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2-year FRN auction of 28 May 2025 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.144% on , with a bid-to-cover ratio of 2.95.

Announced
Issued
Matures

Discount margin

0.144%

Median discount margin 0.124%

Bid-to-cover

2.95

▲ +0.26 since 23 Apr

Sold

$28.00 billion

$28 billion offered

Indirect bidders

63.1%

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 14 July 2022 to 28 May 2025; the latest at 0.144%.-0.1%0.0%0.1%0.2%0.3%2022202320242025This auction, 0.144%Discount margin at the last 36 2-year FRN auctions36 auctions from 14 July 2022 to 28 May 2025; the latest at 0.144%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420250.144%

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
0.1442.95
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.952.904 of 127 of 12
High discount margin0.1440.1587 of 125 of 12
Indirect bidders' share63.165.89 of 123 of 12
Direct bidders' share2.00.90 of 1212 of 12
Primary dealers' share34.933.04 of 128 of 12
High minus median, basis points2.01.85 of 126 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 (29 auctions in between).

Who bought the 2-year FRN?

Indirect bidders took 63.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 23 April 2025

Indirect bidders took 63.1% of the competitive bids acceptedIndirect bidders 63.1%, Direct bidders 2.0%, Primary dealers 34.9%Indirect bidders63.1%48.6%Direct bidders2.0%1.8%Primary dealers34.9%49.6%Indirect bidders took 63.1% of the competitive bids acceptedIndirect bidders 63.1%, Direct bidders 2.0%, Primary dealers 34.9%Indirect bidders63.1%48.6%Direct bidders2.0%1.8%Primary dealers34.9%49.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.148.6
Direct bidders2.01.8
Primary dealers34.949.6

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$82,460,452,600
Sold$28,000,004,100
Competitive bids accepted$27,978,551,500
Non-competitive bids accepted$21,452,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.144
Median rate, %0.124
Low rate, %0.090
Interest rate (coupon), %–
Spread, %0.160
Bids at the high rate filled, %57.11
Bid-to-cover ratio2.95
Indirect bidders accepted$17,653,724,000
Direct bidders accepted$550,000,000
Primary dealers accepted$9,774,827,500
Indirect bidders' share, % (ours)63.1
Direct bidders' share, % (ours)2.0
Primary dealers' share, % (ours)34.9
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 ratio2.95Last 24 auctions11 of 2412 of 242.94
Bid-to-cover ratio2.95All 138 since 29 January 201490 of 13847 of 1383.16
High discount margin0.144Last 24 auctions17 of 247 of 240.170
High discount margin0.144All 138 since 29 January 201452 of 13886 of 1380.095
Indirect bidders' share63.1Last 24 auctions15 of 249 of 2465.3
Indirect bidders' share63.1All 138 since 29 January 201438 of 138100 of 13852.4
Direct bidders' share2.0Last 24 auctions0 of 2424 of 240.9
Direct bidders' share2.0All 138 since 29 January 201443 of 13895 of 1381.3
Primary dealers' share34.9Last 24 auctions10 of 2414 of 2434.2
Primary dealers' share34.9All 138 since 29 January 201499 of 13839 of 13845.5
High minus median, basis points2.0Last 24 auctions12 of 249 of 242.0
High minus median, basis points2.0All 138 since 29 January 201430 of 13899 of 1381.0

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 May 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250528_2.pdf. Compiled by 500metrics, "2-year FRN auction of 28 May 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-05-28.

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.