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2-year FRN auction of 29 March 2023 (reopening)

The 2-year FRN sold $22 billion at a high discount margin of 0.190% on , with a bid-to-cover ratio of 3.51.

Announced
Issued
Matures

Discount margin

0.190%

Median discount margin 0.150%

Bid-to-cover

3.51

▲ +0.22 since 22 Feb

Sold

$22.00 billion

$22 billion offered

Indirect bidders

68.3%

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 27 May 2020 to 29 March 2023; the latest at 0.190%.-0.1%0.0%0.1%0.2%0.3%2020202120222023This auction, 0.190%Discount margin at the last 36 2-year FRN auctions36 auctions from 27 May 2020 to 29 March 2023; the latest at 0.190%.-0.1%0.0%0.1%0.2%0.3%2021202220230.190%

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
0.1903.51
0.1603.29
0.2002.80
0.2393.40
0.2202.45
0.1402.65
0.0922.84
0.0902.57
0.0373.13
-0.0105.32
-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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.512.981 of 1211 of 12
High discount margin0.1900.0913 of 129 of 12
Indirect bidders' share68.365.74 of 128 of 12
Direct bidders' share0.01.310 of 120 of 12
Primary dealers' share31.733.37 of 125 of 12
High minus median, basis points4.02.43 of 129 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 68.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 22 February 2023

Indirect bidders took 68.3% of the competitive bids acceptedIndirect bidders 68.3%, Direct bidders 0.0%, Primary dealers 31.7%Indirect bidders68.3%69.2%Direct bidders0.0%0.0%Primary dealers31.7%30.8%Indirect bidders took 68.3% of the competitive bids acceptedIndirect bidders 68.3%, Direct bidders 0.0%, Primary dealers 31.7%Indirect bidders68.3%69.2%Direct bidders0.0%0.0%Primary dealers31.7%30.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.369.2
Direct bidders0.00.0
Primary dealers31.730.8

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$77,298,254,800
Sold$22,000,134,800
Competitive bids accepted$21,973,880,000
Non-competitive bids accepted$26,254,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.190
Median rate, %0.150
Low rate, %0.145
Interest rate (coupon), %–
Spread, %0.200
Bids at the high rate filled, %35.68
Bid-to-cover ratio3.51
Indirect bidders accepted$15,004,600,000
Direct bidders accepted$0
Primary dealers accepted$6,969,280,000
Indirect bidders' share, % (ours)68.3
Direct bidders' share, % (ours)0.0
Primary dealers' share, % (ours)31.7
High minus median, basis points (ours)4.0

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 ratio3.51Last 24 auctions3 of 2421 of 243.08
Bid-to-cover ratio3.51All 112 since 29 January 201432 of 11280 of 1123.22
High discount margin0.190Last 24 auctions3 of 2421 of 240.030
High discount margin0.190All 112 since 29 January 201417 of 11294 of 1120.070
Indirect bidders' share68.3Last 24 auctions10 of 2414 of 2466.8
Indirect bidders' share68.3All 112 since 29 January 201411 of 112101 of 11249.5
Direct bidders' share0.0Last 24 auctions18 of 240 of 241.2
Direct bidders' share0.0All 112 since 29 January 201498 of 1120 of 1121.4
Primary dealers' share31.7Last 24 auctions13 of 2411 of 2432.2
Primary dealers' share31.7All 112 since 29 January 201498 of 11214 of 11248.1
High minus median, basis points4.0Last 24 auctions3 of 2421 of 241.0
High minus median, basis points4.0All 112 since 29 January 20143 of 112108 of 1121.0

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 29 March 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230329_2.pdf. Compiled by 500metrics, "2-year FRN auction of 29 March 2023 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2023-03-29.

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.