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2-year note auction of 27 November 2023 (new issue)

The 2-year note sold $54.622 billion at a high yield of 4.887% on , with a bid-to-cover ratio of 2.54.

Coupon
4.875%
Announced
Issued
Matures

High yield

4.887%

Median yield 4.830%

Bid-to-cover

2.54

▼ −0.10 since 24 Oct

Sold

$54.62 billion

$54 billion offered

Indirect bidders

57.4%

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 28 December 2020 to 27 November 2023; the latest at 4.887%.0.0%2.0%4.0%6.0%202120222023This auction, 4.887%High yield at the last 36 2-year note auctions36 auctions from 28 December 2020 to 27 November 2023; the latest at 4.887%.0.0%2.0%4.0%6.0%202220234.887%

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
4.8872.54
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.7211 of 121 of 12
High yield4.8874.5883 of 129 of 12
Indirect bidders' share57.463.610 of 122 of 12
Direct bidders' share23.920.21 of 1211 of 12
Primary dealers' share18.816.24 of 128 of 12
High minus median, basis points5.74.73 of 129 of 12

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

Who bought the 2-year note?

Indirect bidders took 57.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 24 October 2023

Indirect bidders took 57.4% of the competitive bids acceptedIndirect bidders 57.4%, Direct bidders 23.9%, Primary dealers 18.8%Indirect bidders57.4%62.0%Direct bidders23.9%20.3%Primary dealers18.8%17.6%Indirect bidders took 57.4% of the competitive bids acceptedIndirect bidders 57.4%, Direct bidders 23.9%, Primary dealers 18.8%Indirect bidders57.4%62.0%Direct bidders23.9%20.3%Primary dealers18.8%17.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.462.0
Direct bidders23.920.3
Primary dealers18.817.6

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$137,569,670,400
Sold$54,622,032,900
Competitive bids accepted$53,293,742,500
Non-competitive bids accepted$706,295,900
Federal Reserve (SOMA) add-on$621,994,500
Foreign and international (FIMA) non-competitive$0
High yield, %4.887
Median rate, %4.830
Low rate, %4.788
Interest rate (coupon), %4.875
Bids at the high rate filled, %70.15
Bid-to-cover ratio2.54
Indirect bidders accepted$30,581,380,000
Direct bidders accepted$12,714,000,000
Primary dealers accepted$9,998,362,500
Indirect bidders' share, % (ours)57.4
Direct bidders' share, % (ours)23.9
Primary dealers' share, % (ours)18.8
High minus median, basis points (ours)5.7
Treasury par yield curve, 2-year point, same day, %4.84
High yield minus that point, basis points (ours)4.7

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 ratio2.54Last 24 auctions18 of 246 of 242.64
Bid-to-cover ratio2.54Since 23 April 2008142 of 17834 of 1782.86
Bid-to-cover ratio2.54All 277 since 27 October 1999170 of 277105 of 2772.67
High yield4.887Last 24 auctions3 of 2421 of 244.054
High yield4.887Since 23 April 20083 of 178175 of 1780.822
High yield4.887All 511 since 23 January 1980232 of 511279 of 5114.460
Indirect bidders' share57.4Last 24 auctions17 of 247 of 2462.0
Indirect bidders' share57.4All 178 since 23 April 200824 of 178154 of 17843.7
Direct bidders' share23.9Last 24 auctions5 of 2419 of 2420.2
Direct bidders' share23.9All 178 since 23 April 200823 of 178155 of 17815.9
Primary dealers' share18.8Last 24 auctions12 of 2412 of 2418.4
Primary dealers' share18.8All 178 since 23 April 2008164 of 17814 of 17842.1
High minus median, basis points5.7Last 24 auctions9 of 2414 of 245.3
High minus median, basis points5.7Since 23 April 200817 of 178160 of 1783.1
High minus median, basis points5.7All 511 since 23 January 198027 of 511483 of 5112.2

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 27 November 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231127_2.pdf. Compiled by 500metrics, "2-year note auction of 27 November 2023 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2023-11-27.

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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