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2-year note auction of 23 April 2024 (new issue)

The 2-year note sold $69.329 billion at a high yield of 4.898% on , with a bid-to-cover ratio of 2.66.

Coupon
4.875%
Announced
Issued
Matures

High yield

4.898%

Median yield 4.850%

Bid-to-cover

2.66

▲ +0.04 since 25 Mar

Sold

$69.33 billion

$69 billion offered

Indirect bidders

66.2%

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 25 May 2021 to 23 April 2024; the latest at 4.898%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.898%High yield at the last 36 2-year note auctions36 auctions from 25 May 2021 to 23 April 2024; the latest at 4.898%.2.0%3.0%4.0%5.0%6.0%2022202320244.898%

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
4.8982.66
4.5952.62
4.6912.49
4.3652.57
4.3142.68
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.687 of 125 of 12
High yield4.8984.6803 of 129 of 12
Indirect bidders' share66.265.12 of 1210 of 12
Direct bidders' share18.720.110 of 122 of 12
Primary dealers' share15.114.95 of 127 of 12
High minus median, basis points4.85.07 of 125 of 12

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

Who bought the 2-year note?

Indirect bidders took 66.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 25 March 2024

Indirect bidders took 66.2% of the competitive bids acceptedIndirect bidders 66.2%, Direct bidders 18.7%, Primary dealers 15.1%Indirect bidders66.2%65.8%Direct bidders18.7%20.9%Primary dealers15.1%13.4%Indirect bidders took 66.2% of the competitive bids acceptedIndirect bidders 66.2%, Direct bidders 18.7%, Primary dealers 15.1%Indirect bidders66.2%65.8%Direct bidders18.7%20.9%Primary dealers15.1%13.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.265.8
Direct bidders18.720.9
Primary dealers15.113.4

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$69,000,000,000
Bids received$183,777,750,200
Sold$69,328,870,200
Competitive bids accepted$67,967,911,000
Non-competitive bids accepted$1,032,098,300
Federal Reserve (SOMA) add-on$328,860,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.898
Median rate, %4.850
Low rate, %4.800
Interest rate (coupon), %4.875
Bids at the high rate filled, %77.90
Bid-to-cover ratio2.66
Indirect bidders accepted$45,005,791,000
Direct bidders accepted$12,709,500,000
Primary dealers accepted$10,252,620,000
Indirect bidders' share, % (ours)66.2
Direct bidders' share, % (ours)18.7
Primary dealers' share, % (ours)15.1
High minus median, basis points (ours)4.8
Treasury par yield curve, 2-year point, same day, %4.86
High yield minus that point, basis points (ours)3.8

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 ratio2.66Last 24 auctions10 of 2414 of 242.63
Bid-to-cover ratio2.66Since 23 April 2008121 of 18362 of 1832.82
Bid-to-cover ratio2.66All 282 since 27 October 1999140 of 282141 of 2822.66
High yield4.898Last 24 auctions3 of 2421 of 244.369
High yield4.898Since 23 April 20083 of 183180 of 1830.860
High yield4.898All 516 since 23 January 1980231 of 516285 of 5164.482
Indirect bidders' share66.2Last 24 auctions2 of 2422 of 2462.1
Indirect bidders' share66.2All 183 since 23 April 20083 of 183180 of 18344.5
Direct bidders' share18.7Last 24 auctions21 of 243 of 2420.5
Direct bidders' share18.7All 183 since 23 April 200870 of 183113 of 18315.9
Primary dealers' share15.1Last 24 auctions15 of 249 of 2417.0
Primary dealers' share15.1All 183 since 23 April 2008174 of 1839 of 18341.9
High minus median, basis points4.8Last 24 auctions17 of 247 of 245.5
High minus median, basis points4.8Since 23 April 200835 of 183145 of 1833.1
High minus median, basis points4.8All 516 since 23 January 198060 of 516452 of 5162.2

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 23 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240423_2.pdf. Compiled by 500metrics, "2-year note auction of 23 April 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2024-04-23.

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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