500metrics

All sources checked Checked

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

The 2-year FRN sold $31.723 billion at a high discount margin of 0.190% on , with a bid-to-cover ratio of 3.63.

Announced
Issued
Matures

Discount margin

0.190%

Median discount margin 0.180%

Bid-to-cover

3.63

▲ +0.48 since 24 Sep

Sold

$31.72 billion

$30 billion offered

Indirect bidders

63.6%

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 22 November 2022 to 29 October 2025; the latest at 0.190%.0.1%0.1%0.1%0.2%0.3%0.3%202320242025This auction, 0.190%Discount margin at the last 36 2-year FRN auctions36 auctions from 22 November 2022 to 29 October 2025; the latest at 0.190%.0.1%0.1%0.1%0.2%0.3%0.3%202420250.190%

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
0.1903.63
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.632.910 of 1212 of 12
High discount margin0.1900.1583 of 129 of 12
Indirect bidders' share63.667.98 of 124 of 12
Direct bidders' share1.50.95 of 127 of 12
Primary dealers' share34.930.84 of 128 of 12
High minus median, basis points1.02.010 of 121 of 12

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

  • Bid-to-cover ratio: Highest for a 2-year FRN since 14 July 2022 (39 auctions in between).

Who bought the 2-year FRN?

Indirect bidders took 63.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 24 September 2025

Indirect bidders took 63.6% of the competitive bids acceptedIndirect bidders 63.6%, Direct bidders 1.5%, Primary dealers 34.9%Indirect bidders63.6%70.2%Direct bidders1.5%0.9%Primary dealers34.9%28.9%Indirect bidders took 63.6% of the competitive bids acceptedIndirect bidders 63.6%, Direct bidders 1.5%, Primary dealers 34.9%Indirect bidders63.6%70.2%Direct bidders1.5%0.9%Primary dealers34.9%28.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.670.2
Direct bidders1.50.9
Primary dealers34.928.9

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$110,569,924,700
Sold$31,722,704,700
Competitive bids accepted$29,989,880,000
Non-competitive bids accepted$10,163,300
Federal Reserve (SOMA) add-on$1,722,661,400
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.190
Median rate, %0.180
Low rate, %0.100
Interest rate (coupon), %–
Spread, %0.190
Bids at the high rate filled, %21.80
Bid-to-cover ratio3.63
Indirect bidders accepted$19,085,380,000
Direct bidders accepted$450,000,000
Primary dealers accepted$10,454,500,000
Indirect bidders' share, % (ours)63.6
Direct bidders' share, % (ours)1.5
Primary dealers' share, % (ours)34.9
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 ratio3.63Last 24 auctions0 of 2424 of 242.95
Bid-to-cover ratio3.63All 143 since 29 January 201428 of 143114 of 1433.15
High discount margin0.190Last 24 auctions9 of 2414 of 240.170
High discount margin0.190All 143 since 29 January 201426 of 143114 of 1430.105
Indirect bidders' share63.6Last 24 auctions14 of 2410 of 2465.3
Indirect bidders' share63.6All 143 since 29 January 201438 of 143105 of 14352.9
Direct bidders' share1.5Last 24 auctions5 of 2419 of 240.9
Direct bidders' share1.5All 143 since 29 January 201461 of 14382 of 1431.3
Primary dealers' share34.9Last 24 auctions10 of 2414 of 2434.2
Primary dealers' share34.9All 143 since 29 January 2014102 of 14341 of 14344.1
High minus median, basis points1.0Last 24 auctions18 of 243 of 242.0
High minus median, basis points1.0All 143 since 29 January 201472 of 14358 of 1431.1

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 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251029_1.pdf. Compiled by 500metrics, "2-year FRN auction of 29 October 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2025-10-29.

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.