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2-year FRN auction of 21 February 2024 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.200% on , with a bid-to-cover ratio of 2.99.

Announced
Issued
Matures

Discount margin

0.200%

Median discount margin 0.175%

Bid-to-cover

2.99

▼ −0.62 since 24 Jan

Sold

$28.00 billion

$28 billion offered

Indirect bidders

65.6%

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 April 2021 to 21 February 2024; the latest at 0.200%.-0.1%0.0%0.1%0.2%0.3%2021202220232024This auction, 0.200%Discount margin at the last 36 2-year FRN auctions36 auctions from 27 April 2021 to 21 February 2024; the latest at 0.200%.-0.1%0.0%0.1%0.2%0.3%2022202320240.200%

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
0.2002.99
0.2453.61
0.2502.93
0.2002.84
0.1703.23
0.1803.42
0.1652.42
0.1252.58
0.1343.39
0.1702.88
0.1693.04
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.993.147 of 125 of 12
High discount margin0.2000.1702 of 129 of 12
Indirect bidders' share65.667.67 of 125 of 12
Direct bidders' share0.20.36 of 126 of 12
Primary dealers' share34.232.15 of 127 of 12
High minus median, basis points2.52.05 of 127 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 65.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 24 January 2024

Indirect bidders took 65.6% of the competitive bids acceptedIndirect bidders 65.6%, Direct bidders 0.2%, Primary dealers 34.2%Indirect bidders65.6%83.4%Direct bidders0.2%0.1%Primary dealers34.2%16.4%Indirect bidders took 65.6% of the competitive bids acceptedIndirect bidders 65.6%, Direct bidders 0.2%, Primary dealers 34.2%Indirect bidders65.6%83.4%Direct bidders0.2%0.1%Primary dealers34.2%16.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.683.4
Direct bidders0.20.1
Primary dealers34.216.4

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$28,000,000,000
Bids received$83,694,584,700
Sold$28,000,449,500
Competitive bids accepted$27,977,064,800
Non-competitive bids accepted$23,384,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.200
Median rate, %0.175
Low rate, %0.120
Interest rate (coupon), %–
Spread, %0.245
Bids at the high rate filled, %38.83
Bid-to-cover ratio2.99
Indirect bidders accepted$18,355,574,800
Direct bidders accepted$60,000,000
Primary dealers accepted$9,561,490,000
Indirect bidders' share, % (ours)65.6
Direct bidders' share, % (ours)0.2
Primary dealers' share, % (ours)34.2
High minus median, basis points (ours)2.5

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 ratio2.99Last 24 auctions13 of 2411 of 243.08
Bid-to-cover ratio2.99All 123 since 29 January 201481 of 12340 of 1233.22
High discount margin0.200Last 24 auctions4 of 2418 of 240.162
High discount margin0.200All 123 since 29 January 201418 of 123103 of 1230.080
Indirect bidders' share65.6Last 24 auctions13 of 2411 of 2467.1
Indirect bidders' share65.6All 123 since 29 January 201423 of 123100 of 12351.3
Direct bidders' share0.2Last 24 auctions15 of 249 of 240.7
Direct bidders' share0.2All 123 since 29 January 201496 of 12327 of 1231.3
Primary dealers' share34.2Last 24 auctions10 of 2414 of 2432.5
Primary dealers' share34.2All 123 since 29 January 201495 of 12328 of 12346.8
High minus median, basis points2.5Last 24 auctions10 of 2413 of 242.2
High minus median, basis points2.5All 123 since 29 January 201418 of 123104 of 1231.0

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 21 February 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240221_2.pdf. Compiled by 500metrics, "2-year FRN auction of 21 February 2024 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2024-02-21.

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.