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2-year note auction of 21 November 2022 (new issue)

The 2-year note sold $46.566 billion at a high yield of 4.505% on , with a bid-to-cover ratio of 2.64.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.505%

Median yield 4.460%

Bid-to-cover

2.64

▲ +0.05 since 25 Oct

Sold

$46.57 billion

$42 billion offered

Indirect bidders

57.0%

Of competitive bids accepted

The high yield was the highest for a 2-year note since 25 July 2007

High yield at each 2-year note auction, %

The high yield was the highest for a 2-year note since 25 July 200736 auctions from 23 December 2019 to 21 November 2022; the latest at 4.505%.0.0%2.0%4.0%6.0%202020212022This auction, 4.505%The high yield was the highest for a 2-year note since 25 July 200736 auctions from 23 December 2019 to 21 November 2022; the latest at 4.505%.0.0%2.0%4.0%6.0%202120224.505%

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
4.5052.64
4.4602.59
4.2902.51
3.3072.49
3.0152.58
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.642.562 of 129 of 12
High yield4.5052.5520 of 1212 of 12
Indirect bidders' share57.060.67 of 125 of 12
Direct bidders' share22.420.74 of 128 of 12
Primary dealers' share20.622.67 of 125 of 12
High minus median, basis points4.56.19 of 123 of 12

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

Who bought the 2-year note?

Indirect bidders took 57.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 25 October 2022

Indirect bidders took 57.0% of the competitive bids acceptedIndirect bidders 57.0%, Direct bidders 22.4%, Primary dealers 20.6%Indirect bidders57.0%50.5%Direct bidders22.4%25.3%Primary dealers20.6%24.2%Indirect bidders took 57.0% of the competitive bids acceptedIndirect bidders 57.0%, Direct bidders 22.4%, Primary dealers 20.6%Indirect bidders57.0%50.5%Direct bidders22.4%25.3%Primary dealers20.6%24.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.050.5
Direct bidders22.425.3
Primary dealers20.624.2

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$42,000,000,000
Bids received$115,563,037,700
Sold$46,566,125,200
Competitive bids accepted$40,926,642,500
Non-competitive bids accepted$973,450,300
Federal Reserve (SOMA) add-on$4,566,032,400
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %4.505
Median rate, %4.460
Low rate, %4.350
Interest rate (coupon), %4.500
Bids at the high rate filled, %98.05
Bid-to-cover ratio2.64
Indirect bidders accepted$23,321,067,500
Direct bidders accepted$9,164,525,000
Primary dealers accepted$8,441,050,000
Indirect bidders' share, % (ours)57.0
Direct bidders' share, % (ours)22.4
Primary dealers' share, % (ours)20.6
High minus median, basis points (ours)4.5
Treasury par yield curve, 2-year point, same day, %4.48
High yield minus that point, basis points (ours)2.5

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 ratio2.64Last 24 auctions7 of 2416 of 242.54
Bid-to-cover ratio2.64Since 23 April 2008116 of 16646 of 1662.88
Bid-to-cover ratio2.64All 265 since 27 October 1999136 of 265125 of 2652.65
High yield4.505Last 24 auctions0 of 2424 of 240.552
High yield4.505Since 23 April 20080 of 166166 of 1660.755
High yield4.505All 499 since 23 January 1980248 of 499251 of 4994.427
Indirect bidders' share57.0Last 24 auctions11 of 2413 of 2455.8
Indirect bidders' share57.0All 166 since 23 April 200818 of 166148 of 16641.9
Direct bidders' share22.4Last 24 auctions4 of 2420 of 2418.6
Direct bidders' share22.4All 166 since 23 April 200825 of 166141 of 16615.4
Primary dealers' share20.6Last 24 auctions17 of 247 of 2424.4
Primary dealers' share20.6All 166 since 23 April 2008158 of 1668 of 16643.0
High minus median, basis points4.5Last 24 auctions9 of 2415 of 244.2
High minus median, basis points4.5Since 23 April 200830 of 166133 of 1663.0
High minus median, basis points4.5All 499 since 23 January 198056 of 499437 of 4992.1

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 21 November 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221121_1.pdf. Compiled by 500metrics, "2-year note auction of 21 November 2022 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2022-11-21.

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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