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2-year FRN auction of 24 April 2024 (new issue)

The 2-year FRN sold $30.144 billion at a high discount margin of 0.150% on , with a bid-to-cover ratio of 3.33.

Announced
Issued
Matures

Discount margin

0.150%

Median discount margin 0.130%

Bid-to-cover

3.33

▲ +0.11 since 27 Mar

Sold

$30.14 billion

$30 billion offered

Indirect bidders

62.7%

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 23 June 2021 to 24 April 2024; the latest at 0.150%.-0.1%0.0%0.1%0.2%0.3%2021202220232024This auction, 0.150%Discount margin at the last 36 2-year FRN auctions36 auctions from 23 June 2021 to 24 April 2024; the latest at 0.150%.-0.1%0.0%0.1%0.2%0.3%2022202320240.150%

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
0.1503.33
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.333.023 of 129 of 12
High discount margin0.1500.17510 of 122 of 12
Indirect bidders' share62.765.47 of 125 of 12
Direct bidders' share1.00.43 of 129 of 12
Primary dealers' share36.334.25 of 127 of 12
High minus median, basis points2.02.37 of 123 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 62.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 27 March 2024

Indirect bidders took 62.7% of the competitive bids acceptedIndirect bidders 62.7%, Direct bidders 1.0%, Primary dealers 36.3%Indirect bidders62.7%58.6%Direct bidders1.0%0.4%Primary dealers36.3%41.1%Indirect bidders took 62.7% of the competitive bids acceptedIndirect bidders 62.7%, Direct bidders 1.0%, Primary dealers 36.3%Indirect bidders62.7%58.6%Direct bidders1.0%0.4%Primary dealers36.3%41.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.758.6
Direct bidders1.00.4
Primary dealers36.341.1

About these figures

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

Treasury's published result

FieldValue
Offered as2-Year, new issue
Offering amount$30,000,000,000
Bids received$99,985,607,000
Sold$30,143,797,900
Competitive bids accepted$29,927,240,900
Non-competitive bids accepted$73,574,000
Federal Reserve (SOMA) add-on$142,983,000
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.150
Median rate, %0.130
Low rate, %0.075
Interest rate (coupon), %–
Spread, %0.150
Bids at the high rate filled, %35.37
Bid-to-cover ratio3.33
Indirect bidders accepted$18,771,368,400
Direct bidders accepted$300,000,000
Primary dealers accepted$10,855,872,500
Indirect bidders' share, % (ours)62.7
Direct bidders' share, % (ours)1.0
Primary dealers' share, % (ours)36.3
High minus median, basis points (ours)2.0

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 ratio3.33Last 24 auctions7 of 2417 of 243.08
Bid-to-cover ratio3.33All 125 since 29 January 201449 of 12576 of 1253.22
High discount margin0.150Last 24 auctions15 of 249 of 240.170
High discount margin0.150All 125 since 29 January 201442 of 12582 of 1250.084
Indirect bidders' share62.7Last 24 auctions15 of 249 of 2466.3
Indirect bidders' share62.7All 125 since 29 January 201431 of 12594 of 12551.4
Direct bidders' share1.0Last 24 auctions9 of 2415 of 240.5
Direct bidders' share1.0All 125 since 29 January 201474 of 12551 of 1251.3
Primary dealers' share36.3Last 24 auctions9 of 2415 of 2433.3
Primary dealers' share36.3All 125 since 29 January 201493 of 12532 of 12546.7
High minus median, basis points2.0Last 24 auctions14 of 247 of 242.4
High minus median, basis points2.0All 125 since 29 January 201425 of 12593 of 1251.0

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 24 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240424_1.pdf. Compiled by 500metrics, "2-year FRN auction of 24 April 2024 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2024-04-24.

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.