500metrics

All sources checked Checked

2-year FRN auction of 24 April 2019 (new issue)

The 2-year FRN sold $20.255 billion at a high discount margin of 0.139% on , with a bid-to-cover ratio of 2.68.

Announced
Issued
Matures

Discount margin

0.139%

Median discount margin 0.120%

Bid-to-cover

2.68

▼ −1.10 since 27 Mar

Sold

$20.26 billion

$20 billion offered

Indirect bidders

38.5%

Of competitive bids accepted

Discount margin at the last 36 2-year FRN auctions

Discount margin at each 2-year FRN auction, %

Discount margin at the last 36 2-year FRN auctions36 auctions from 25 May 2016 to 24 April 2019; the latest at 0.139%.0.0%0.1%0.1%0.1%0.2%2016201720182019This auction, 0.139%Discount margin at the last 36 2-year FRN auctions36 auctions from 25 May 2016 to 24 April 2019; the latest at 0.139%.0.0%0.1%0.1%0.1%0.2%2017201820190.139%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
Discount margin and bid-to-cover of the last 36 2-year FRN auctions, newest first
AuctionDiscount margin, %Bid-to-cover
0.1392.68
0.1803.78
0.1492.70
0.1152.89
0.1502.71
0.0502.62
0.0453.32
0.0503.06
0.0472.94
0.0432.79
0.0422.79
0.0283.26
0.0333.65
0.0492.78
0.0162.75
0.0003.38
0.0353.26
0.0353.69
0.0483.56
0.0553.46
0.0603.09
0.0603.32
0.0803.13
0.0502.99
0.0703.35
0.1093.43
0.1333.08
0.1403.16
0.1693.80
0.1693.32
0.1703.35
0.1803.09
0.1653.46
0.1743.82
0.1883.15
0.1883.35

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.682.9211 of 121 of 12
High discount margin0.1390.0483 of 129 of 12
Indirect bidders' share38.550.49 of 123 of 12
Direct bidders' share1.36.17 of 125 of 12
Primary dealers' share60.248.01 of 1211 of 12
High minus median, basis points1.91.02 of 1210 of 12

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

Who bought the 2-year FRN?

Primary dealers took 60.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 27 March 2019

Primary dealers took 60.2% of the competitive bids acceptedIndirect bidders 38.5%, Direct bidders 1.3%, Primary dealers 60.2%Indirect bidders38.5%53.5%Direct bidders1.3%0.6%Primary dealers60.2%46.0%Primary dealers took 60.2% of the competitive bids acceptedIndirect bidders 38.5%, Direct bidders 1.3%, Primary dealers 60.2%Indirect bidders38.5%53.5%Direct bidders1.3%0.6%Primary dealers60.2%46.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.553.5
Direct bidders1.30.6
Primary dealers60.246.0

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$20,000,000,000
Bids received$53,951,815,900
Sold$20,255,375,900
Competitive bids accepted$19,972,560,000
Non-competitive bids accepted$27,472,700
Federal Reserve (SOMA) add-on$255,343,200
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.139
Median rate, %0.120
Low rate, %0.090
Interest rate (coupon), %–
Spread, %0.139
Bids at the high rate filled, %84.64
Bid-to-cover ratio2.68
Indirect bidders accepted$7,690,600,000
Direct bidders accepted$250,000,000
Primary dealers accepted$12,031,960,000
Indirect bidders' share, % (ours)38.5
Direct bidders' share, % (ours)1.3
Primary dealers' share, % (ours)60.2
High minus median, basis points (ours)1.9

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.

The longer windows

Each measure against earlier 2-year FRN auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.68Last 24 auctions23 of 241 of 243.11
Bid-to-cover ratio2.68All 63 since 29 January 201462 of 631 of 633.43
High discount margin0.139Last 24 auctions3 of 2421 of 240.050
High discount margin0.139All 63 since 29 January 201419 of 6344 of 630.074
Indirect bidders' share38.5Last 24 auctions19 of 245 of 2449.8
Indirect bidders' share38.5All 63 since 29 January 201447 of 6316 of 6346.7
Direct bidders' share1.3Last 24 auctions11 of 2413 of 240.7
Direct bidders' share1.3All 63 since 29 January 201438 of 6325 of 631.9
Primary dealers' share60.2Last 24 auctions2 of 2422 of 2448.0
Primary dealers' share60.2All 63 since 29 January 201412 of 6351 of 6350.2
High minus median, basis points1.9Last 24 auctions3 of 2421 of 240.9
High minus median, basis points1.9All 63 since 29 January 20147 of 6356 of 630.9

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.

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 24 April 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190424_1.pdf. Compiled by 500metrics, "2-year FRN auction of 24 April 2019 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2019-04-24.

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.