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2-year FRN auction of 24 December 2024 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.140% on , with a bid-to-cover ratio of 2.98.

Announced
Issued
Matures

Discount margin

0.140%

Median discount margin 0.120%

Bid-to-cover

2.98

▲ +0.12 since 26 Nov

Sold

$28.00 billion

$28 billion offered

Indirect bidders

69.6%

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 23 February 2022 to 24 December 2024; the latest at 0.140%.-0.1%0.0%0.1%0.2%0.3%202220232024This auction, 0.140%Discount margin at the last 36 2-year FRN auctions36 auctions from 23 February 2022 to 24 December 2024; the latest at 0.140%.0.1%0.1%0.2%0.3%0.3%202320240.140%

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
0.1402.98
0.1702.86
0.2052.95
0.2612.86
0.2352.65
0.1823.25
0.1552.92
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.982.976 of 126 of 12
High discount margin0.1400.19511 of 121 of 12
Indirect bidders' share69.664.54 of 128 of 12
Direct bidders' share0.90.84 of 128 of 12
Primary dealers' share29.534.98 of 124 of 12
High minus median, basis points2.02.06 of 125 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 69.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 26 November 2024

Indirect bidders took 69.6% of the competitive bids acceptedIndirect bidders 69.6%, Direct bidders 0.9%, Primary dealers 29.5%Indirect bidders69.6%70.6%Direct bidders0.9%0.9%Primary dealers29.5%28.5%Indirect bidders took 69.6% of the competitive bids acceptedIndirect bidders 69.6%, Direct bidders 0.9%, Primary dealers 29.5%Indirect bidders69.6%70.6%Direct bidders0.9%0.9%Primary dealers29.5%28.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.670.6
Direct bidders0.90.9
Primary dealers29.528.5

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$83,467,198,200
Sold$28,000,198,200
Competitive bids accepted$27,987,000,000
Non-competitive bids accepted$13,198,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.140
Median rate, %0.120
Low rate, %0.090
Interest rate (coupon), %–
Spread, %0.205
Bids at the high rate filled, %72.00
Bid-to-cover ratio2.98
Indirect bidders accepted$19,491,000,000
Direct bidders accepted$250,000,000
Primary dealers accepted$8,246,000,000
Indirect bidders' share, % (ours)69.6
Direct bidders' share, % (ours)0.9
Primary dealers' share, % (ours)29.5
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 ratio2.98Last 24 auctions13 of 2411 of 243.02
Bid-to-cover ratio2.98All 133 since 29 January 201488 of 13345 of 1333.22
High discount margin0.140Last 24 auctions21 of 243 of 240.181
High discount margin0.140All 133 since 29 January 201451 of 13379 of 1330.090
Indirect bidders' share69.6Last 24 auctions6 of 2418 of 2465.5
Indirect bidders' share69.6All 133 since 29 January 201414 of 133119 of 13351.9
Direct bidders' share0.9Last 24 auctions8 of 2416 of 240.5
Direct bidders' share0.9All 133 since 29 January 201480 of 13353 of 1331.3
Primary dealers' share29.5Last 24 auctions17 of 247 of 2434.1
Primary dealers' share29.5All 133 since 29 January 2014117 of 13316 of 13346.0
High minus median, basis points2.0Last 24 auctions12 of 248 of 242.0
High minus median, basis points2.0All 133 since 29 January 201428 of 13397 of 1331.0

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 December 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241224_1.pdf. Compiled by 500metrics, "2-year FRN auction of 24 December 2024 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2024-12-24.

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.