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2-year FRN auction of 28 January 2025 (new issue)

The 2-year FRN sold $31.666 billion at a high discount margin of 0.098% on , with a bid-to-cover ratio of 3.01.

Announced
Issued
Matures

Discount margin

0.098%

Median discount margin 0.085%

Bid-to-cover

3.01

▲ +0.03 since 24 Dec

Sold

$31.67 billion

$30 billion offered

Indirect bidders

77.5%

Of competitive bids accepted

The high discount margin was the lowest for a 2-year FRN since 28 September 2022

Discount margin at each 2-year FRN auction, %

The high discount margin was the lowest for a 2-year FRN since 28 September 202236 auctions from 23 March 2022 to 28 January 2025; the latest at 0.098%.-0.1%0.0%0.1%0.2%0.3%2022202320242025This auction, 0.098%The high discount margin was the lowest for a 2-year FRN since 28 September 202236 auctions from 23 March 2022 to 28 January 2025; the latest at 0.098%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420250.098%

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
0.0983.01
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.012.985 of 127 of 12
High discount margin0.0980.18612 of 120 of 12
Indirect bidders' share77.565.51 of 1211 of 12
Direct bidders' share1.70.90 of 1212 of 12
Primary dealers' share20.934.111 of 121 of 12
High minus median, basis points1.32.09 of 123 of 12

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

  • Direct bidders' share: Highest for a 2-year FRN since 23 August 2023 (16 auctions in between).

Who bought the 2-year FRN?

Indirect bidders took 77.5% of the competitive bids accepted

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

Indirect bidders took 77.5% of the competitive bids acceptedIndirect bidders 77.5%, Direct bidders 1.7%, Primary dealers 20.9%Indirect bidders77.5%69.6%Direct bidders1.7%0.9%Primary dealers20.9%29.5%Indirect bidders took 77.5% of the competitive bids acceptedIndirect bidders 77.5%, Direct bidders 1.7%, Primary dealers 20.9%Indirect bidders77.5%69.6%Direct bidders1.7%0.9%Primary dealers20.9%29.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.569.6
Direct bidders1.70.9
Primary dealers20.929.5

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$91,986,497,900
Sold$31,665,890,500
Competitive bids accepted$29,971,392,600
Non-competitive bids accepted$28,618,400
Federal Reserve (SOMA) add-on$1,665,879,500
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.098
Median rate, %0.085
Low rate, %0.060
Interest rate (coupon), %–
Spread, %0.098
Bids at the high rate filled, %88.62
Bid-to-cover ratio3.01
Indirect bidders accepted$23,216,392,600
Direct bidders accepted$500,000,000
Primary dealers accepted$6,255,000,000
Indirect bidders' share, % (ours)77.5
Direct bidders' share, % (ours)1.7
Primary dealers' share, % (ours)20.9
High minus median, basis points (ours)1.3

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 ratio3.01Last 24 auctions11 of 2413 of 242.98
Bid-to-cover ratio3.01All 134 since 29 January 201485 of 13449 of 1343.20
High discount margin0.098Last 24 auctions24 of 240 of 240.175
High discount margin0.098All 134 since 29 January 201465 of 13468 of 1340.091
Indirect bidders' share77.5Last 24 auctions1 of 2423 of 2466.3
Indirect bidders' share77.5All 134 since 29 January 20142 of 134132 of 13452.0
Direct bidders' share1.7Last 24 auctions1 of 2423 of 240.5
Direct bidders' share1.7All 134 since 29 January 201451 of 13483 of 1341.2
Primary dealers' share20.9Last 24 auctions23 of 241 of 2433.3
Primary dealers' share20.9All 134 since 29 January 2014133 of 1341 of 13446.0
High minus median, basis points1.3Last 24 auctions20 of 244 of 242.0
High minus median, basis points1.3All 134 since 29 January 201453 of 13475 of 1341.0

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 28 January 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250128_1.pdf. Compiled by 500metrics, "2-year FRN auction of 28 January 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2025-01-28.

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.