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2-year note auction of 27 August 2024 (new issue)

The 2-year note sold $74.487 billion at a high yield of 3.874% on , with a bid-to-cover ratio of 2.68.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.874%

Median yield 3.830%

Bid-to-cover

2.68

▼ −0.13 since 23 Jul

Sold

$74.49 billion

$69 billion offered

Indirect bidders

69.0%

Of competitive bids accepted

The high yield was the lowest for a 2-year note since 23 August 2022

High yield at each 2-year note auction, %

The high yield was the lowest for a 2-year note since 23 August 202236 auctions from 27 September 2021 to 27 August 2024; the latest at 3.874%.0.0%2.0%4.0%6.0%2021202220232024This auction, 3.874%The high yield was the lowest for a 2-year note since 23 August 202236 auctions from 27 September 2021 to 27 August 2024; the latest at 3.874%.3.5%4.0%4.5%5.0%5.5%202320243.874%

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
3.8742.68
4.4342.81
4.7062.75
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.682.654 of 127 of 12
High yield3.8744.79612 of 120 of 12
Indirect bidders' share69.065.11 of 1211 of 12
Direct bidders' share19.120.210 of 122 of 12
Primary dealers' share11.914.911 of 121 of 12
High minus median, basis points4.45.09 of 121 of 12

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

Who bought the 2-year note?

Indirect bidders took 69.0% of the competitive bids accepted

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

Indirect bidders took 69.0% of the competitive bids acceptedIndirect bidders 69.0%, Direct bidders 19.1%, Primary dealers 11.9%Indirect bidders69.0%76.6%Direct bidders19.1%14.4%Primary dealers11.9%9.0%Indirect bidders took 69.0% of the competitive bids acceptedIndirect bidders 69.0%, Direct bidders 19.1%, Primary dealers 11.9%Indirect bidders69.0%76.6%Direct bidders19.1%14.4%Primary dealers11.9%9.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.076.6
Direct bidders19.114.4
Primary dealers11.99.0

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$69,000,000,000
Bids received$190,276,718,800
Sold$74,486,516,100
Competitive bids accepted$68,120,579,300
Non-competitive bids accepted$624,429,400
Federal Reserve (SOMA) add-on$5,486,507,400
Foreign and international (FIMA) non-competitive$255,000,000
High yield, %3.874
Median rate, %3.830
Low rate, %3.500
Interest rate (coupon), %3.750
Bids at the high rate filled, %51.01
Bid-to-cover ratio2.68
Indirect bidders accepted$46,975,079,300
Direct bidders accepted$13,016,500,000
Primary dealers accepted$8,129,000,000
Indirect bidders' share, % (ours)69.0
Direct bidders' share, % (ours)19.1
Primary dealers' share, % (ours)11.9
High minus median, basis points (ours)4.4
Treasury par yield curve, 2-year point, same day, %3.83
High yield minus that point, basis points (ours)4.4

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 ratio2.68Last 24 auctions9 of 2413 of 242.65
Bid-to-cover ratio2.68Since 23 April 2008116 of 18766 of 1872.81
Bid-to-cover ratio2.68All 286 since 27 October 1999135 of 286146 of 2862.66
High yield3.874Last 24 auctions23 of 241 of 244.550
High yield3.874Since 23 April 200823 of 187164 of 1870.880
High yield3.874All 520 since 23 January 1980303 of 520217 of 5204.510
Indirect bidders' share69.0Last 24 auctions1 of 2423 of 2463.6
Indirect bidders' share69.0All 187 since 23 April 20081 of 187186 of 18744.5
Direct bidders' share19.1Last 24 auctions17 of 247 of 2420.2
Direct bidders' share19.1All 187 since 23 April 200865 of 187122 of 18716.1
Primary dealers' share11.9Last 24 auctions23 of 241 of 2416.2
Primary dealers' share11.9All 187 since 23 April 2008186 of 1871 of 18741.3
High minus median, basis points4.4Last 24 auctions20 of 242 of 245.3
High minus median, basis points4.4Since 23 April 200850 of 187129 of 1873.2
High minus median, basis points4.4All 520 since 23 January 198079 of 520432 of 5202.2

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 August 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240827_2.pdf. Compiled by 500metrics, "2-year note auction of 27 August 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2024-08-27.

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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