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2-year FRN auction of 29 July 2025 (new issue)

The 2-year FRN sold $32.043 billion at a high discount margin of 0.159% on , with a bid-to-cover ratio of 2.81.

Announced
Issued
Matures

Discount margin

0.159%

Median discount margin 0.140%

Bid-to-cover

2.81

▲ +0.02 since 25 Jun

Sold

$32.04 billion

$30 billion offered

Indirect bidders

59.7%

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 24 August 2022 to 29 July 2025; the latest at 0.159%.0.1%0.1%0.1%0.2%0.3%0.3%2022202320242025This auction, 0.159%Discount margin at the last 36 2-year FRN auctions36 auctions from 24 August 2022 to 29 July 2025; the latest at 0.159%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420250.159%

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
0.1592.81
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.812.868 of 124 of 12
High discount margin0.1590.1586 of 126 of 12
Indirect bidders' share59.765.19 of 123 of 12
Direct bidders' share0.80.912 of 120 of 12
Primary dealers' share39.433.23 of 129 of 12
High minus median, basis points1.92.08 of 124 of 12

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

  • Direct bidders' share: Lowest for a 2-year FRN since 26 June 2024 (12 auctions in between).

Who bought the 2-year FRN?

Indirect bidders took 59.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 25 June 2025

Indirect bidders took 59.7% of the competitive bids acceptedIndirect bidders 59.7%, Direct bidders 0.8%, Primary dealers 39.4%Indirect bidders59.7%45.6%Direct bidders0.8%0.9%Primary dealers39.4%53.5%Indirect bidders took 59.7% of the competitive bids acceptedIndirect bidders 59.7%, Direct bidders 0.8%, Primary dealers 39.4%Indirect bidders59.7%45.6%Direct bidders0.8%0.9%Primary dealers39.4%53.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.745.6
Direct bidders0.80.9
Primary dealers39.453.5

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$86,417,876,500
Sold$32,042,881,500
Competitive bids accepted$29,975,005,000
Non-competitive bids accepted$24,997,000
Federal Reserve (SOMA) add-on$2,042,879,500
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.159
Median rate, %0.140
Low rate, %0.090
Interest rate (coupon), %–
Spread, %0.159
Bids at the high rate filled, %33.43
Bid-to-cover ratio2.81
Indirect bidders accepted$17,903,000,000
Direct bidders accepted$250,000,000
Primary dealers accepted$11,822,005,000
Indirect bidders' share, % (ours)59.7
Direct bidders' share, % (ours)0.8
Primary dealers' share, % (ours)39.4
High minus median, basis points (ours)1.9

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 ratio2.81Last 24 auctions18 of 246 of 242.94
Bid-to-cover ratio2.81All 140 since 29 January 2014115 of 14025 of 1403.16
High discount margin0.159Last 24 auctions14 of 2410 of 240.168
High discount margin0.159All 140 since 29 January 201447 of 14093 of 1400.098
Indirect bidders' share59.7Last 24 auctions18 of 246 of 2464.6
Indirect bidders' share59.7All 140 since 29 January 201449 of 14091 of 14052.4
Direct bidders' share0.8Last 24 auctions15 of 249 of 240.9
Direct bidders' share0.8All 140 since 29 January 201491 of 14049 of 1401.3
Primary dealers' share39.4Last 24 auctions6 of 2418 of 2434.2
Primary dealers' share39.4All 140 since 29 January 201485 of 14055 of 14045.5
High minus median, basis points1.9Last 24 auctions15 of 249 of 242.0
High minus median, basis points1.9All 140 since 29 January 201441 of 14096 of 1401.1

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 29 July 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250729_2.pdf. Compiled by 500metrics, "2-year FRN auction of 29 July 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2025-07-29.

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.