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

The 2-year FRN sold $28 billion at a high discount margin of 0.115% on , with a bid-to-cover ratio of 2.78.

Announced
Issued
Matures

Discount margin

0.115%

Median discount margin 0.086%

Bid-to-cover

2.78

▼ −0.23 since 25 Feb

Sold

$28.00 billion

$28 billion offered

Indirect bidders

50.9%

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 April 2023 to 25 March 2026; the latest at 0.115%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420252026This auction, 0.115%Discount margin at the last 36 2-year FRN auctions36 auctions from 26 April 2023 to 25 March 2026; the latest at 0.115%.0.1%0.1%0.1%0.2%0.3%0.3%2024202520260.115%

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
0.1152.78
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.783.0211 of 121 of 12
High discount margin0.1150.1589 of 123 of 12
Indirect bidders' share50.963.810 of 122 of 12
Direct bidders' share0.00.911 of 120 of 12
Primary dealers' share49.134.62 of 1210 of 12
High minus median, basis points2.91.41 of 1211 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 50.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 25 February 2026

Indirect bidders took 50.9% of the competitive bids acceptedIndirect bidders 50.9%, Direct bidders 0.0%, Primary dealers 49.1%Indirect bidders50.9%57.8%Direct bidders0.0%0.7%Primary dealers49.1%41.5%Indirect bidders took 50.9% of the competitive bids acceptedIndirect bidders 50.9%, Direct bidders 0.0%, Primary dealers 49.1%Indirect bidders50.9%57.8%Direct bidders0.0%0.7%Primary dealers49.1%41.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders50.957.8
Direct bidders0.00.7
Primary dealers49.141.5

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$77,849,204,700
Sold$28,000,002,700
Competitive bids accepted$27,982,798,000
Non-competitive bids accepted$17,204,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.115
Median rate, %0.086
Low rate, %0.030
Interest rate (coupon), %–
Spread, %0.099
Bids at the high rate filled, %55.48
Bid-to-cover ratio2.78
Indirect bidders accepted$14,245,058,000
Direct bidders accepted$0
Primary dealers accepted$13,737,740,000
Indirect bidders' share, % (ours)50.9
Direct bidders' share, % (ours)0.0
Primary dealers' share, % (ours)49.1
High minus median, basis points (ours)2.9

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 ratio2.78Last 24 auctions21 of 243 of 243.00
Bid-to-cover ratio2.78All 148 since 29 January 2014128 of 14819 of 1483.16
High discount margin0.115Last 24 auctions19 of 245 of 240.158
High discount margin0.115All 148 since 29 January 201470 of 14877 of 1480.107
Indirect bidders' share50.9Last 24 auctions22 of 242 of 2464.8
Indirect bidders' share50.9All 148 since 29 January 201485 of 14863 of 14853.3
Direct bidders' share0.0Last 24 auctions23 of 240 of 240.9
Direct bidders' share0.0All 148 since 29 January 2014131 of 1480 of 1481.2
Primary dealers' share49.1Last 24 auctions2 of 2422 of 2434.2
Primary dealers' share49.1All 148 since 29 January 201453 of 14895 of 14843.0
High minus median, basis points2.9Last 24 auctions4 of 2420 of 241.7
High minus median, basis points2.9All 148 since 29 January 201420 of 148127 of 1481.1

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 March 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260325_2.pdf. Compiled by 500metrics, "2-year FRN auction of 25 March 2026 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2026-03-25.

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.