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2-year note auction of 24 October 2023 (new issue)

The 2-year note sold $51 billion at a high yield of 5.055% on , with a bid-to-cover ratio of 2.64.

Coupon
5.000%
Announced
Issued
Matures

High yield

5.055%

Median yield 5.010%

Bid-to-cover

2.64

▼ −0.09 since 26 Sep

Sold

$51.00 billion

$51 billion offered

Indirect bidders

62.0%

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 23 November 2020 to 24 October 2023; the latest at 5.055%.0.0%2.0%4.0%6.0%202120222023This auction, 5.055%High yield at the last 36 2-year note auctions36 auctions from 23 November 2020 to 24 October 2023; the latest at 5.055%.0.0%2.0%4.0%6.0%202220235.055%

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
5.0552.64
5.0852.73
5.0242.94
4.8232.78
4.6702.86
4.3002.90
3.9692.68
3.9542.44
4.6732.61
4.1392.94
4.3732.71
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.642.728 of 123 of 12
High yield5.0554.4821 of 1211 of 12
Indirect bidders' share62.063.67 of 125 of 12
Direct bidders' share20.320.46 of 126 of 12
Primary dealers' share17.616.25 of 127 of 12
High minus median, basis points4.55.27 of 122 of 12

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

Who bought the 2-year note?

Indirect bidders took 62.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 26 September 2023

Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 20.3%, Primary dealers 17.6%Indirect bidders62.0%65.0%Direct bidders20.3%21.0%Primary dealers17.6%14.0%Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 20.3%, Primary dealers 17.6%Indirect bidders62.0%65.0%Direct bidders20.3%21.0%Primary dealers17.6%14.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.065.0
Direct bidders20.321.0
Primary dealers17.614.0

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$51,000,000,000
Bids received$134,413,900,100
Sold$51,000,026,900
Competitive bids accepted$50,334,877,100
Non-competitive bids accepted$665,149,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %5.055
Median rate, %5.010
Low rate, %4.950
Interest rate (coupon), %5.000
Bids at the high rate filled, %63.46
Bid-to-cover ratio2.64
Indirect bidders accepted$31,230,612,100
Direct bidders accepted$10,231,750,000
Primary dealers accepted$8,872,515,000
Indirect bidders' share, % (ours)62.0
Direct bidders' share, % (ours)20.3
Primary dealers' share, % (ours)17.6
High minus median, basis points (ours)4.5
Treasury par yield curve, 2-year point, same day, %5.02
High yield minus that point, basis points (ours)3.5

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 auctions11 of 2411 of 242.64
Bid-to-cover ratio2.64Since 23 April 2008124 of 17748 of 1772.86
Bid-to-cover ratio2.64All 276 since 27 October 1999144 of 276127 of 2762.67
High yield5.055Last 24 auctions1 of 2423 of 243.962
High yield5.055Since 23 April 20081 of 177176 of 1770.802
High yield5.055All 510 since 23 January 1980220 of 510290 of 5104.444
Indirect bidders' share62.0Last 24 auctions11 of 2413 of 2462.0
Indirect bidders' share62.0All 177 since 23 April 200812 of 177165 of 17743.6
Direct bidders' share20.3Last 24 auctions12 of 2412 of 2420.4
Direct bidders' share20.3All 177 since 23 April 200846 of 177131 of 17715.9
Primary dealers' share17.6Last 24 auctions14 of 2410 of 2419.0
Primary dealers' share17.6All 177 since 23 April 2008167 of 17710 of 17742.3
High minus median, basis points4.5Last 24 auctions15 of 246 of 245.3
High minus median, basis points4.5Since 23 April 200836 of 177135 of 1773.1
High minus median, basis points4.5All 510 since 23 January 198062 of 510439 of 5102.2

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 October 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231024_2.pdf. Compiled by 500metrics, "2-year note auction of 24 October 2023 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2023-10-24.

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

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