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

The 2-year FRN sold $28 billion at a high discount margin of 0.168% on , with a bid-to-cover ratio of 3.03.

Announced
Issued
Matures

Discount margin

0.168%

Median discount margin 0.155%

Bid-to-cover

3.03

▼ −0.60 since 29 Oct

Sold

$28.00 billion

$28 billion offered

Indirect bidders

65.5%

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 December 2022 to 25 November 2025; the latest at 0.168%.0.1%0.1%0.1%0.2%0.3%0.3%202320242025This auction, 0.168%Discount margin at the last 36 2-year FRN auctions36 auctions from 28 December 2022 to 25 November 2025; the latest at 0.168%.0.1%0.1%0.1%0.2%0.3%0.3%202420250.168%

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
0.1683.03
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.032.913 of 129 of 12
High discount margin0.1680.1584 of 128 of 12
Indirect bidders' share65.565.16 of 126 of 12
Direct bidders' share0.71.211 of 121 of 12
Primary dealers' share33.733.26 of 126 of 12
High minus median, basis points1.32.07 of 124 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 65.5% of the competitive bids accepted

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

Indirect bidders took 65.5% of the competitive bids acceptedIndirect bidders 65.5%, Direct bidders 0.7%, Primary dealers 33.7%Indirect bidders65.5%63.6%Direct bidders0.7%1.5%Primary dealers33.7%34.9%Indirect bidders took 65.5% of the competitive bids acceptedIndirect bidders 65.5%, Direct bidders 0.7%, Primary dealers 33.7%Indirect bidders65.5%63.6%Direct bidders0.7%1.5%Primary dealers33.7%34.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.563.6
Direct bidders0.71.5
Primary dealers33.734.9

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$84,957,077,700
Sold$28,000,017,700
Competitive bids accepted$27,980,440,000
Non-competitive bids accepted$19,577,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.168
Median rate, %0.155
Low rate, %0.105
Interest rate (coupon), %–
Spread, %0.190
Bids at the high rate filled, %96.56
Bid-to-cover ratio3.03
Indirect bidders accepted$18,337,640,000
Direct bidders accepted$200,000,000
Primary dealers accepted$9,442,800,000
Indirect bidders' share, % (ours)65.5
Direct bidders' share, % (ours)0.7
Primary dealers' share, % (ours)33.7
High minus median, basis points (ours)1.3

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 ratio3.03Last 24 auctions8 of 2416 of 242.95
Bid-to-cover ratio3.03All 144 since 29 January 201486 of 14457 of 1443.16
High discount margin0.168Last 24 auctions13 of 2411 of 240.176
High discount margin0.168All 144 since 29 January 201444 of 14499 of 1440.107
Indirect bidders' share65.5Last 24 auctions10 of 2414 of 2464.6
Indirect bidders' share65.5All 144 since 29 January 201433 of 144111 of 14453.0
Direct bidders' share0.7Last 24 auctions17 of 247 of 240.9
Direct bidders' share0.7All 144 since 29 January 201497 of 14447 of 1441.3
Primary dealers' share33.7Last 24 auctions15 of 249 of 2434.2
Primary dealers' share33.7All 144 since 29 January 2014110 of 14434 of 14443.9
High minus median, basis points1.3Last 24 auctions16 of 247 of 242.0
High minus median, basis points1.3All 144 since 29 January 201458 of 14479 of 1441.0

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 November 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251125_3.pdf. Compiled by 500metrics, "2-year FRN auction of 25 November 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-11-25.

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.