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2-year FRN auction of 28 April 2026 (new issue)

The 2-year FRN sold $33.776 billion at a high discount margin of 0.103% on , with a bid-to-cover ratio of 3.52.

Announced
Issued
Matures

Discount margin

0.103%

Median discount margin 0.094%

Bid-to-cover

3.52

▲ +0.74 since 25 Mar

Sold

$33.78 billion

$30 billion offered

Indirect bidders

65.7%

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 24 May 2023 to 28 April 2026; the latest at 0.103%.0.1%0.1%0.1%0.2%0.3%0.3%2023202420252026This auction, 0.103%Discount margin at the last 36 2-year FRN auctions36 auctions from 24 May 2023 to 28 April 2026; the latest at 0.103%.0.1%0.1%0.1%0.2%0.3%0.3%2024202520260.103%

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
0.1033.52
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.523.022 of 1210 of 12
High discount margin0.1030.15810 of 122 of 12
Indirect bidders' share65.763.44 of 128 of 12
Direct bidders' share0.00.810 of 120 of 12
Primary dealers' share34.334.97 of 125 of 12
High minus median, basis points0.91.711 of 121 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 65.7% of the competitive bids accepted

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

Indirect bidders took 65.7% of the competitive bids acceptedIndirect bidders 65.7%, Direct bidders 0.0%, Primary dealers 34.3%Indirect bidders65.7%50.9%Direct bidders0.0%0.0%Primary dealers34.3%49.1%Indirect bidders took 65.7% of the competitive bids acceptedIndirect bidders 65.7%, Direct bidders 0.0%, Primary dealers 34.3%Indirect bidders65.7%50.9%Direct bidders0.0%0.0%Primary dealers34.3%49.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.750.9
Direct bidders0.00.0
Primary dealers34.349.1

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$109,454,035,800
Sold$33,775,865,800
Competitive bids accepted$29,968,630,000
Non-competitive bids accepted$31,520,200
Federal Reserve (SOMA) add-on$3,775,715,600
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.103
Median rate, %0.094
Low rate, %0.040
Interest rate (coupon), %–
Spread, %0.103
Bids at the high rate filled, %10.51
Bid-to-cover ratio3.52
Indirect bidders accepted$19,693,020,000
Direct bidders accepted$0
Primary dealers accepted$10,275,610,000
Indirect bidders' share, % (ours)65.7
Direct bidders' share, % (ours)0.0
Primary dealers' share, % (ours)34.3
High minus median, basis points (ours)0.9

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 ratio3.52Last 24 auctions2 of 2422 of 242.96
Bid-to-cover ratio3.52All 149 since 29 January 201435 of 149114 of 1493.15
High discount margin0.103Last 24 auctions20 of 244 of 240.156
High discount margin0.103All 149 since 29 January 201476 of 14973 of 1490.109
Indirect bidders' share65.7Last 24 auctions10 of 2414 of 2464.8
Indirect bidders' share65.7All 149 since 29 January 201433 of 149116 of 14953.3
Direct bidders' share0.0Last 24 auctions22 of 240 of 240.9
Direct bidders' share0.0All 149 since 29 January 2014131 of 1490 of 1491.2
Primary dealers' share34.3Last 24 auctions11 of 2413 of 2434.2
Primary dealers' share34.3All 149 since 29 January 2014107 of 14942 of 14943.1
High minus median, basis points0.9Last 24 auctions22 of 241 of 241.7
High minus median, basis points0.9All 149 since 29 January 201491 of 14949 of 1491.1

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 28 April 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260428_1.pdf. Compiled by 500metrics, "2-year FRN auction of 28 April 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2026-04-28.

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.