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2-year FRN auction of 24 September 2025 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.200% on , with a bid-to-cover ratio of 3.15.

Announced
Issued
Matures

Discount margin

0.200%

Median discount margin 0.190%

Bid-to-cover

3.15

▼ −0.07 since 27 Aug

Sold

$28.00 billion

$28 billion offered

Indirect bidders

70.2%

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 26 October 2022 to 24 September 2025; the latest at 0.200%.0.1%0.1%0.1%0.2%0.3%0.3%2022202320242025This auction, 0.200%Discount margin at the last 36 2-year FRN auctions36 auctions from 26 October 2022 to 24 September 2025; the latest at 0.200%.0.1%0.1%0.1%0.2%0.3%0.3%202420250.200%

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
0.2003.15
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.152.861 of 1211 of 12
High discount margin0.2000.1582 of 1210 of 12
Indirect bidders' share70.265.14 of 128 of 12
Direct bidders' share0.90.95 of 127 of 12
Primary dealers' share28.933.28 of 124 of 12
High minus median, basis points1.02.011 of 121 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 70.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 27 August 2025

Indirect bidders took 70.2% of the competitive bids acceptedIndirect bidders 70.2%, Direct bidders 0.9%, Primary dealers 28.9%Indirect bidders70.2%77.9%Direct bidders0.9%0.7%Primary dealers28.9%21.4%Indirect bidders took 70.2% of the competitive bids acceptedIndirect bidders 70.2%, Direct bidders 0.9%, Primary dealers 28.9%Indirect bidders70.2%77.9%Direct bidders0.9%0.7%Primary dealers28.9%21.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.277.9
Direct bidders0.90.7
Primary dealers28.921.4

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$88,272,743,600
Sold$28,000,093,600
Competitive bids accepted$27,969,350,000
Non-competitive bids accepted$30,743,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.200
Median rate, %0.190
Low rate, %0.150
Interest rate (coupon), %–
Spread, %0.159
Bids at the high rate filled, %44.42
Bid-to-cover ratio3.15
Indirect bidders accepted$19,643,465,000
Direct bidders accepted$250,000,000
Primary dealers accepted$8,075,885,000
Indirect bidders' share, % (ours)70.2
Direct bidders' share, % (ours)0.9
Primary dealers' share, % (ours)28.9
High minus median, basis points (ours)1.0

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 ratio3.15Last 24 auctions8 of 2416 of 242.95
Bid-to-cover ratio3.15All 142 since 29 January 201471 of 14270 of 1423.16
High discount margin0.200Last 24 auctions5 of 2417 of 240.170
High discount margin0.200All 142 since 29 January 201421 of 142118 of 1420.102
Indirect bidders' share70.2Last 24 auctions7 of 2417 of 2465.3
Indirect bidders' share70.2All 142 since 29 January 201416 of 142126 of 14252.8
Direct bidders' share0.9Last 24 auctions6 of 2418 of 240.9
Direct bidders' share0.9All 142 since 29 January 201481 of 14261 of 1421.3
Primary dealers' share28.9Last 24 auctions17 of 247 of 2434.2
Primary dealers' share28.9All 142 since 29 January 2014125 of 14217 of 14244.6
High minus median, basis points1.0Last 24 auctions19 of 243 of 242.0
High minus median, basis points1.0All 142 since 29 January 201472 of 14258 of 1421.1

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 24 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250924_1.pdf. Compiled by 500metrics, "2-year FRN auction of 24 September 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-09-24.

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.