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2-year note auction of 27 June 2022 (new issue)

The 2-year note sold $49.516 billion at a high yield of 3.084% on , with a bid-to-cover ratio of 2.51.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.084%

Median yield 3.000%

Bid-to-cover

2.51

▼ −0.10 since 24 May

Sold

$49.52 billion

$46 billion offered

Indirect bidders

51.5%

Of competitive bids accepted

The high yield was the highest for a 2-year note since 26 December 2007

High yield at each 2-year note auction, %

The high yield was the highest for a 2-year note since 26 December 200736 auctions from 23 July 2019 to 27 June 2022; the latest at 3.084%.0.0%1.0%2.0%3.0%4.0%2019202020212022This auction, 3.084%The high yield was the highest for a 2-year note since 26 December 200736 auctions from 23 July 2019 to 27 June 2022; the latest at 3.084%.0.0%1.0%2.0%3.0%4.0%2020202120223.084%

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
3.0842.51
2.5192.61
2.5852.74
2.3652.46
1.5532.64
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.588 of 124 of 12
High yield3.0840.6960 of 1212 of 12
Indirect bidders' share51.559.39 of 123 of 12
Direct bidders' share25.321.21 of 1211 of 12
Primary dealers' share23.221.96 of 126 of 12
High minus median, basis points8.44.20 of 1212 of 12

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

  • High minus median, basis points: Highest for a 2-year note since 22 December 2008 (152 auctions in between).

Who bought the 2-year note?

Indirect bidders took 51.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 24 May 2022

Indirect bidders took 51.5% of the competitive bids acceptedIndirect bidders 51.5%, Direct bidders 25.3%, Primary dealers 23.2%Indirect bidders51.5%62.6%Direct bidders25.3%22.1%Primary dealers23.2%15.4%Indirect bidders took 51.5% of the competitive bids acceptedIndirect bidders 51.5%, Direct bidders 25.3%, Primary dealers 23.2%Indirect bidders51.5%62.6%Direct bidders25.3%22.1%Primary dealers23.2%15.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.562.6
Direct bidders25.322.1
Primary dealers23.215.4

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$46,000,000,000
Bids received$118,912,071,500
Sold$49,515,934,000
Competitive bids accepted$45,115,298,500
Non-competitive bids accepted$784,936,800
Federal Reserve (SOMA) add-on$3,515,698,700
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.084
Median rate, %3.000
Low rate, %2.940
Interest rate (coupon), %3.000
Bids at the high rate filled, %1.29
Bid-to-cover ratio2.51
Indirect bidders accepted$23,222,676,000
Direct bidders accepted$11,406,300,000
Primary dealers accepted$10,486,322,500
Indirect bidders' share, % (ours)51.5
Direct bidders' share, % (ours)25.3
Primary dealers' share, % (ours)23.2
High minus median, basis points (ours)8.4
Treasury par yield curve, 2-year point, same day, %3.08
High yield minus that point, basis points (ours)0.4

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 ratio2.51Last 24 auctions13 of 2411 of 242.54
Bid-to-cover ratio2.51Since 23 April 2008134 of 16127 of 1612.90
Bid-to-cover ratio2.51All 260 since 27 October 1999164 of 26095 of 2602.67
High yield3.084Last 24 auctions0 of 2424 of 240.203
High yield3.084Since 23 April 20080 of 161161 of 1610.745
High yield3.084All 494 since 23 January 1980295 of 494199 of 4944.544
Indirect bidders' share51.5Last 24 auctions16 of 248 of 2453.9
Indirect bidders' share51.5All 161 since 23 April 200835 of 161126 of 16141.4
Direct bidders' share25.3Last 24 auctions1 of 2423 of 2417.5
Direct bidders' share25.3All 161 since 23 April 200815 of 161146 of 16115.2
Primary dealers' share23.2Last 24 auctions18 of 246 of 2429.7
Primary dealers' share23.2All 161 since 23 April 2008153 of 1618 of 16144.1
High minus median, basis points8.4Last 24 auctions0 of 2424 of 243.4
High minus median, basis points8.4Since 23 April 20081 of 161159 of 1613.0
High minus median, basis points8.4All 494 since 23 January 19803 of 494490 of 4942.1

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 27 June 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220627_2.pdf. Compiled by 500metrics, "2-year note auction of 27 June 2022 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2022-06-27.

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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