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2-year FRN auction of 26 August 2026 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.055% on , with a bid-to-cover ratio of 3.14.

Announced
Issued
Matures

Discount margin

0.055%

Median discount margin 0.045%

Bid-to-cover

3.14

▼ −0.23 since 29 Jul

Sold

$28.00 billion

$28 billion offered

Indirect bidders

66.6%

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 27 September 2023 to 26 August 2026; the latest at 0.055%.0.0%0.1%0.2%0.3%2023202420252026This auction, 0.055%Discount margin at the last 36 2-year FRN auctions36 auctions from 27 September 2023 to 26 August 2026; the latest at 0.055%.0.0%0.1%0.2%0.3%202520260.055%

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
0.0553.14
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

Against its own history

Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.143.198 of 124 of 12
High discount margin0.0550.10911 of 121 of 12
Indirect bidders' share66.665.75 of 127 of 12
Direct bidders' share0.40.77 of 125 of 12
Primary dealers' share33.134.08 of 124 of 12
High minus median, basis points1.01.26 of 123 of 12

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

Who bought the 2-year FRN?

Indirect bidders took 66.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year FRN auction, 29 July 2026

Indirect bidders took 66.6% of the competitive bids acceptedIndirect bidders 66.6%, Direct bidders 0.4%, Primary dealers 33.1%Indirect bidders66.6%63.2%Direct bidders0.4%0.0%Primary dealers33.1%36.8%Indirect bidders took 66.6% of the competitive bids acceptedIndirect bidders 66.6%, Direct bidders 0.4%, Primary dealers 33.1%Indirect bidders66.6%63.2%Direct bidders0.4%0.0%Primary dealers33.1%36.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.663.2
Direct bidders0.40.0
Primary dealers33.136.8

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$87,920,696,500
Sold$28,000,010,700
Competitive bids accepted$27,986,314,200
Non-competitive bids accepted$13,696,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.055
Median rate, %0.045
Low rate, %0.010
Interest rate (coupon), %–
Spread, %0.050
Bids at the high rate filled, %79.14
Bid-to-cover ratio3.14
Indirect bidders accepted$18,627,453,000
Direct bidders accepted$100,000,000
Primary dealers accepted$9,258,861,200
Indirect bidders' share, % (ours)66.6
Direct bidders' share, % (ours)0.4
Primary dealers' share, % (ours)33.1
High minus median, basis points (ours)1.0

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 ratio3.14Last 24 auctions8 of 2416 of 242.98
Bid-to-cover ratio3.14All 153 since 29 January 201479 of 15374 of 1533.16
High discount margin0.055Last 24 auctions23 of 241 of 240.142
High discount margin0.055All 153 since 29 January 2014108 of 15340 of 1530.103
Indirect bidders' share66.6Last 24 auctions9 of 2415 of 2465.6
Indirect bidders' share66.6All 153 since 29 January 201431 of 153122 of 15353.5
Direct bidders' share0.4Last 24 auctions19 of 245 of 240.9
Direct bidders' share0.4All 153 since 29 January 2014115 of 15338 of 1531.1
Primary dealers' share33.1Last 24 auctions15 of 249 of 2434.2
Primary dealers' share33.1All 153 since 29 January 2014119 of 15334 of 15342.7
High minus median, basis points1.0Last 24 auctions18 of 243 of 241.6
High minus median, basis points1.0All 153 since 29 January 201478 of 15360 of 1531.1

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 26 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260826_2.pdf. Compiled by 500metrics, "2-year FRN auction of 26 August 2026 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2026-08-26.

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.