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2-year FRN auction of 25 June 2025 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.157% on , with a bid-to-cover ratio of 2.79.

Announced
Issued
Matures

Discount margin

0.157%

Median discount margin 0.135%

Bid-to-cover

2.79

▼ −0.16 since 28 May

Sold

$28.00 billion

$28 billion offered

Indirect bidders

45.6%

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 27 July 2022 to 25 June 2025; the latest at 0.157%.0.0%0.1%0.2%0.3%2022202320242025This auction, 0.157%Discount margin at the last 36 2-year FRN auctions36 auctions from 27 July 2022 to 25 June 2025; the latest at 0.157%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420250.157%

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
0.1572.79
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.792.909 of 123 of 12
High discount margin0.1570.1586 of 126 of 12
Indirect bidders' share45.665.812 of 120 of 12
Direct bidders' share0.90.97 of 125 of 12
Primary dealers' share53.533.00 of 1212 of 12
High minus median, basis points2.22.04 of 128 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 (21 auctions in between).
  • Primary dealers' share: Highest for a 2-year FRN since 23 August 2023 (21 auctions in between).

Who bought the 2-year FRN?

Primary dealers took 53.5% of the competitive bids accepted

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

Primary dealers took 53.5% of the competitive bids acceptedIndirect bidders 45.6%, Direct bidders 0.9%, Primary dealers 53.5%Indirect bidders45.6%63.1%Direct bidders0.9%2.0%Primary dealers53.5%34.9%Primary dealers took 53.5% of the competitive bids acceptedIndirect bidders 45.6%, Direct bidders 0.9%, Primary dealers 53.5%Indirect bidders45.6%63.1%Direct bidders0.9%2.0%Primary dealers53.5%34.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders45.663.1
Direct bidders0.92.0
Primary dealers53.534.9

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$78,134,121,900
Sold$28,000,029,900
Competitive bids accepted$27,982,908,000
Non-competitive bids accepted$17,121,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.157
Median rate, %0.135
Low rate, %0.080
Interest rate (coupon), %–
Spread, %0.160
Bids at the high rate filled, %65.53
Bid-to-cover ratio2.79
Indirect bidders accepted$12,761,908,000
Direct bidders accepted$250,000,000
Primary dealers accepted$14,971,000,000
Indirect bidders' share, % (ours)45.6
Direct bidders' share, % (ours)0.9
Primary dealers' share, % (ours)53.5
High minus median, basis points (ours)2.2

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 ratio2.79Last 24 auctions19 of 245 of 242.95
Bid-to-cover ratio2.79All 139 since 29 January 2014117 of 13920 of 1393.16
High discount margin0.157Last 24 auctions14 of 2410 of 240.168
High discount margin0.157All 139 since 29 January 201447 of 13992 of 1390.098
Indirect bidders' share45.6Last 24 auctions23 of 241 of 2464.6
Indirect bidders' share45.6All 139 since 29 January 201498 of 13941 of 13952.7
Direct bidders' share0.9Last 24 auctions10 of 2414 of 240.9
Direct bidders' share0.9All 139 since 29 January 201485 of 13954 of 1391.3
Primary dealers' share53.5Last 24 auctions1 of 2423 of 2434.2
Primary dealers' share53.5All 139 since 29 January 201433 of 139106 of 13945.1
High minus median, basis points2.2Last 24 auctions9 of 2415 of 242.0
High minus median, basis points2.2All 139 since 29 January 201426 of 139112 of 1391.1

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 25 June 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250625_2.pdf. Compiled by 500metrics, "2-year FRN auction of 25 June 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-06-25.

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.