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2-year note auction of 23 December 2024 (new issue)

The 2-year note sold $69.679 billion at a high yield of 4.335% on , with a bid-to-cover ratio of 2.73.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.335%

Median yield 4.285%

Bid-to-cover

2.73

▼ −0.04 since 25 Nov

Sold

$69.68 billion

$69 billion offered

Indirect bidders

82.1%

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 24 January 2022 to 23 December 2024; the latest at 4.335%.0.0%2.0%4.0%6.0%202220232024This auction, 4.335%High yield at the last 36 2-year note auctions36 auctions from 24 January 2022 to 23 December 2024; the latest at 4.335%.3.5%4.0%4.5%5.0%5.5%202320244.335%

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
4.3352.73
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

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.732.643 of 129 of 12
High yield4.3354.4007 of 125 of 12
Indirect bidders' share82.165.70 of 1212 of 12
Direct bidders' share6.619.712 of 120 of 12
Primary dealers' share11.314.110 of 122 of 12
High minus median, basis points5.04.95 of 126 of 12

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

  • Indirect bidders' share: Highest of all 191 earlier 2-year note auctions we hold.
  • Direct bidders' share: Lowest for a 2-year note since 23 October 2018 (71 auctions in between).

Who bought the 2-year note?

Indirect bidders took 82.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 25 November 2024

Indirect bidders took 82.1% of the competitive bids acceptedIndirect bidders 82.1%, Direct bidders 6.6%, Primary dealers 11.3%Indirect bidders82.1%71.6%Direct bidders6.6%19.2%Primary dealers11.3%9.2%Indirect bidders took 82.1% of the competitive bids acceptedIndirect bidders 82.1%, Direct bidders 6.6%, Primary dealers 11.3%Indirect bidders82.1%71.6%Direct bidders6.6%19.2%Primary dealers11.3%9.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders82.171.6
Direct bidders6.619.2
Primary dealers11.39.2

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$189,004,166,500
Sold$69,678,721,900
Competitive bids accepted$68,381,385,400
Non-competitive bids accepted$613,634,800
Federal Reserve (SOMA) add-on$678,701,700
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %4.335
Median rate, %4.285
Low rate, %4.000
Interest rate (coupon), %4.250
Bids at the high rate filled, %21.89
Bid-to-cover ratio2.73
Indirect bidders accepted$56,132,947,500
Direct bidders accepted$4,546,317,900
Primary dealers accepted$7,702,120,000
Indirect bidders' share, % (ours)82.1
Direct bidders' share, % (ours)6.6
Primary dealers' share, % (ours)11.3
High minus median, basis points (ours)5.0
Treasury par yield curve, 2-year point, same day, %4.30
High yield minus that point, basis points (ours)3.5

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 ratio2.73Last 24 auctions8 of 2415 of 242.68
Bid-to-cover ratio2.73Since 23 April 2008103 of 19183 of 1912.78
Bid-to-cover ratio2.73All 290 since 27 October 1999117 of 290168 of 2902.66
High yield4.335Last 24 auctions15 of 249 of 244.514
High yield4.335Since 23 April 200817 of 191174 of 1910.920
High yield4.335All 524 since 23 January 1980270 of 524254 of 5244.447
Indirect bidders' share82.1Last 24 auctions0 of 2424 of 2465.1
Indirect bidders' share82.1All 191 since 23 April 20080 of 191191 of 19145.0
Direct bidders' share6.6Last 24 auctions24 of 240 of 2419.9
Direct bidders' share6.6All 191 since 23 April 2008173 of 19118 of 19116.2
Primary dealers' share11.3Last 24 auctions22 of 242 of 2415.0
Primary dealers' share11.3All 191 since 23 April 2008189 of 1912 of 19140.7
High minus median, basis points5.0Last 24 auctions11 of 2412 of 245.0
High minus median, basis points5.0Since 23 April 200830 of 191156 of 1913.2
High minus median, basis points5.0All 524 since 23 January 198041 of 524466 of 5242.2

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 23 December 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241223_5.pdf. Compiled by 500metrics, "2-year note auction of 23 December 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2024-12-23.

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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