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2-year FRN auction of 29 July 2026 (new issue)

The 2-year FRN sold $33.317 billion at a high discount margin of 0.050% on , with a bid-to-cover ratio of 3.37.

Announced
Issued
Matures

Discount margin

0.050%

Median discount margin 0.034%

Bid-to-cover

3.37

▲ +0.38 since 24 Jun

Sold

$33.32 billion

$30 billion offered

Indirect bidders

63.2%

Of competitive bids accepted

The high discount margin was the lowest for a 2-year FRN since 27 July 2022

Discount margin at each 2-year FRN auction, %

The high discount margin was the lowest for a 2-year FRN since 27 July 202236 auctions from 23 August 2023 to 29 July 2026; the latest at 0.050%.0.0%0.1%0.2%0.3%2023202420252026This auction, 0.050%The high discount margin was the lowest for a 2-year FRN since 27 July 202236 auctions from 23 August 2023 to 29 July 2026; the latest at 0.050%.0.0%0.1%0.2%0.3%2024202520260.050%

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
0.0503.37
0.0792.99
0.0893.49
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.373.164 of 128 of 12
High discount margin0.0500.12712 of 120 of 12
Indirect bidders' share63.265.79 of 123 of 12
Direct bidders' share0.00.78 of 124 of 12
Primary dealers' share36.834.03 of 129 of 12
High minus median, basis points1.61.23 of 129 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 63.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 24 June 2026

Indirect bidders took 63.2% of the competitive bids acceptedIndirect bidders 63.2%, Direct bidders 0.0%, Primary dealers 36.8%Indirect bidders63.2%66.7%Direct bidders0.0%0.0%Primary dealers36.8%33.3%Indirect bidders took 63.2% of the competitive bids acceptedIndirect bidders 63.2%, Direct bidders 0.0%, Primary dealers 36.8%Indirect bidders63.2%66.7%Direct bidders0.0%0.0%Primary dealers36.8%33.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.266.7
Direct bidders0.00.0
Primary dealers36.833.3

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$104,315,845,400
Sold$33,317,226,800
Competitive bids accepted$29,962,331,400
Non-competitive bids accepted$38,061,400
Federal Reserve (SOMA) add-on$3,316,834,000
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.050
Median rate, %0.034
Low rate, %0.010
Interest rate (coupon), %–
Spread, %0.050
Bids at the high rate filled, %81.82
Bid-to-cover ratio3.37
Indirect bidders accepted$18,943,313,200
Direct bidders accepted$818,200
Primary dealers accepted$11,018,200,000
Indirect bidders' share, % (ours)63.2
Direct bidders' share, % (ours)0.0
Primary dealers' share, % (ours)36.8
High minus median, basis points (ours)1.6

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 ratio3.37Last 24 auctions4 of 2420 of 242.98
Bid-to-cover ratio3.37All 152 since 29 January 201449 of 152103 of 1523.16
High discount margin0.050Last 24 auctions24 of 240 of 240.150
High discount margin0.050All 152 since 29 January 2014115 of 15234 of 1520.104
Indirect bidders' share63.2Last 24 auctions16 of 248 of 2465.7
Indirect bidders' share63.2All 152 since 29 January 201446 of 152106 of 15253.4
Direct bidders' share0.0Last 24 auctions20 of 244 of 240.9
Direct bidders' share0.0All 152 since 29 January 2014131 of 15221 of 1521.1
Primary dealers' share36.8Last 24 auctions7 of 2417 of 2434.0
Primary dealers' share36.8All 152 since 29 January 201498 of 15254 of 15242.7
High minus median, basis points1.6Last 24 auctions11 of 2413 of 241.5
High minus median, basis points1.6All 152 since 29 January 201449 of 152102 of 1521.1

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 29 July 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260729_1.pdf. Compiled by 500metrics, "2-year FRN auction of 29 July 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2026-07-29.

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.