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2-year FRN auction of 27 August 2025 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.195% on , with a bid-to-cover ratio of 3.22.

Announced
Issued
Matures

Discount margin

0.195%

Median discount margin 0.190%

Bid-to-cover

3.22

▲ +0.41 since 29 Jul

Sold

$28.00 billion

$28 billion offered

Indirect bidders

77.9%

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 28 September 2022 to 27 August 2025; the latest at 0.195%.0.1%0.1%0.1%0.2%0.3%0.3%2022202320242025This auction, 0.195%Discount margin at the last 36 2-year FRN auctions36 auctions from 28 September 2022 to 27 August 2025; the latest at 0.195%.0.1%0.1%0.1%0.2%0.3%0.3%202420250.195%

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
0.1953.22
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.222.860 of 1212 of 12
High discount margin0.1950.1583 of 129 of 12
Indirect bidders' share77.963.60 of 1212 of 12
Direct bidders' share0.70.912 of 120 of 12
Primary dealers' share21.434.611 of 121 of 12
High minus median, basis points0.52.012 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 2-year FRN since 24 July 2024 (12 auctions in between).
  • Indirect bidders' share: Highest for a 2-year FRN since 24 January 2024 (18 auctions in between).
  • Direct bidders' share: Lowest for a 2-year FRN since 26 June 2024 (13 auctions in between).
  • High minus median, basis points: Lowest for a 2-year FRN since 23 March 2022 (41 auctions in between).

Who bought the 2-year FRN?

Indirect bidders took 77.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 29 July 2025

Indirect bidders took 77.9% of the competitive bids acceptedIndirect bidders 77.9%, Direct bidders 0.7%, Primary dealers 21.4%Indirect bidders77.9%59.7%Direct bidders0.7%0.8%Primary dealers21.4%39.4%Indirect bidders took 77.9% of the competitive bids acceptedIndirect bidders 77.9%, Direct bidders 0.7%, Primary dealers 21.4%Indirect bidders77.9%59.7%Direct bidders0.7%0.8%Primary dealers21.4%39.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.959.7
Direct bidders0.70.8
Primary dealers21.439.4

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$90,043,759,500
Sold$28,000,072,000
Competitive bids accepted$27,981,312,500
Non-competitive bids accepted$18,759,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.195
Median rate, %0.190
Low rate, %0.150
Interest rate (coupon), %–
Spread, %0.159
Bids at the high rate filled, %77.45
Bid-to-cover ratio3.22
Indirect bidders accepted$21,783,862,500
Direct bidders accepted$200,000,000
Primary dealers accepted$5,997,450,000
Indirect bidders' share, % (ours)77.9
Direct bidders' share, % (ours)0.7
Primary dealers' share, % (ours)21.4
High minus median, basis points (ours)0.5

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 ratio3.22Last 24 auctions6 of 2417 of 242.94
Bid-to-cover ratio3.22All 141 since 29 January 201463 of 14174 of 1413.15
High discount margin0.195Last 24 auctions7 of 2417 of 240.168
High discount margin0.195All 141 since 29 January 201424 of 141117 of 1410.098
Indirect bidders' share77.9Last 24 auctions1 of 2423 of 2464.6
Indirect bidders' share77.9All 141 since 29 January 20141 of 141140 of 14152.7
Direct bidders' share0.7Last 24 auctions16 of 248 of 240.9
Direct bidders' share0.7All 141 since 29 January 201495 of 14146 of 1411.3
Primary dealers' share21.4Last 24 auctions22 of 242 of 2434.2
Primary dealers' share21.4All 141 since 29 January 2014138 of 1413 of 14145.1
High minus median, basis points0.5Last 24 auctions24 of 240 of 242.0
High minus median, basis points0.5All 141 since 29 January 2014113 of 14115 of 1411.1

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 27 August 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250827_2.pdf. Compiled by 500metrics, "2-year FRN auction of 27 August 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-08-27.

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.