500metrics

All sources checked Checked

2-year note auction of 24 January 2022 (new issue)

The 2-year note sold $62.071 billion at a high yield of 0.990% on , with a bid-to-cover ratio of 2.81.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.990%

Median yield 0.950%

Bid-to-cover

2.81

▲ +0.26 since 27 Dec

Sold

$62.07 billion

$54 billion offered

Indirect bidders

66.0%

Of competitive bids accepted

The high yield was the highest for a 2-year note since 25 February 2020

High yield at each 2-year note auction, %

The high yield was the highest for a 2-year note since 25 February 202036 auctions from 24 December 2018 to 24 January 2022; the latest at 0.990%.0.0%1.0%2.0%3.0%2019202020212022This auction, 0.990%The high yield was the highest for a 2-year note since 25 February 202036 auctions from 24 December 2018 to 24 January 2022; the latest at 0.990%.0.0%0.5%1.0%1.5%2020202120220.990%

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
0.9902.81
0.7692.55
0.6232.36
0.4812.69
0.3102.28
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.812.540 of 1212 of 12
High yield0.9900.2280 of 1212 of 12
Indirect bidders' share66.054.70 of 1212 of 12
Direct bidders' share9.418.312 of 120 of 12
Primary dealers' share24.629.29 of 123 of 12
High minus median, basis points4.03.25 of 127 of 12

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

  • Bid-to-cover ratio: Highest for a 2-year note since 27 April 2020 (20 auctions in between).
  • Indirect bidders' share: Highest for a 2-year note since 23 June 2009 (141 auctions in between).
  • Direct bidders' share: Lowest for a 2-year note since 24 March 2020 (21 auctions in between).

Who bought the 2-year note?

Indirect bidders took 66.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 27 December 2021

Indirect bidders took 66.0% of the competitive bids acceptedIndirect bidders 66.0%, Direct bidders 9.4%, Primary dealers 24.6%Indirect bidders66.0%61.4%Direct bidders9.4%14.4%Primary dealers24.6%24.2%Indirect bidders took 66.0% of the competitive bids acceptedIndirect bidders 66.0%, Direct bidders 9.4%, Primary dealers 24.6%Indirect bidders66.0%61.4%Direct bidders9.4%14.4%Primary dealers24.6%24.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.061.4
Direct bidders9.414.4
Primary dealers24.624.2

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$54,000,000,000
Bids received$159,860,718,800
Sold$62,071,266,800
Competitive bids accepted$53,665,608,000
Non-competitive bids accepted$231,672,400
Federal Reserve (SOMA) add-on$8,070,986,400
Foreign and international (FIMA) non-competitive$103,000,000
High yield, %0.990
Median rate, %0.950
Low rate, %0.903
Interest rate (coupon), %0.875
Bids at the high rate filled, %61.80
Bid-to-cover ratio2.81
Indirect bidders accepted$35,420,980,000
Direct bidders accepted$5,037,500,000
Primary dealers accepted$13,207,128,000
Indirect bidders' share, % (ours)66.0
Direct bidders' share, % (ours)9.4
Primary dealers' share, % (ours)24.6
High minus median, basis points (ours)4.0
Treasury par yield curve, 2-year point, same day, %0.99
High yield minus that point, basis points (ours)0.0

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 ratio2.81Last 24 auctions1 of 2423 of 242.50
Bid-to-cover ratio2.81Since 23 April 200888 of 15668 of 1562.92
Bid-to-cover ratio2.81All 255 since 27 October 199998 of 255156 of 2552.67
High yield0.990Last 24 auctions2 of 2422 of 240.186
High yield0.990Since 23 April 200853 of 156103 of 1560.720
High yield0.990All 489 since 23 January 1980386 of 489103 of 4894.615
Indirect bidders' share66.0Last 24 auctions0 of 2424 of 2452.5
Indirect bidders' share66.0All 156 since 23 April 20081 of 156155 of 15640.4
Direct bidders' share9.4Last 24 auctions22 of 242 of 2417.0
Direct bidders' share9.4All 156 since 23 April 2008123 of 15633 of 15615.0
Primary dealers' share24.6Last 24 auctions21 of 243 of 2431.5
Primary dealers' share24.6All 156 since 23 April 2008151 of 1565 of 15644.4
High minus median, basis points4.0Last 24 auctions7 of 2417 of 243.3
High minus median, basis points4.0Since 23 April 200835 of 156118 of 1562.9
High minus median, basis points4.0All 489 since 23 January 198068 of 489406 of 4892.1

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 January 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220124_3.pdf. Compiled by 500metrics, "2-year note auction of 24 January 2022 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2022-01-24.

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.