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

The 2-year note sold $70.164 billion at a high yield of 4.130% on , with a bid-to-cover ratio of 2.50.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.130%

Median yield 4.070%

Bid-to-cover

2.50

▼ −0.09 since 24 Sep

Sold

$70.16 billion

$69 billion offered

Indirect bidders

58.2%

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 22 November 2021 to 28 October 2024; the latest at 4.130%.0.0%2.0%4.0%6.0%202220232024This auction, 4.130%High yield at the last 36 2-year note auctions36 auctions from 22 November 2021 to 28 October 2024; the latest at 4.130%.3.5%4.0%4.5%5.0%5.5%202320244.130%

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
4.1302.50
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.6310 of 122 of 12
High yield4.1304.64310 of 122 of 12
Indirect bidders' share58.265.410 of 122 of 12
Direct bidders' share23.820.02 of 1210 of 12
Primary dealers' share17.914.82 of 1210 of 12
High minus median, basis points6.04.91 of 1211 of 12

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

Who bought the 2-year note?

Indirect bidders took 58.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 24 September 2024

Indirect bidders took 58.2% of the competitive bids acceptedIndirect bidders 58.2%, Direct bidders 23.8%, Primary dealers 17.9%Indirect bidders58.2%67.6%Direct bidders23.8%19.6%Primary dealers17.9%12.8%Indirect bidders took 58.2% of the competitive bids acceptedIndirect bidders 58.2%, Direct bidders 23.8%, Primary dealers 17.9%Indirect bidders58.2%67.6%Direct bidders23.8%19.6%Primary dealers17.9%12.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.267.6
Direct bidders23.819.6
Primary dealers17.912.8

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$173,909,709,400
Sold$70,164,113,400
Competitive bids accepted$68,468,624,000
Non-competitive bids accepted$531,555,300
Federal Reserve (SOMA) add-on$1,163,934,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.130
Median rate, %4.070
Low rate, %4.000
Interest rate (coupon), %4.125
Bids at the high rate filled, %74.07
Bid-to-cover ratio2.50
Indirect bidders accepted$39,872,239,000
Direct bidders accepted$16,322,000,000
Primary dealers accepted$12,274,385,000
Indirect bidders' share, % (ours)58.2
Direct bidders' share, % (ours)23.8
Primary dealers' share, % (ours)17.9
High minus median, basis points (ours)6.0
Treasury par yield curve, 2-year point, same day, %4.12
High yield minus that point, basis points (ours)1.0

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 ratio2.50Last 24 auctions21 of 243 of 242.67
Bid-to-cover ratio2.50Since 23 April 2008158 of 18929 of 1892.80
Bid-to-cover ratio2.50All 288 since 27 October 1999189 of 28897 of 2882.66
High yield4.130Last 24 auctions20 of 244 of 244.550
High yield4.130Since 23 April 200821 of 189168 of 1890.895
High yield4.130All 522 since 23 January 1980284 of 522238 of 5224.482
Indirect bidders' share58.2Last 24 auctions19 of 245 of 2465.0
Indirect bidders' share58.2All 189 since 23 April 200830 of 189159 of 18944.9
Direct bidders' share23.8Last 24 auctions4 of 2420 of 2420.1
Direct bidders' share23.8All 189 since 23 April 200825 of 189164 of 18916.1
Primary dealers' share17.9Last 24 auctions7 of 2417 of 2415.0
Primary dealers' share17.9All 189 since 23 April 2008168 of 18921 of 18941.2
High minus median, basis points6.0Last 24 auctions5 of 2419 of 245.0
High minus median, basis points6.0Since 23 April 200815 of 189173 of 1893.2
High minus median, basis points6.0All 522 since 23 January 198020 of 522497 of 5222.2

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 October 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241028_2.pdf. Compiled by 500metrics, "2-year note auction of 28 October 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2024-10-28.

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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