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2-year note auction of 24 September 2024 (new issue)

The 2-year note sold $70.425 billion at a high yield of 3.520% on , with a bid-to-cover ratio of 2.59.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.520%

Median yield 3.470%

Bid-to-cover

2.59

▼ −0.09 since 27 Aug

Sold

$70.42 billion

$69 billion offered

Indirect bidders

67.6%

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 26 October 2021 to 24 September 2024; the latest at 3.520%.0.0%2.0%4.0%6.0%2021202220232024This auction, 3.520%The high yield was the lowest for a 2-year note since 23 August 202236 auctions from 26 October 2021 to 24 September 2024; the latest at 3.520%.3.5%4.0%4.5%5.0%5.5%202320243.520%

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
3.5202.59
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.592.658 of 124 of 12
High yield3.5204.69812 of 120 of 12
Indirect bidders' share67.665.22 of 1210 of 12
Direct bidders' share19.620.28 of 124 of 12
Primary dealers' share12.814.810 of 122 of 12
High minus median, basis points5.05.06 of 126 of 12

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

Who bought the 2-year note?

Indirect bidders took 67.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 27 August 2024

Indirect bidders took 67.6% of the competitive bids acceptedIndirect bidders 67.6%, Direct bidders 19.6%, Primary dealers 12.8%Indirect bidders67.6%69.0%Direct bidders19.6%19.1%Primary dealers12.8%11.9%Indirect bidders took 67.6% of the competitive bids acceptedIndirect bidders 67.6%, Direct bidders 19.6%, Primary dealers 12.8%Indirect bidders67.6%69.0%Direct bidders19.6%19.1%Primary dealers12.8%11.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.669.0
Direct bidders19.619.1
Primary dealers12.811.9

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$179,988,391,200
Sold$70,424,647,300
Competitive bids accepted$68,280,226,100
Non-competitive bids accepted$365,020,200
Federal Reserve (SOMA) add-on$1,424,401,000
Foreign and international (FIMA) non-competitive$355,000,000
High yield, %3.520
Median rate, %3.470
Low rate, %3.400
Interest rate (coupon), %3.500
Bids at the high rate filled, %94.51
Bid-to-cover ratio2.59
Indirect bidders accepted$46,150,401,400
Direct bidders accepted$13,393,939,700
Primary dealers accepted$8,735,885,000
Indirect bidders' share, % (ours)67.6
Direct bidders' share, % (ours)19.6
Primary dealers' share, % (ours)12.8
High minus median, basis points (ours)5.0
Treasury par yield curve, 2-year point, same day, %3.49
High yield minus that point, basis points (ours)3.0

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 ratio2.59Last 24 auctions17 of 246 of 242.67
Bid-to-cover ratio2.59Since 23 April 2008142 of 18845 of 1882.80
Bid-to-cover ratio2.59All 287 since 27 October 1999165 of 287119 of 2872.66
High yield3.520Last 24 auctions24 of 240 of 244.550
High yield3.520Since 23 April 200824 of 188164 of 1880.888
High yield3.520All 521 since 23 January 1980311 of 521210 of 5214.505
Indirect bidders' share67.6Last 24 auctions4 of 2420 of 2465.0
Indirect bidders' share67.6All 188 since 23 April 20085 of 188183 of 18844.7
Direct bidders' share19.6Last 24 auctions16 of 248 of 2420.2
Direct bidders' share19.6All 188 since 23 April 200859 of 188129 of 18816.1
Primary dealers' share12.8Last 24 auctions22 of 242 of 2415.6
Primary dealers' share12.8All 188 since 23 April 2008185 of 1883 of 18841.2
High minus median, basis points5.0Last 24 auctions12 of 2412 of 245.0
High minus median, basis points5.0Since 23 April 200829 of 188155 of 1883.2
High minus median, basis points5.0All 521 since 23 January 198040 of 521465 of 5212.2

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 September 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240924_2.pdf. Compiled by 500metrics, "2-year note auction of 24 September 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2024-09-24.

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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