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2-year FRN auction of 27 March 2024 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.190% on , with a bid-to-cover ratio of 3.22.

Announced
Issued
Matures

Discount margin

0.190%

Median discount margin 0.150%

Bid-to-cover

3.22

▲ +0.23 since 21 Feb

Sold

$28.00 billion

$28 billion offered

Indirect bidders

58.6%

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 26 May 2021 to 27 March 2024; the latest at 0.190%.-0.1%0.0%0.1%0.2%0.3%2021202220232024This auction, 0.190%Discount margin at the last 36 2-year FRN auctions36 auctions from 26 May 2021 to 27 March 2024; the latest at 0.190%.-0.1%0.0%0.1%0.2%0.3%2022202320240.190%

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
0.1903.22
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.223.025 of 127 of 12
High discount margin0.1900.1754 of 127 of 12
Indirect bidders' share58.666.310 of 122 of 12
Direct bidders' share0.40.36 of 126 of 12
Primary dealers' share41.133.42 of 1210 of 12
High minus median, basis points4.02.30 of 1211 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 58.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 21 February 2024

Indirect bidders took 58.6% of the competitive bids acceptedIndirect bidders 58.6%, Direct bidders 0.4%, Primary dealers 41.1%Indirect bidders58.6%65.6%Direct bidders0.4%0.2%Primary dealers41.1%34.2%Indirect bidders took 58.6% of the competitive bids acceptedIndirect bidders 58.6%, Direct bidders 0.4%, Primary dealers 41.1%Indirect bidders58.6%65.6%Direct bidders0.4%0.2%Primary dealers41.1%34.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.665.6
Direct bidders0.40.2
Primary dealers41.134.2

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$28,000,000,000
Bids received$90,236,779,600
Sold$28,000,033,200
Competitive bids accepted$27,976,941,600
Non-competitive bids accepted$23,091,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.190
Median rate, %0.150
Low rate, %0.100
Interest rate (coupon), %–
Spread, %0.245
Bids at the high rate filled, %25.17
Bid-to-cover ratio3.22
Indirect bidders accepted$16,383,846,600
Direct bidders accepted$100,000,000
Primary dealers accepted$11,493,095,000
Indirect bidders' share, % (ours)58.6
Direct bidders' share, % (ours)0.4
Primary dealers' share, % (ours)41.1
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 ratio3.22Last 24 auctions9 of 2414 of 243.02
Bid-to-cover ratio3.22All 124 since 29 January 201460 of 12461 of 1243.22
High discount margin0.190Last 24 auctions7 of 2416 of 240.167
High discount margin0.190All 124 since 29 January 201421 of 124101 of 1240.082
Indirect bidders' share58.6Last 24 auctions18 of 246 of 2466.3
Indirect bidders' share58.6All 124 since 29 January 201441 of 12483 of 12451.3
Direct bidders' share0.4Last 24 auctions15 of 249 of 240.7
Direct bidders' share0.4All 124 since 29 January 201491 of 12433 of 1241.3
Primary dealers' share41.1Last 24 auctions6 of 2418 of 2433.3
Primary dealers' share41.1All 124 since 29 January 201479 of 12445 of 12446.8
High minus median, basis points4.0Last 24 auctions3 of 2420 of 242.4
High minus median, basis points4.0All 124 since 29 January 20143 of 124119 of 1241.0

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 27 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240327_1.pdf. Compiled by 500metrics, "2-year FRN auction of 27 March 2024 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2024-03-27.

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.