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2-year FRN auction of 23 April 2025 (new issue)

The 2-year FRN sold $32.055 billion at a high discount margin of 0.160% on , with a bid-to-cover ratio of 2.69.

Announced
Issued
Matures

Discount margin

0.160%

Median discount margin 0.130%

Bid-to-cover

2.69

▼ −0.18 since 26 Mar

Sold

$32.05 billion

$30 billion offered

Indirect bidders

48.6%

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 22 June 2022 to 23 April 2025; the latest at 0.160%.-0.1%0.0%0.1%0.2%0.3%2022202320242025This auction, 0.160%Discount margin at the last 36 2-year FRN auctions36 auctions from 22 June 2022 to 23 April 2025; the latest at 0.160%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420250.160%

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
0.1602.69
0.1052.87
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.692.9411 of 121 of 12
High discount margin0.1600.1525 of 127 of 12
Indirect bidders' share48.665.812 of 120 of 12
Direct bidders' share1.80.90 of 1212 of 12
Primary dealers' share49.633.00 of 1212 of 12
High minus median, basis points3.01.82 of 1210 of 12

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

  • Indirect bidders' share: Lowest for a 2-year FRN since 23 August 2023 (19 auctions in between).
  • Direct bidders' share: Highest for a 2-year FRN since 22 November 2022 (28 auctions in between).
  • Primary dealers' share: Highest for a 2-year FRN since 23 August 2023 (19 auctions in between).

Who bought the 2-year FRN?

Primary dealers took 49.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 26 March 2025

Primary dealers took 49.6% of the competitive bids acceptedIndirect bidders 48.6%, Direct bidders 1.8%, Primary dealers 49.6%Indirect bidders48.6%64.0%Direct bidders1.8%1.8%Primary dealers49.6%34.2%Primary dealers took 49.6% of the competitive bids acceptedIndirect bidders 48.6%, Direct bidders 1.8%, Primary dealers 49.6%Indirect bidders48.6%64.0%Direct bidders1.8%1.8%Primary dealers49.6%34.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders48.664.0
Direct bidders1.81.8
Primary dealers49.634.2

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$82,638,885,000
Sold$32,054,605,000
Competitive bids accepted$29,983,720,000
Non-competitive bids accepted$16,512,400
Federal Reserve (SOMA) add-on$2,054,372,600
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.160
Median rate, %0.130
Low rate, %0.090
Interest rate (coupon), %–
Spread, %0.160
Bids at the high rate filled, %10.22
Bid-to-cover ratio2.69
Indirect bidders accepted$14,575,000,000
Direct bidders accepted$550,000,000
Primary dealers accepted$14,858,720,000
Indirect bidders' share, % (ours)48.6
Direct bidders' share, % (ours)1.8
Primary dealers' share, % (ours)49.6
High minus median, basis points (ours)3.0

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 ratio2.69Last 24 auctions21 of 243 of 242.96
Bid-to-cover ratio2.69All 137 since 29 January 2014124 of 13713 of 1373.16
High discount margin0.160Last 24 auctions15 of 249 of 240.170
High discount margin0.160All 137 since 29 January 201444 of 13791 of 1370.092
Indirect bidders' share48.6Last 24 auctions23 of 241 of 2465.5
Indirect bidders' share48.6All 137 since 29 January 201485 of 13752 of 13752.7
Direct bidders' share1.8Last 24 auctions0 of 2424 of 240.9
Direct bidders' share1.8All 137 since 29 January 201448 of 13789 of 1371.3
Primary dealers' share49.6Last 24 auctions1 of 2423 of 2434.1
Primary dealers' share49.6All 137 since 29 January 201450 of 13787 of 13745.1
High minus median, basis points3.0Last 24 auctions5 of 2418 of 242.0
High minus median, basis points3.0All 137 since 29 January 201413 of 137118 of 1371.0

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 23 April 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250423_2.pdf. Compiled by 500metrics, "2-year FRN auction of 23 April 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2025-04-23.

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.