2-year FRN auction of 28 May 2014 (reopening)
The 2-year FRN sold $13 billion at a high discount margin of 0.063% on , with a bid-to-cover ratio of 4.69.
- Announced
- Issued
- Matures
Discount margin
0.063%
Bid-to-cover
4.69
▲ +0.05 since 29 Apr
Sold
$13.00 billion
Indirect bidders
41.7%
Against its own history
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 4.69 | 4.98 | 2 of 4 | 2 of 4 |
| High discount margin | 0.063 | 0.066 | 3 of 4 | 1 of 4 |
| Indirect bidders' share | 41.7 | 36.1 | 0 of 4 | 4 of 4 |
| Direct bidders' share | 9.4 | 5.3 | 0 of 4 | 4 of 4 |
| Primary dealers' share | 48.9 | 57.7 | 4 of 4 | 0 of 4 |
| High minus median, basis points | 0.1 | 0.4 | 4 of 4 | 0 of 4 |
The table scrolls sideways; the first column stays in place.
Who bought the 2-year FRN?
Primary dealers took 48.9% of the competitive bids accepted
Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 29 April 2014
The shares as a table
| Bidder | This auction | Previous |
|---|---|---|
| Indirect bidders | 41.7 | 34.4 |
| Direct bidders | 9.4 | 4.8 |
| Primary dealers | 48.9 | 60.7 |
About these figures
Treasury's full result, how to read it, its limits and sources
Treasury's published result
| Field | Value |
|---|---|
| Offered as | 1-Year 11-Month, reopening |
| Offering amount | $13,000,000,000 |
| Bids received | $60,915,255,900 |
| Sold | $13,000,068,400 |
| Competitive bids accepted | $12,985,502,500 |
| Non-competitive bids accepted | $14,565,900 |
| Federal Reserve (SOMA) add-on | $0 |
| Foreign and international (FIMA) non-competitive | $0 |
| Discount margin, % | 0.063 |
| Median rate, % | 0.062 |
| Low rate, % | 0.050 |
| Interest rate (coupon), % | – |
| Spread, % | 0.069 |
| Bids at the high rate filled, % | 97.75 |
| Bid-to-cover ratio | 4.69 |
| Indirect bidders accepted | $5,415,690,000 |
| Direct bidders accepted | $1,224,437,500 |
| Primary dealers accepted | $6,345,375,000 |
| Indirect bidders' share, % (ours) | 41.7 |
| Direct bidders' share, % (ours) | 9.4 |
| Primary dealers' share, % (ours) | 48.9 |
| High minus median, basis points (ours) | 0.1 |
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 .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 28 May 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140528_3.pdf. Compiled by 500metrics, "2-year FRN auction of 28 May 2014 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2014-05-28.
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
Our text and compilation: CC BY 4.0. How to reuse and cite this page.