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2-year FRN auction of 25 May 2022 (reopening)

The 2-year FRN sold $22.001 billion at a high discount margin of 0.000% on , with a bid-to-cover ratio of 3.22.

Announced
Issued
Matures

Discount margin

0.000%

Median discount margin -0.013%

Bid-to-cover

3.22

▲ +0.71 since 27 Apr

Sold

$22.00 billion

$22 billion offered

Indirect bidders

73.1%

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 24 July 2019 to 25 May 2022; the latest at 0.000%.-0.1%0.0%0.1%0.2%0.3%2019202020212022This auction, 0.000%Discount margin at the last 36 2-year FRN auctions36 auctions from 24 July 2019 to 25 May 2022; the latest at 0.000%.-0.1%-0.1%0.0%0.1%0.1%2020202120220.000%

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
0.0003.22
-0.0752.51
-0.0553.75
-0.0503.22
-0.0153.34
0.0304.03
0.0382.80
0.0352.99
0.0262.84
0.0263.17
0.0293.04
0.0303.23
0.0303.03
0.0342.91
0.0353.25
0.0452.88
0.0492.82
0.0602.83
0.0532.90
0.0553.22
0.0582.88
0.0552.85
0.0553.29
0.0803.16
0.0983.12
0.1143.02
0.2202.91
0.1602.49
0.1543.23
0.2604.17
0.2455.40
0.2402.50
0.3002.58
0.2902.66
0.2382.92
0.2202.73

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.223.104 of 127 of 12
High discount margin0.0000.0288 of 124 of 12
Indirect bidders' share73.167.73 of 129 of 12
Direct bidders' share4.61.22 of 1210 of 12
Primary dealers' share22.330.711 of 121 of 12
High minus median, basis points1.30.62 of 1210 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 73.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 27 April 2022

Indirect bidders took 73.1% of the competitive bids acceptedIndirect bidders 73.1%, Direct bidders 4.6%, Primary dealers 22.3%Indirect bidders73.1%29.5%Direct bidders4.6%20.9%Primary dealers22.3%49.6%Indirect bidders took 73.1% of the competitive bids acceptedIndirect bidders 73.1%, Direct bidders 4.6%, Primary dealers 22.3%Indirect bidders73.1%29.5%Direct bidders4.6%20.9%Primary dealers22.3%49.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.129.5
Direct bidders4.620.9
Primary dealers22.349.6

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as1-Year 11-Month, reopening
Offering amount$22,000,000,000
Bids received$70,794,994,400
Sold$22,000,711,400
Competitive bids accepted$21,974,717,000
Non-competitive bids accepted$20,994,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$5,000,000
Discount margin, %0.000
Median rate, %-0.013
Low rate, %-0.060
Interest rate (coupon), %–
Spread, %-0.075
Bids at the high rate filled, %25.14
Bid-to-cover ratio3.22
Indirect bidders accepted$16,070,126,000
Direct bidders accepted$1,000,000,000
Primary dealers accepted$4,904,591,000
Indirect bidders' share, % (ours)73.1
Direct bidders' share, % (ours)4.6
Primary dealers' share, % (ours)22.3
High minus median, basis points (ours)1.3

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 ratio3.22Last 24 auctions6 of 2416 of 243.04
Bid-to-cover ratio3.22All 101 since 29 January 201451 of 10148 of 1013.23
High discount margin0.000Last 24 auctions20 of 244 of 240.035
High discount margin0.000All 101 since 29 January 201496 of 1014 of 1010.069
Indirect bidders' share73.1Last 24 auctions3 of 2421 of 2459.5
Indirect bidders' share73.1All 101 since 29 January 20144 of 10197 of 10148.7
Direct bidders' share4.6Last 24 auctions6 of 2418 of 241.3
Direct bidders' share4.6All 101 since 29 January 201426 of 10175 of 1011.5
Primary dealers' share22.3Last 24 auctions23 of 241 of 2438.0
Primary dealers' share22.3All 101 since 29 January 2014100 of 1011 of 10148.6
High minus median, basis points1.3Last 24 auctions3 of 2420 of 240.8
High minus median, basis points1.3All 101 since 29 January 201427 of 10169 of 1010.9

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 25 May 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220525_2.pdf. Compiled by 500metrics, "2-year FRN auction of 25 May 2022 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2022-05-25.

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.