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Treasury auctions · 2-year FRN · highs and lows

What were the highest and lowest results at 2-year FRN auctions?

As of , the highest bid-to-cover ratio at a 2-year FRN auction since was 5.67 on and the lowest 2.42 on .

Last updated . This page normally updates every month; the latest update is late.

Bid-to-cover ratio

Highest 5.67 on ; lowest 2.42 on .

Data from .

Low 2.42 Midpoint 4.045 High 5.67

High discount margin

Highest 0.330% on ; lowest -0.075% on .

Data from .

Low −0.075% Midpoint 0.1275% High 0.330%

Indirect bidders' share

Highest 83.4% on ; lowest 16.3% on .

Data from .

Low 16.3% Midpoint 49.85% High 83.4%

Direct bidders' share

Highest 20.9% on ; lowest 0.0% at 23 auctions, the latest on .

Data from .

Low 0.0% Midpoint 10.45% High 20.9%

Primary dealers' share

Highest 78.4% on ; lowest 16.4% on .

Data from .

Low 16.4% Midpoint 47.40% High 78.4%

Amount offered

Largest $30 billion at 10 auctions, the latest on ; smallest $13 billion at 32 auctions, the latest on .

Data from .

Low $13 billion Midpoint $21.5 billion High $30 billion

The numbers behind the chart

What were the highest and lowest of every measure?With the latest day and how many auctions share each
MeasureHighestLatest dayAuctions at itLowestLatest dayAuctions at it
Bid-to-cover ratio5.6712.421
High discount margin0.330%1-0.075%1
Indirect bidders' share83.4%116.3%1
Direct bidders' share20.9%10.0%23
Primary dealers' share78.4%116.4%1
Amount offered$30 billion10$13 billion32

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

Which auctions share a high or a low?Equal as printed

Two auctions share a value when it prints the same: a ratio to two places, a rate to three, a share to one decimal, an amount to the dollar.

What do the figures leave out, and how are they cited?Limits, dates and how to cite

Auctions of exactly twenty-five million dollars, taken only by primary dealers, are left out of these comparisons.

The amount offered is compared across new issues and reopenings here: this page lists the largest and smallest amounts, not a run of like with like. Single auctions have their own pages where Treasury published the bidder amounts; a bill auction has none.

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 to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 23 September 2026. Compiled by 500metrics, "What were the highest and lowest results at 2-year FRN auctions?", https://500metrics.com/treasury/auctions/2-year-frn/records.

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