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2-year FRN auction of 22 June 2022 (reopening)

The 2-year FRN sold $22 billion at a high discount margin of -0.003% on , with a bid-to-cover ratio of 3.49.

Announced
Issued
Matures

Discount margin

-0.003%

Median discount margin -0.010%

Bid-to-cover

3.49

▲ +0.27 since 25 May

Sold

$22.00 billion

$22 billion offered

Indirect bidders

67.2%

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 28 August 2019 to 22 June 2022; the latest at -0.003%.-0.1%0.0%0.1%0.2%0.3%2019202020212022This auction, -0.003%Discount margin at the last 36 2-year FRN auctions36 auctions from 28 August 2019 to 22 June 2022; the latest at -0.003%.-0.1%-0.1%0.0%0.1%0.1%202020212022-0.003%

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
-0.0033.49
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.493.202 of 1210 of 12
High discount margin-0.0030.0268 of 124 of 12
Indirect bidders' share67.270.57 of 125 of 12
Direct bidders' share6.91.22 of 1210 of 12
Primary dealers' share25.928.48 of 124 of 12
High minus median, basis points0.70.65 of 126 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 67.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 25 May 2022

Indirect bidders took 67.2% of the competitive bids acceptedIndirect bidders 67.2%, Direct bidders 6.9%, Primary dealers 25.9%Indirect bidders67.2%73.1%Direct bidders6.9%4.6%Primary dealers25.9%22.3%Indirect bidders took 67.2% of the competitive bids acceptedIndirect bidders 67.2%, Direct bidders 6.9%, Primary dealers 25.9%Indirect bidders67.2%73.1%Direct bidders6.9%4.6%Primary dealers25.9%22.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.273.1
Direct bidders6.94.6
Primary dealers25.922.3

About these figures

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

Treasury's published result

FieldValue
Offered as1-Year 10-Month, reopening
Offering amount$22,000,000,000
Bids received$76,754,182,500
Sold$22,000,422,500
Competitive bids accepted$21,930,240,000
Non-competitive bids accepted$65,182,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$5,000,000
Discount margin, %-0.003
Median rate, %-0.010
Low rate, %-0.090
Interest rate (coupon), %–
Spread, %-0.075
Bids at the high rate filled, %72.99
Bid-to-cover ratio3.49
Indirect bidders accepted$14,737,240,000
Direct bidders accepted$1,510,000,000
Primary dealers accepted$5,683,000,000
Indirect bidders' share, % (ours)67.2
Direct bidders' share, % (ours)6.9
Primary dealers' share, % (ours)25.9
High minus median, basis points (ours)0.7

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 ratio3.49Last 24 auctions2 of 2422 of 243.04
Bid-to-cover ratio3.49All 102 since 29 January 201432 of 10270 of 1023.22
High discount margin-0.003Last 24 auctions20 of 244 of 240.034
High discount margin-0.003All 102 since 29 January 201498 of 1024 of 1020.069
Indirect bidders' share67.2Last 24 auctions7 of 2417 of 2459.7
Indirect bidders' share67.2All 102 since 29 January 201410 of 10292 of 10248.8
Direct bidders' share6.9Last 24 auctions4 of 2420 of 241.3
Direct bidders' share6.9All 102 since 29 January 201416 of 10286 of 1021.5
Primary dealers' share25.9Last 24 auctions20 of 244 of 2435.4
Primary dealers' share25.9All 102 since 29 January 201497 of 1025 of 10248.5
High minus median, basis points0.7Last 24 auctions12 of 249 of 240.8
High minus median, basis points0.7All 102 since 29 January 201462 of 10235 of 1020.9

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 22 June 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220622_1.pdf. Compiled by 500metrics, "2-year FRN auction of 22 June 2022 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2022-06-22.

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.