The last 2-year FRN auction, on , sold at a high discount margin of 0.040% with a bid-to-cover of 2.63.
Discount margin
0.040%
23 September 2026 · Auction results
Bid-to-cover
2.63
23 September 2026 · Auction results
Sold
$28.00 billion
$28 billion offered
Indirect bidders
59.1%
Of competitive bids accepted
When is the next 2-year FRN auction?
Tentative 2-year FRN auction dates
Auction
Issue
Announcement
Settles
New issue
Reopening
Reopening
New issue
Tentative: Treasury plans these dates in its quarterly refunding and may change them; amounts come with each announcement. Treasury's file: tentative auction schedule (XML).
Bid-to-cover, last 36 auctions
Bid-to-cover of the last 36 2-year FRN auctions; the latest was 2.63
Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.
The numbers behind this chartThese auctions as a table
Bid-to-cover of the last 36 2-year FRN auctions
Auction
Bid-to-cover
2.63
3.14
3.37
2.99
3.49
3.52
2.78
3.01
3.16
3.75
3.03
3.63
3.15
3.22
2.81
2.79
2.95
2.69
2.87
2.72
3.01
2.98
2.86
2.95
2.86
2.65
3.25
2.92
3.40
3.33
3.22
2.99
3.61
2.93
2.84
3.23
Discount margin of the last 36 2-year FRN auctions; the latest was 0.040%
Discount margin, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
The numbers behind this chartThese auctions as a table
Discount margin of the last 36 2-year FRN auctions, %
Auction
Discount margin, %
0.040
0.055
0.050
0.079
0.089
0.103
0.115
0.099
0.099
0.139
0.168
0.190
0.200
0.195
0.159
0.157
0.144
0.160
0.105
0.090
0.098
0.140
0.170
0.205
0.261
0.235
0.182
0.155
0.139
0.150
0.190
0.200
0.245
0.250
0.200
0.170
The latest auction against its own history
Bid-to-cover ratio: Lowest for a 2-year FRN since 23 August 2023 (36 auctions in between).
High discount margin: Lowest for a 2-year FRN since 27 July 2022 (49 auctions in between).
High minus median, basis points: Highest for a 2-year FRN since 23 April 2025 (16 auctions in between).
Each measure against earlier 2-year FRN auctions: how many were higher and lower, and their median
Measure
This auction
Window
Higher
Lower
Median
Bid-to-cover ratio
2.63
Last 12 auctions
12 of 12
0 of 12
3.16
Bid-to-cover ratio
2.63
Last 24 auctions
24 of 24
0 of 24
3.00
Bid-to-cover ratio
2.63
All 154 since 29 January 2014
145 of 154
9 of 154
3.16
High discount margin
0.040
Last 12 auctions
12 of 12
0 of 12
0.101
High discount margin
0.040
Last 24 auctions
24 of 24
0 of 24
0.140
High discount margin
0.040
All 154 since 29 January 2014
130 of 154
24 of 154
0.101
Indirect bidders' share
59.1
Last 12 auctions
10 of 12
2 of 12
65.7
Indirect bidders' share
59.1
Last 24 auctions
19 of 24
5 of 24
65.7
Indirect bidders' share
59.1
All 154 since 29 January 2014
65 of 154
89 of 154
53.9
Direct bidders' share
0.0
Last 12 auctions
8 of 12
0 of 12
0.5
Direct bidders' share
0.0
Last 24 auctions
20 of 24
0 of 24
0.8
Direct bidders' share
0.0
All 154 since 29 January 2014
134 of 154
0 of 154
1.1
Primary dealers' share
40.9
Last 12 auctions
2 of 12
10 of 12
34.0
Primary dealers' share
40.9
Last 24 auctions
5 of 24
19 of 24
34.0
Primary dealers' share
40.9
All 154 since 29 January 2014
86 of 154
68 of 154
42.7
High minus median, basis points
3.0
Last 12 auctions
0 of 12
12 of 12
1.2
High minus median, basis points
3.0
Last 24 auctions
1 of 24
22 of 24
1.5
High minus median, basis points
3.0
All 154 since 29 January 2014
13 of 154
134 of 154
1.1
The table scrolls sideways; the first column stays in place.
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.
Every 2-year FRN auction
Auctions with results since 29 January 2014: 155.
2-year FRN auctions, newest first; dated links open an auction's own page
Auction
Offered as
Discount margin, %
Bid-to-cover
Offered, $ billion
Sold, $ billion
Indirect, %
Direct, %
Dealers, %
High − median, bp
1-Year 10-Month, reopening
0.040
2.63
28.000
28.000
59.1
0.0
40.9
3.0
1-Year 11-Month, reopening
0.055
3.14
28.000
28.000
66.6
0.4
33.1
1.0
2-Year
0.050
3.37
30.000
33.317
63.2
0.0
36.8
1.6
1-Year 10-Month, reopening
0.079
2.99
28.000
28.000
66.7
0.0
33.3
1.0
1-Year 11-Month, reopening
0.089
3.49
28.000
28.000
72.4
0.7
26.8
0.9
2-Year
0.103
3.52
30.000
33.776
65.7
0.0
34.3
0.9
1-Year 10-Month, reopening
0.115
2.78
28.000
28.000
50.9
0.0
49.1
2.9
1-Year 11-Month, reopening
0.099
3.01
28.000
28.000
57.8
0.7
41.5
1.9
2-Year
0.099
3.16
30.000
32.114
65.7
0.0
34.3
1.4
1-Year 10-Month, reopening
0.139
3.75
28.000
28.000
69.3
0.7
30.0
1.5
1-Year 11-Month, reopening
0.168
3.03
28.000
28.000
65.5
0.7
33.7
1.3
2-Year
0.190
3.63
30.000
31.723
63.6
1.5
34.9
1.0
Show 143 more rows
2-year FRN auctions, newest first; dated links open an auction's own page (continued)
Auction
Offered as
Discount margin, %
Bid-to-cover
Offered, $ billion
Sold, $ billion
Indirect, %
Direct, %
Dealers, %
High − median, bp
1-Year 10-Month, reopening
0.200
3.15
28.000
28.000
70.2
0.9
28.9
1.0
1-Year 11-Month, reopening
0.195
3.22
28.000
28.000
77.9
0.7
21.4
0.5
2-Year
0.159
2.81
30.000
32.043
59.7
0.8
39.4
1.9
1-Year 10-Month, reopening
0.157
2.79
28.000
28.000
45.6
0.9
53.5
2.2
1-Year 11-Month, reopening
0.144
2.95
28.000
28.000
63.1
2.0
34.9
2.0
2-Year
0.160
2.69
30.000
32.055
48.6
1.8
49.6
3.0
1-Year 10-Month, reopening
0.105
2.87
28.000
28.000
64.0
1.8
34.2
1.2
1-Year 11-Month, reopening
0.090
2.72
28.000
30.822
66.1
1.8
32.1
2.1
2-Year
0.098
3.01
30.000
31.666
77.5
1.7
20.9
1.3
1-Year 10-Month, reopening
0.140
2.98
28.000
28.000
69.6
0.9
29.5
2.0
1-Year 11-Month, reopening
0.170
2.86
28.000
28.000
70.6
0.9
28.5
2.5
2-Year
0.205
2.95
30.000
30.506
75.7
0.8
23.5
1.5
1-Year 10-Month, reopening
0.261
2.86
28.000
28.000
56.5
0.9
42.6
3.6
1-Year 11-Month, reopening
0.235
2.65
28.000
28.000
61.6
0.9
37.5
3.6
2-Year
0.182
3.25
30.000
31.654
74.8
0.8
24.3
0.9
1-Year 10-Month, reopening
0.155
2.92
28.000
28.000
65.5
0.5
34.0
1.0
1-Year 11-Month, reopening
0.139
3.40
28.000
29.663
63.5
0.9
35.6
1.4
2-Year
0.150
3.33
30.000
30.144
62.7
1.0
36.3
2.0
1-Year 10-Month, reopening
0.190
3.22
28.000
28.000
58.6
0.4
41.1
4.0
1-Year 11-Month, reopening
0.200
2.99
28.000
28.000
65.6
0.2
34.2
2.5
2-Year
0.245
3.61
28.000
28.001
83.4
0.1
16.4
0.9
1-Year 10-Month, reopening
0.250
2.93
26.000
26.000
62.5
0.5
37.0
2.1
1-Year 11-Month, reopening
0.200
2.84
26.000
26.000
65.1
0.6
34.3
2.0
2-Year
0.170
3.23
26.000
26.000
71.7
0.1
28.2
1.0
1-Year 10-Month, reopening
0.180
3.42
24.000
24.000
67.0
0.4
32.6
1.5
1-Year 11-Month, reopening
0.165
2.42
24.000
24.000
36.0
1.7
62.3
3.5
2-Year
0.125
2.58
24.000
24.000
53.3
0.0
46.7
3.0
1-Year 10-Month, reopening
0.134
3.39
22.000
22.000
61.1
0.0
38.9
2.9
1-Year 11-Month, reopening
0.170
2.88
22.000
22.000
71.9
1.0
27.1
3.3
2-Year
0.169
3.04
24.000
26.342
69.4
1.5
29.2
2.0
1-Year 10-Month, reopening
0.190
3.51
22.000
22.000
68.3
0.0
31.7
4.0
1-Year 11-Month, reopening
0.160
3.29
22.000
22.000
69.2
0.0
30.8
2.0
2-Year
0.200
2.80
24.000
24.000
67.4
0.1
32.5
3.0
1-Year 10-Month, reopening
0.239
3.40
22.000
22.000
60.7
0.9
38.4
1.9
1-Year 11-Month, reopening
0.220
2.45
22.000
22.000
43.6
4.7
51.7
5.0
2-Year
0.140
2.65
24.000
24.000
72.6
1.5
25.9
4.5
1-Year 10-Month, reopening
0.092
2.84
22.000
22.000
64.2
1.7
34.1
2.2
1-Year 11-Month, reopening
0.090
2.57
22.000
22.000
57.1
0.9
42.1
4.3
2-Year
0.037
3.13
24.000
26.082
69.4
1.1
29.5
2.7
1-Year 10-Month, reopening
-0.010
5.32
0.025
0.025
0.0
0.0
100.0
1.0
1-Year 10-Month, reopening
-0.003
3.49
22.000
22.000
67.2
6.9
25.9
0.7
1-Year 11-Month, reopening
0.000
3.22
22.000
22.001
73.1
4.6
22.3
1.3
2-Year
-0.075
2.51
24.000
27.328
29.5
20.9
49.6
2.5
1-Year 10-Month, reopening
-0.055
3.75
22.000
22.001
76.2
0.0
23.8
0.5
1-Year 11-Month, reopening
-0.050
3.22
22.000
22.000
72.8
0.0
27.2
1.1
2-Year
-0.015
3.34
26.000
29.886
75.5
0.0
24.5
0.6
1-Year 10-Month, reopening
0.030
4.03
24.000
27.261
54.5
12.1
33.3
2.0
1-Year 11-Month, reopening
0.038
2.80
24.000
24.000
77.6
1.3
21.2
1.0
2-Year
0.035
2.99
28.000
30.847
65.0
0.9
34.1
0.7
1-Year 10-Month, reopening
0.026
2.84
26.000
26.000
57.3
0.0
42.7
0.4
1-Year 11-Month, reopening
0.026
3.17
26.000
26.001
69.0
1.3
29.6
0.2
2-Year
0.029
3.04
28.000
30.682
71.9
1.1
27.0
0.6
1-Year 10-Month, reopening
0.030
3.23
26.000
26.000
66.3
1.9
31.8
0.5
1-Year 11-Month, reopening
0.030
3.03
26.000
26.000
59.2
1.3
39.5
1.0
2-Year
0.034
2.91
28.000
33.347
59.7
3.6
36.7
0.7
1-Year 10-Month, reopening
0.035
3.25
26.000
26.000
66.0
1.9
32.1
0.5
1-Year 11-Month, reopening
0.045
2.88
26.000
26.000
59.7
1.1
39.3
0.7
2-Year
0.049
2.82
28.000
31.784
52.1
1.1
46.8
0.9
1-Year 10-Month, reopening
0.060
2.83
24.000
24.000
48.9
2.0
49.1
0.6
1-Year 11-Month, reopening
0.053
2.90
24.000
24.000
47.5
5.4
47.1
0.8
2-Year
0.055
3.22
26.000
28.759
57.6
0.3
42.1
1.0
1-Year 10-Month, reopening
0.058
2.88
22.000
22.000
16.3
9.4
74.4
0.8
1-Year 11-Month, reopening
0.055
2.85
22.000
22.000
52.7
1.3
45.9
1.3
2-Year
0.055
3.29
24.000
26.727
65.6
1.3
33.2
1.5
1-Year 10-Month, reopening
0.080
3.16
20.000
20.000
20.8
19.6
59.6
0.5
1-Year 11-Month, reopening
0.098
3.12
20.000
20.000
33.7
20.2
46.1
0.8
2-Year
0.114
3.02
22.000
23.911
51.4
17.1
31.5
1.3
1-Year 10-Month, reopening
0.220
2.91
18.000
18.000
62.3
1.5
36.2
2.0
1-Year 11-Month, reopening
0.160
2.49
18.000
18.000
28.6
1.3
70.1
3.0
2-Year
0.154
3.23
20.000
22.065
49.6
1.7
48.6
1.9
1-Year 10-Month, reopening
0.260
4.17
18.000
18.000
52.9
0.8
46.3
0.5
1-Year 11-Month, reopening
0.245
5.40
0.025
0.025
0.0
0.0
100.0
0.5
1-Year 11-Month, reopening
0.240
2.50
18.000
18.000
21.0
0.7
78.4
3.5
2-Year
0.300
2.58
20.000
22.091
46.6
1.2
52.2
3.0
1-Year 10-Month, reopening
0.290
2.66
18.000
18.000
47.9
1.6
50.5
3.5
1-Year 11-Month, reopening
0.238
2.92
18.000
18.000
56.3
0.1
43.6
1.3
2-Year
0.220
2.73
20.000
20.795
48.7
0.1
51.1
3.0
1-Year 10-Month, reopening
0.210
3.36
18.000
18.000
68.2
0.3
31.5
1.0
1-Year 11-Month, reopening
0.140
2.84
18.000
19.891
39.8
2.9
57.3
1.0
2-Year
0.139
2.68
20.000
20.255
38.5
1.3
60.2
1.9
1-Year 10-Month, reopening
0.180
3.78
18.000
18.000
53.5
0.6
46.0
2.0
1-Year 11-Month, reopening
0.149
2.70
18.000
18.000
51.6
0.4
47.9
1.4
2-Year
0.115
2.89
20.000
20.000
47.7
0.3
52.1
1.0
1-Year 10-Month, reopening
0.150
2.71
18.000
18.000
67.7
0.1
32.2
3.0
1-Year 11-Month, reopening
0.050
2.62
18.000
19.581
33.6
5.8
60.6
1.0
2-Year
0.045
3.32
19.000
19.000
51.9
0.1
48.0
0.5
1-Year 10-Month, reopening
0.050
3.06
17.000
17.000
57.5
8.0
34.4
1.0
1-Year 11-Month, reopening
0.047
2.94
17.000
18.198
39.5
8.5
51.9
0.7
2-Year
0.043
2.79
18.000
18.978
51.4
6.3
42.3
0.8
1-Year 10-Month, reopening
0.042
2.79
16.000
16.000
37.5
7.2
55.3
1.2
1-Year 11-Month, reopening
0.028
3.26
16.000
16.000
49.3
7.5
43.1
0.5
2-Year
0.033
3.65
17.000
19.170
38.0
13.0
49.1
0.4
1-Year 10-Month, reopening
0.049
2.78
15.000
17.642
47.2
1.3
51.5
2.1
1-Year 11-Month, reopening
0.016
2.75
15.000
15.000
27.0
14.0
58.9
1.6
2-Year
0.000
3.38
15.000
17.205
37.2
0.0
62.8
1.0
1-Year 10-Month, reopening
0.035
3.26
13.000
13.000
62.7
0.0
37.3
0.7
1-Year 11-Month, reopening
0.035
3.69
13.000
13.000
49.6
6.3
44.1
0.6
2-Year
0.048
3.56
15.000
15.375
60.2
0.7
39.2
0.8
1-Year 10-Month, reopening
0.055
3.46
13.000
13.000
47.1
0.0
52.9
0.5
1-Year 11-Month, reopening
0.060
3.09
13.000
13.000
50.1
0.4
49.6
0.6
2-Year
0.060
3.32
15.000
16.525
59.2
2.0
38.7
0.5
1-Year 10-Month, reopening
0.080
3.13
13.000
14.580
63.1
0.2
36.7
1.2
1-Year 11-Month, reopening
0.050
2.99
13.000
13.000
40.8
0.8
58.4
1.5
2-Year
0.070
3.35
15.000
17.047
62.8
0.3
36.9
0.5
1-Year 10-Month, reopening
0.109
3.43
13.000
14.574
40.4
0.8
58.8
0.6
1-Year 11-Month, reopening
0.133
3.08
13.000
13.000
48.7
0.4
50.9
1.3
2-Year
0.140
3.16
15.000
15.951
25.4
1.5
73.1
0.8
1-Year 10-Month, reopening
0.169
3.80
13.000
13.000
37.4
0.0
62.6
0.9
1-Year 11-Month, reopening
0.169
3.32
13.000
13.000
51.3
0.4
48.3
0.9
2-Year
0.170
3.35
15.000
15.907
37.4
1.3
61.3
1.5
1-Year 10-Month, reopening
0.180
3.09
13.000
13.792
43.8
0.0
56.2
0.5
1-Year 11-Month, reopening
0.165
3.46
13.000
13.000
35.8
1.9
62.3
0.8
2-Year
0.174
3.82
15.000
16.048
44.1
0.3
55.6
0.9
1-Year 10-Month, reopening
0.188
3.15
13.000
13.000
40.1
0.0
59.9
1.4
1-Year 11-Month, reopening
0.188
3.35
13.000
13.000
31.9
1.9
66.1
1.3
2-Year
0.190
3.57
15.000
18.986
53.2
0.0
46.8
2.0
1-Year 10-Month, reopening
0.240
3.07
13.000
13.000
41.2
3.2
55.6
1.5
1-Year 11-Month, reopening
0.237
3.63
13.000
13.000
29.2
10.0
60.8
1.7
2-Year
0.272
3.67
15.000
15.273
55.2
2.2
42.7
1.2
1-Year 10-Month, reopening
0.330
3.48
13.000
13.000
39.4
1.5
59.1
4.0
1-Year 11-Month, reopening
0.216
3.11
13.000
13.000
44.4
3.2
52.4
3.6
2-Year
0.168
3.10
15.000
15.000
49.6
2.0
48.4
2.4
1-Year 10-Month, reopening
0.120
2.87
13.000
13.000
22.0
2.7
75.3
1.5
1-Year 11-Month, reopening
0.086
3.50
13.000
13.000
43.5
0.0
56.5
1.1
2-Year
0.077
3.93
15.000
15.000
53.3
1.7
45.1
0.9
1-Year 10-Month, reopening
0.076
3.74
13.000
13.000
56.4
1.2
42.5
1.1
1-Year 11-Month, reopening
0.069
4.01
13.000
13.000
49.2
2.3
48.5
0.9
2-Year
0.074
3.81
15.000
15.055
62.7
0.4
36.9
0.9
1-Year 10-Month, reopening
0.085
4.34
13.000
13.000
75.5
0.0
24.5
0.5
1-Year 11-Month, reopening
0.084
4.28
13.000
13.000
48.2
1.9
49.9
0.3
2-Year
0.084
3.72
15.000
15.000
47.1
6.9
46.0
0.4
1-Year 10-Month, reopening
0.110
2.90
13.000
13.000
24.7
5.2
70.1
1.8
1-Year 11-Month, reopening
0.068
4.00
13.000
13.000
51.8
5.4
42.8
0.3
2-Year
0.053
3.58
15.000
15.000
46.6
3.3
50.1
0.3
1-Year 10-Month, reopening
0.041
4.45
13.000
13.000
54.4
4.6
41.0
0.2
1-Year 11-Month, reopening
0.055
4.38
13.000
13.000
46.5
3.3
50.2
0.3
2-Year
0.070
4.09
15.000
15.005
46.7
3.3
50.0
0.1
1-Year 10-Month, reopening
0.069
4.43
13.000
13.000
40.1
5.1
54.8
0.4
1-Year 11-Month, reopening
0.063
4.69
13.000
13.000
41.7
9.4
48.9
0.1
2-Year
0.069
4.64
15.000
15.000
34.4
4.8
60.7
0.3
1-Year 10-Month, reopening
0.069
4.67
13.000
13.000
32.7
4.3
63.0
0.4
1-Year 11-Month, reopening
0.064
5.29
13.000
13.000
39.7
5.7
54.6
0.4
2-Year
0.045
5.67
15.000
15.000
37.8
8.9
53.2
0.6
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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, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government