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2-year note auction of 28 May 2024 (new issue)

The 2-year note sold $73.096 billion at a high yield of 4.917% on , with a bid-to-cover ratio of 2.41.

Coupon
4.875%
Announced
Issued
Matures

High yield

4.917%

Median yield 4.850%

Bid-to-cover

2.41

▼ −0.25 since 23 Apr

Sold

$73.10 billion

$69 billion offered

Indirect bidders

57.9%

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 22 June 2021 to 28 May 2024; the latest at 4.917%.0.0%2.0%4.0%6.0%2021202220232024This auction, 4.917%High yield at the last 36 2-year note auctions36 auctions from 22 June 2021 to 28 May 2024; the latest at 4.917%.3.0%4.0%5.0%6.0%2022202320244.917%

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
4.9172.41
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.6712 of 120 of 12
High yield4.9174.7573 of 129 of 12
Indirect bidders' share57.965.211 of 121 of 12
Direct bidders' share25.520.10 of 1212 of 12
Primary dealers' share16.614.93 of 129 of 12
High minus median, basis points6.75.00 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 2-year note since 22 November 2021 (29 auctions in between).
  • Direct bidders' share: Highest for a 2-year note since 28 March 2022 (25 auctions in between).
  • High minus median, basis points: Highest for a 2-year note since 27 March 2023 (13 auctions in between).

Who bought the 2-year note?

Indirect bidders took 57.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 23 April 2024

Indirect bidders took 57.9% of the competitive bids acceptedIndirect bidders 57.9%, Direct bidders 25.5%, Primary dealers 16.6%Indirect bidders57.9%66.2%Direct bidders25.5%18.7%Primary dealers16.6%15.1%Indirect bidders took 57.9% of the competitive bids acceptedIndirect bidders 57.9%, Direct bidders 25.5%, Primary dealers 16.6%Indirect bidders57.9%66.2%Direct bidders25.5%18.7%Primary dealers16.6%15.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.966.2
Direct bidders25.518.7
Primary dealers16.615.1

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$170,105,487,700
Sold$73,096,387,700
Competitive bids accepted$68,286,045,000
Non-competitive bids accepted$710,972,800
Federal Reserve (SOMA) add-on$4,096,369,900
Foreign and international (FIMA) non-competitive$3,000,000
High yield, %4.917
Median rate, %4.850
Low rate, %4.740
Interest rate (coupon), %4.875
Bids at the high rate filled, %78.98
Bid-to-cover ratio2.41
Indirect bidders accepted$39,542,145,000
Direct bidders accepted$17,426,000,000
Primary dealers accepted$11,317,900,000
Indirect bidders' share, % (ours)57.9
Direct bidders' share, % (ours)25.5
Primary dealers' share, % (ours)16.6
High minus median, basis points (ours)6.7
Treasury par yield curve, 2-year point, same day, %4.94
High yield minus that point, basis points (ours)-2.3

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 ratio2.41Last 24 auctions24 of 240 of 242.63
Bid-to-cover ratio2.41Since 23 April 2008170 of 18413 of 1842.82
Bid-to-cover ratio2.41All 283 since 27 October 1999207 of 28375 of 2832.66
High yield4.917Last 24 auctions3 of 2421 of 244.416
High yield4.917Since 23 April 20083 of 184181 of 1840.868
High yield4.917All 517 since 23 January 1980230 of 517287 of 5174.505
Indirect bidders' share57.9Last 24 auctions18 of 246 of 2462.1
Indirect bidders' share57.9All 184 since 23 April 200827 of 184157 of 18444.5
Direct bidders' share25.5Last 24 auctions0 of 2424 of 2420.2
Direct bidders' share25.5All 184 since 23 April 200815 of 184169 of 18416.0
Primary dealers' share16.6Last 24 auctions12 of 2412 of 2417.0
Primary dealers' share16.6All 184 since 23 April 2008170 of 18414 of 18441.8
High minus median, basis points6.7Last 24 auctions5 of 2419 of 245.5
High minus median, basis points6.7Since 23 April 20087 of 184177 of 1843.2
High minus median, basis points6.7All 517 since 23 January 198012 of 517505 of 5172.2

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 28 May 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240528_4.pdf. Compiled by 500metrics, "2-year note auction of 28 May 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2024-05-28.

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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