500metrics

All sources checked Checked

2-year note auction of 24 August 2021 (new issue)

The 2-year note sold $67.539 billion at a high yield of 0.242% on , with a bid-to-cover ratio of 2.65.

Coupon
0.125%
Announced
Issued
Matures

High yield

0.242%

Median yield 0.210%

Bid-to-cover

2.65

▲ +0.18 since 26 Jul

Sold

$67.54 billion

$60 billion offered

Indirect bidders

60.5%

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 July 2018 to 24 August 2021; the latest at 0.242%.0.0%1.0%2.0%3.0%2018201920202021This auction, 0.242%High yield at the last 36 2-year note auctions36 auctions from 24 July 2018 to 24 August 2021; the latest at 0.242%.0.0%0.5%1.0%1.5%2.0%202020210.242%

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
0.2422.65
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.652.504 of 128 of 12
High yield0.2420.1521 of 1211 of 12
Indirect bidders' share60.552.50 of 1212 of 12
Direct bidders' share21.216.61 of 1211 of 12
Primary dealers' share18.331.312 of 120 of 12
High minus median, basis points3.23.05 of 127 of 12

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

  • Indirect bidders' share: Highest for a 2-year note since 23 June 2009 (136 auctions in between).
  • Primary dealers' share: Lowest for a 2-year note since 24 May 2016 (58 auctions in between).

Who bought the 2-year note?

Indirect bidders took 60.5% of the competitive bids accepted

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

Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 21.2%, Primary dealers 18.3%Indirect bidders60.5%52.8%Direct bidders21.2%21.3%Primary dealers18.3%26.0%Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 21.2%, Primary dealers 18.3%Indirect bidders60.5%52.8%Direct bidders21.2%21.3%Primary dealers18.3%26.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.552.8
Direct bidders21.221.3
Primary dealers18.326.0

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$166,505,464,000
Sold$67,538,628,300
Competitive bids accepted$59,912,499,300
Non-competitive bids accepted$87,626,000
Federal Reserve (SOMA) add-on$7,538,503,000
Foreign and international (FIMA) non-competitive$0
High yield, %0.242
Median rate, %0.210
Low rate, %0.088
Interest rate (coupon), %0.125
Bids at the high rate filled, %17.47
Bid-to-cover ratio2.65
Indirect bidders accepted$36,271,901,800
Direct bidders accepted$12,690,000,000
Primary dealers accepted$10,950,597,500
Indirect bidders' share, % (ours)60.5
Direct bidders' share, % (ours)21.2
Primary dealers' share, % (ours)18.3
High minus median, basis points (ours)3.2
Treasury par yield curve, 2-year point, same day, %0.24
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 ratio2.65Last 24 auctions7 of 2416 of 242.54
Bid-to-cover ratio2.65Since 23 April 2008109 of 15139 of 1512.94
Bid-to-cover ratio2.65All 250 since 27 October 1999129 of 250118 of 2502.68
High yield0.242Last 24 auctions9 of 2415 of 240.186
High yield0.242Since 23 April 2008132 of 15119 of 1510.740
High yield0.242All 484 since 23 January 1980465 of 48419 of 4844.660
Indirect bidders' share60.5Last 24 auctions0 of 2424 of 2452.2
Indirect bidders' share60.5All 151 since 23 April 20081 of 151150 of 15140.0
Direct bidders' share21.2Last 24 auctions3 of 2421 of 2416.3
Direct bidders' share21.2All 151 since 23 April 200830 of 151121 of 15114.8
Primary dealers' share18.3Last 24 auctions24 of 240 of 2431.5
Primary dealers' share18.3All 151 since 23 April 2008150 of 1511 of 15145.4
High minus median, basis points3.2Last 24 auctions11 of 2413 of 243.1
High minus median, basis points3.2Since 23 April 200857 of 15191 of 1512.8
High minus median, basis points3.2All 484 since 23 January 1980111 of 484370 of 4842.1

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 24 August 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210824_2.pdf. Compiled by 500metrics, "2-year note auction of 24 August 2021 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2021-08-24.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.