a 2-year note since 23 December 2019 (18 auctions in between).

Who bought the 2-year note?

Indirect bidders took 52.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 22 June 2021

Indirect bidders took 52.8% of the competitive bids acceptedIndirect bidders 52.8%, Direct bidders 21.3%, Primary dealers 26.0%Indirect bidders52.8%50.6%Direct bidders21.3%18.5%Primary dealers26.0%30.9%Indirect bidders took 52.8% of the competitive bids acceptedIndirect bidders 52.8%, Direct bidders 21.3%, Primary dealers 26.0%Indirect bidders52.8%50.6%Direct bidders21.3%18.5%Primary dealers26.0%30.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders52.850.6
Direct bidders21.318.5
Primary dealers26.030.9

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$154,023,822,200
Sold$65,745,819,700
Competitive bids accepted$59,682,552,500
Non-competitive bids accepted$117,488,500
Federal Reserve (SOMA) add-on$5,745,778,700
Foreign and international (FIMA) non-competitive$200,000,000
High yield, %0.213
Median rate, %0.180
Low rate, %0.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %93.81
Bid-to-cover ratio2.47
Indirect bidders accepted$31,487,670,000
Direct bidders accepted$12,688,000,000
Primary dealers accepted$15,506,882,500
Indirect bidders' share, % (ours)52.8
Direct bidders' share, % (ours)21.3
Primary dealers' share, % (ours)26.0
High minus median, basis points (ours)3.3
Treasury par yield curve, 2-year point, same day, %0.22
High yield minus that point, basis points (ours)-0.7

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 ratio2.47Last 24 auctions14 of 2410 of 242.54
Bid-to-cover ratio2.47Since 23 April 2008130 of 15020 of 1502.97
Bid-to-cover ratio2.47All 249 since 27 October 1999161 of 24988 of 2492.68
High yield0.213Last 24 auctions11 of 2413 of 240.186
High yield0.213Since 23 April 2008137 of 15013 of 1500.742
High yield0.213All 483 since 23 January 1980470 of 48313 of 4834.660
Indirect bidders' share52.8Last 24 auctions9 of 2415 of 2451.4
Indirect bidders' share52.8All 150 since 23 April 200821 of 150129 of 15039.9
Direct bidders' share21.3Last 24 auctions3 of 2421 of 2416.3
Direct bidders' share21.3All 150 since 23 April 200829 of 150121 of 15014.8
Primary dealers' share26.0Last 24 auctions22 of 242 of 2431.7
Primary dealers' share26.0All 150 since 23 April 2008144 of 1506 of 15045.4
High minus median, basis points3.3Last 24 auctions9 of 2414 of 243.0
High minus median, basis points3.3Since 23 April 200853 of 15094 of 1502.8
High minus median, basis points3.3All 483 since 23 January 1980107 of 483373 of 4832.1

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 26 July 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210726_3.pdf. Compiled by 500metrics, "2-year note auction of 26 July 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-07-26.

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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