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2-year FRN auction of 23 December 2025 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.139% on , with a bid-to-cover ratio of 3.75.

Announced
Issued
Matures

Discount margin

0.139%

Median discount margin 0.124%

Bid-to-cover

3.75

▲ +0.72 since 25 Nov

Sold

$28.00 billion

$28 billion offered

Indirect bidders

69.3%

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 25 January 2023 to 23 December 2025; the latest at 0.139%.0.1%0.1%0.1%0.2%0.3%0.3%202320242025This auction, 0.139%Discount margin at the last 36 2-year FRN auctions36 auctions from 25 January 2023 to 23 December 2025; the latest at 0.139%.0.1%0.1%0.1%0.2%0.3%0.3%202420250.139%

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
0.1393.75
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.752.960 of 1212 of 12
High discount margin0.1390.1589 of 123 of 12
Indirect bidders' share69.364.84 of 128 of 12
Direct bidders' share0.71.212 of 120 of 12
Primary dealers' share30.034.08 of 124 of 12
High minus median, basis points1.51.66 of 126 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 (41 auctions in between).
  • Direct bidders' share: Lowest for a 2-year FRN since 26 June 2024 (17 auctions in between).

Who bought the 2-year FRN?

Indirect bidders took 69.3% of the competitive bids accepted

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

Indirect bidders took 69.3% of the competitive bids acceptedIndirect bidders 69.3%, Direct bidders 0.7%, Primary dealers 30.0%Indirect bidders69.3%65.5%Direct bidders0.7%0.7%Primary dealers30.0%33.7%Indirect bidders took 69.3% of the competitive bids acceptedIndirect bidders 69.3%, Direct bidders 0.7%, Primary dealers 30.0%Indirect bidders69.3%65.5%Direct bidders0.7%0.7%Primary dealers30.0%33.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.365.5
Direct bidders0.70.7
Primary dealers30.033.7

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$105,102,894,500
Sold$28,000,004,500
Competitive bids accepted$27,987,110,000
Non-competitive bids accepted$12,894,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.139
Median rate, %0.124
Low rate, %0.090
Interest rate (coupon), %–
Spread, %0.190
Bids at the high rate filled, %13.58
Bid-to-cover ratio3.75
Indirect bidders accepted$19,381,740,000
Direct bidders accepted$200,000,000
Primary dealers accepted$8,405,370,000
Indirect bidders' share, % (ours)69.3
Direct bidders' share, % (ours)0.7
Primary dealers' share, % (ours)30.0
High minus median, basis points (ours)1.5

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 ratio3.75Last 24 auctions0 of 2424 of 242.96
Bid-to-cover ratio3.75All 145 since 29 January 201422 of 145122 of 1453.15
High discount margin0.139Last 24 auctions20 of 243 of 240.169
High discount margin0.139All 145 since 29 January 201463 of 14580 of 1450.109
Indirect bidders' share69.3Last 24 auctions8 of 2416 of 2464.8
Indirect bidders' share69.3All 145 since 29 January 201420 of 145125 of 14553.2
Direct bidders' share0.7Last 24 auctions19 of 245 of 240.9
Direct bidders' share0.7All 145 since 29 January 201499 of 14546 of 1451.3
Primary dealers' share30.0Last 24 auctions16 of 248 of 2434.2
Primary dealers' share30.0All 145 since 29 January 2014123 of 14522 of 14543.6
High minus median, basis points1.5Last 24 auctions13 of 2410 of 242.0
High minus median, basis points1.5All 145 since 29 January 201448 of 14590 of 1451.1

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 23 December 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251223_4.pdf. Compiled by 500metrics, "2-year FRN auction of 23 December 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-12-23.

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.