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2-year FRN auction of 29 January 2014 (new issue)

The 2-year FRN sold $15 billion at a high discount margin of 0.045% on , with a bid-to-cover ratio of 5.67.

Announced
Issued
Matures

Discount margin

0.045%

Median discount margin 0.039%

Bid-to-cover

5.67

Sold

$15.00 billion

$15 billion offered

Indirect bidders

37.8%

Of competitive bids accepted

Against its own history

There is no earlier 2-year FRN auction in our data to compare this one with yet.

Who bought the 2-year FRN?

Primary dealers took 53.2% of the competitive bids accepted

Share of competitive bids accepted, %

Primary dealers took 53.2% of the competitive bids acceptedIndirect bidders 37.8%, Direct bidders 8.9%, Primary dealers 53.2%Indirect bidders37.8%Direct bidders8.9%Primary dealers53.2%Primary dealers took 53.2% of the competitive bids acceptedIndirect bidders 37.8%, Direct bidders 8.9%, Primary dealers 53.2%Indirect bidders37.8%Direct bidders8.9%Primary dealers53.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auction
Indirect bidders37.8
Direct bidders8.9
Primary dealers53.2

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$15,000,000,000
Bids received$84,998,132,200
Sold$15,000,071,200
Competitive bids accepted$14,925,524,000
Non-competitive bids accepted$74,547,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.045
Median rate, %0.039
Low rate, %0.000
Interest rate (coupon), %–
Spread, %0.045
Bids at the high rate filled, %51.49
Bid-to-cover ratio5.67
Indirect bidders accepted$5,649,034,000
Direct bidders accepted$1,335,000,000
Primary dealers accepted$7,941,490,000
Indirect bidders' share, % (ours)37.8
Direct bidders' share, % (ours)8.9
Primary dealers' share, % (ours)53.2
High minus median, basis points (ours)0.6

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high discount margin 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.

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.

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.

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 29 January 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140129_1.pdf. Compiled by 500metrics, "2-year FRN auction of 29 January 2014 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2014-01-29.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.