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2-year FRN auction of 25 February 2026 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.099% on , with a bid-to-cover ratio of 3.01.

Announced
Issued
Matures

Discount margin

0.099%

Median discount margin 0.080%

Bid-to-cover

3.01

▼ −0.15 since 28 Jan

Sold

$28.00 billion

$28 billion offered

Indirect bidders

57.8%

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 29 March 2023 to 25 February 2026; the latest at 0.099%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420252026This auction, 0.099%Discount margin at the last 36 2-year FRN auctions36 auctions from 29 March 2023 to 25 February 2026; the latest at 0.099%.0.1%0.1%0.1%0.2%0.3%0.3%2024202520260.099%

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
0.0993.01
0.0993.16
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.012.996 of 126 of 12
High discount margin0.0990.15810 of 121 of 12
Indirect bidders' share57.864.810 of 122 of 12
Direct bidders' share0.70.910 of 122 of 12
Primary dealers' share41.534.22 of 1210 of 12
High minus median, basis points1.91.44 of 127 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 57.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 28 January 2026

Indirect bidders took 57.8% of the competitive bids acceptedIndirect bidders 57.8%, Direct bidders 0.7%, Primary dealers 41.5%Indirect bidders57.8%65.7%Direct bidders0.7%0.0%Primary dealers41.5%34.3%Indirect bidders took 57.8% of the competitive bids acceptedIndirect bidders 57.8%, Direct bidders 0.7%, Primary dealers 41.5%Indirect bidders57.8%65.7%Direct bidders0.7%0.0%Primary dealers41.5%34.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.865.7
Direct bidders0.70.0
Primary dealers41.534.3

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$84,153,426,600
Sold$28,000,124,100
Competitive bids accepted$27,982,697,500
Non-competitive bids accepted$17,426,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.099
Median rate, %0.080
Low rate, %0.050
Interest rate (coupon), %–
Spread, %0.099
Bids at the high rate filled, %71.39
Bid-to-cover ratio3.01
Indirect bidders accepted$16,161,847,500
Direct bidders accepted$200,000,000
Primary dealers accepted$11,620,850,000
Indirect bidders' share, % (ours)57.8
Direct bidders' share, % (ours)0.7
Primary dealers' share, % (ours)41.5
High minus median, basis points (ours)1.9

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 ratio3.01Last 24 auctions10 of 2413 of 242.98
Bid-to-cover ratio3.01All 147 since 29 January 201491 of 14755 of 1473.16
High discount margin0.099Last 24 auctions21 of 242 of 240.160
High discount margin0.099All 147 since 29 January 201475 of 14771 of 1470.109
Indirect bidders' share57.8Last 24 auctions21 of 243 of 2465.5
Indirect bidders' share57.8All 147 since 29 January 201461 of 14786 of 14753.3
Direct bidders' share0.7Last 24 auctions19 of 245 of 240.9
Direct bidders' share0.7All 147 since 29 January 201499 of 14748 of 1471.2
Primary dealers' share41.5Last 24 auctions3 of 2421 of 2434.2
Primary dealers' share41.5All 147 since 29 January 201482 of 14765 of 14743.1
High minus median, basis points1.9Last 24 auctions11 of 2412 of 241.7
High minus median, basis points1.9All 147 since 29 January 201441 of 147102 of 1471.1

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 25 February 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260225_1.pdf. Compiled by 500metrics, "2-year FRN auction of 25 February 2026 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2026-02-25.

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.