500metrics

All sources checked Checked

2-year FRN auction of 29 May 2024 (reopening)

The 2-year FRN sold $29.663 billion at a high discount margin of 0.139% on , with a bid-to-cover ratio of 3.40.

Announced
Issued
Matures

Discount margin

0.139%

Median discount margin 0.125%

Bid-to-cover

3.40

▲ +0.07 since 24 Apr

Sold

$29.66 billion

$28 billion offered

Indirect bidders

63.5%

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 July 2021 to 29 May 2024; the latest at 0.139%.-0.1%0.0%0.1%0.2%0.3%2021202220232024This auction, 0.139%Discount margin at the last 36 2-year FRN auctions36 auctions from 28 July 2021 to 29 May 2024; the latest at 0.139%.-0.1%0.0%0.1%0.2%0.3%2022202320240.139%

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
0.1393.40
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.403.102 of 1210 of 12
High discount margin0.1390.17510 of 122 of 12
Indirect bidders' share63.563.96 of 126 of 12
Direct bidders' share0.90.43 of 129 of 12
Primary dealers' share35.635.36 of 126 of 12
High minus median, basis points1.42.310 of 122 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 63.5% of the competitive bids accepted

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

Indirect bidders took 63.5% of the competitive bids acceptedIndirect bidders 63.5%, Direct bidders 0.9%, Primary dealers 35.6%Indirect bidders63.5%62.7%Direct bidders0.9%1.0%Primary dealers35.6%36.3%Indirect bidders took 63.5% of the competitive bids acceptedIndirect bidders 63.5%, Direct bidders 0.9%, Primary dealers 35.6%Indirect bidders63.5%62.7%Direct bidders0.9%1.0%Primary dealers35.6%36.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.562.7
Direct bidders0.91.0
Primary dealers35.636.3

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$96,802,809,600
Sold$29,662,559,600
Competitive bids accepted$27,980,250,000
Non-competitive bids accepted$20,014,500
Federal Reserve (SOMA) add-on$1,662,295,100
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.139
Median rate, %0.125
Low rate, %0.080
Interest rate (coupon), %–
Spread, %0.150
Bids at the high rate filled, %85.00
Bid-to-cover ratio3.40
Indirect bidders accepted$17,762,750,000
Direct bidders accepted$250,000,000
Primary dealers accepted$9,967,500,000
Indirect bidders' share, % (ours)63.5
Direct bidders' share, % (ours)0.9
Primary dealers' share, % (ours)35.6
High minus median, basis points (ours)1.4

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 ratio3.40Last 24 auctions5 of 2418 of 243.08
Bid-to-cover ratio3.40All 126 since 29 January 201441 of 12684 of 1263.22
High discount margin0.139Last 24 auctions17 of 247 of 240.170
High discount margin0.139All 126 since 29 January 201448 of 12677 of 1260.084
Indirect bidders' share63.5Last 24 auctions14 of 2410 of 2465.4
Indirect bidders' share63.5All 126 since 29 January 201428 of 12698 of 12651.4
Direct bidders' share0.9Last 24 auctions10 of 2414 of 240.5
Direct bidders' share0.9All 126 since 29 January 201477 of 12649 of 1261.3
Primary dealers' share35.6Last 24 auctions10 of 2414 of 2434.2
Primary dealers' share35.6All 126 since 29 January 201495 of 12631 of 12646.5
High minus median, basis points1.4Last 24 auctions20 of 244 of 242.4
High minus median, basis points1.4All 126 since 29 January 201445 of 12679 of 1261.0

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 May 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240529_2.pdf. Compiled by 500metrics, "2-year FRN auction of 29 May 2024 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2024-05-29.

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.