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2-year note auction of 25 November 2024 (new issue)

The 2-year note sold $73.693 billion at a high yield of 4.274% on , with a bid-to-cover ratio of 2.77.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.274%

Median yield 4.235%

Bid-to-cover

2.77

▲ +0.27 since 28 Oct

Sold

$73.69 billion

$69 billion offered

Indirect bidders

71.6%

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 27 December 2021 to 25 November 2024; the latest at 4.274%.0.0%2.0%4.0%6.0%202220232024This auction, 4.274%High yield at the last 36 2-year note auctions36 auctions from 27 December 2021 to 25 November 2024; the latest at 4.274%.3.5%4.0%4.5%5.0%5.5%202320244.274%

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
4.2742.77
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.772.601 of 1211 of 12
High yield4.2744.5149 of 123 of 12
Indirect bidders' share71.665.41 of 1211 of 12
Direct bidders' share19.220.09 of 123 of 12
Primary dealers' share9.214.811 of 121 of 12
High minus median, basis points3.95.012 of 120 of 12

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

  • High minus median, basis points: Lowest for a 2-year note since 24 January 2023 (21 auctions in between).

Who bought the 2-year note?

Indirect bidders took 71.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 28 October 2024

Indirect bidders took 71.6% of the competitive bids acceptedIndirect bidders 71.6%, Direct bidders 19.2%, Primary dealers 9.2%Indirect bidders71.6%58.2%Direct bidders19.2%23.8%Primary dealers9.2%17.9%Indirect bidders took 71.6% of the competitive bids acceptedIndirect bidders 71.6%, Direct bidders 19.2%, Primary dealers 9.2%Indirect bidders71.6%58.2%Direct bidders19.2%23.8%Primary dealers9.2%17.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.658.2
Direct bidders19.223.8
Primary dealers9.217.9

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$196,153,787,000
Sold$73,693,402,000
Competitive bids accepted$68,278,992,700
Non-competitive bids accepted$616,155,900
Federal Reserve (SOMA) add-on$4,693,253,400
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %4.274
Median rate, %4.235
Low rate, %4.180
Interest rate (coupon), %4.250
Bids at the high rate filled, %34.70
Bid-to-cover ratio2.77
Indirect bidders accepted$48,906,242,700
Direct bidders accepted$13,089,750,000
Primary dealers accepted$6,283,000,000
Indirect bidders' share, % (ours)71.6
Direct bidders' share, % (ours)19.2
Primary dealers' share, % (ours)9.2
High minus median, basis points (ours)3.9
Treasury par yield curve, 2-year point, same day, %4.21
High yield minus that point, basis points (ours)6.4

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 ratio2.77Last 24 auctions6 of 2418 of 242.67
Bid-to-cover ratio2.77Since 23 April 200897 of 19093 of 1902.79
Bid-to-cover ratio2.77All 289 since 27 October 1999110 of 289178 of 2892.66
High yield4.274Last 24 auctions18 of 246 of 244.550
High yield4.274Since 23 April 200820 of 190170 of 1900.908
High yield4.274All 523 since 23 January 1980279 of 523244 of 5234.460
Indirect bidders' share71.6Last 24 auctions1 of 2423 of 2465.0
Indirect bidders' share71.6All 190 since 23 April 20081 of 190189 of 19044.9
Direct bidders' share19.2Last 24 auctions17 of 247 of 2420.1
Direct bidders' share19.2All 190 since 23 April 200865 of 190125 of 19016.1
Primary dealers' share9.2Last 24 auctions23 of 241 of 2415.0
Primary dealers' share9.2All 190 since 23 April 2008189 of 1901 of 19040.9
High minus median, basis points3.9Last 24 auctions23 of 240 of 245.0
High minus median, basis points3.9Since 23 April 200871 of 190115 of 1903.2
High minus median, basis points3.9All 523 since 23 January 1980116 of 523402 of 5232.2

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 25 November 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241125_3.pdf. Compiled by 500metrics, "2-year note auction of 25 November 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2024-11-25.

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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