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2-year FRN auction of 26 February 2025 (reopening)

The 2-year FRN sold $30.822 billion at a high discount margin of 0.090% on , with a bid-to-cover ratio of 2.72.

Announced
Issued
Matures

Discount margin

0.090%

Median discount margin 0.069%

Bid-to-cover

2.72

▼ −0.29 since 28 Jan

Sold

$30.82 billion

$28 billion offered

Indirect bidders

66.1%

Of competitive bids accepted

The high discount margin was the lowest for a 2-year FRN since 24 August 2022

Discount margin at each 2-year FRN auction, %

The high discount margin was the lowest for a 2-year FRN since 24 August 202236 auctions from 27 April 2022 to 26 February 2025; the latest at 0.090%.-0.1%0.0%0.1%0.2%0.3%2022202320242025This auction, 0.090%The high discount margin was the lowest for a 2-year FRN since 24 August 202236 auctions from 27 April 2022 to 26 February 2025; the latest at 0.090%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420250.090%

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
0.0902.72
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.722.9811 of 121 of 12
High discount margin0.0900.17612 of 120 of 12
Indirect bidders' share66.165.55 of 127 of 12
Direct bidders' share1.80.90 of 1212 of 12
Primary dealers' share32.134.17 of 125 of 12
High minus median, basis points2.12.05 of 127 of 12

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

  • Direct bidders' share: Highest for a 2-year FRN since 22 November 2022 (26 auctions in between).

Who bought the 2-year FRN?

Indirect bidders took 66.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 28 January 2025

Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 1.8%, Primary dealers 32.1%Indirect bidders66.1%77.5%Direct bidders1.8%1.7%Primary dealers32.1%20.9%Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 1.8%, Primary dealers 32.1%Indirect bidders66.1%77.5%Direct bidders1.8%1.7%Primary dealers32.1%20.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.177.5
Direct bidders1.81.7
Primary dealers32.120.9

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$79,120,808,600
Sold$30,822,172,600
Competitive bids accepted$27,973,864,000
Non-competitive bids accepted$26,179,100
Federal Reserve (SOMA) add-on$2,822,129,500
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.090
Median rate, %0.069
Low rate, %0.010
Interest rate (coupon), %–
Spread, %0.098
Bids at the high rate filled, %15.16
Bid-to-cover ratio2.72
Indirect bidders accepted$18,489,044,000
Direct bidders accepted$500,000,000
Primary dealers accepted$8,984,820,000
Indirect bidders' share, % (ours)66.1
Direct bidders' share, % (ours)1.8
Primary dealers' share, % (ours)32.1
High minus median, basis points (ours)2.1

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 ratio2.72Last 24 auctions21 of 243 of 243.00
Bid-to-cover ratio2.72All 135 since 29 January 2014120 of 13515 of 1353.17
High discount margin0.090Last 24 auctions24 of 240 of 240.170
High discount margin0.090All 135 since 29 January 201468 of 13566 of 1350.092
Indirect bidders' share66.1Last 24 auctions12 of 2412 of 2466.3
Indirect bidders' share66.1All 135 since 29 January 201427 of 135108 of 13552.1
Direct bidders' share1.8Last 24 auctions0 of 2424 of 240.7
Direct bidders' share1.8All 135 since 29 January 201448 of 13587 of 1351.3
Primary dealers' share32.1Last 24 auctions13 of 2411 of 2433.3
Primary dealers' share32.1All 135 since 29 January 2014109 of 13526 of 13545.9
High minus median, basis points2.1Last 24 auctions10 of 2413 of 242.0
High minus median, basis points2.1All 135 since 29 January 201426 of 135107 of 1351.0

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 26 February 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250226_1.pdf. Compiled by 500metrics, "2-year FRN auction of 26 February 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-02-26.

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.