Treasury auctions · 2-year FRN
How did the latest 2-year FRN auction go?
The last 2-year FRN auction, on , sold at a high discount margin of 0.040% with a bid-to-cover of 2.63.
Discount margin at each 2-year FRN auction
Bid-to-cover ratio at each 2-year FRN auction
Who bought each 2-year FRN auction: shares of the competitive bids accepted
The linesLatest:
- Indirect bidders59.1%
- Direct bidders0.0%
- Primary dealers40.9%
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
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Inspect and compare dates
The latest 2-year FRN auction beside the one before it and the nearest ones a year, five and ten years earlier.
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The high discount margin of 0.040% on 23 September 2026 was the lowest for a 2-year FRN since 27 July 2022.
The bid-to-cover ratio of 2.63 was the lowest for a 2-year FRN since 23 August 2023, with 36 auctions in between.
The high minus median of 3.0 basis points was the highest for a 2-year FRN since 23 April 2025, with 16 auctions in between.
Its own history
Against the previous 24 2-year FRN auctions, the bid-to-cover ratio and the discount margin were lower than all 24.
The high minus median was higher than 22 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted at the 23 Sep 2026 auction.
- Indirect bidders 59.1%
- Direct bidders 0.0%
- Primary dealers 40.9%
Size
Treasury offered $28 billion and sold $28 billion on 23 Sep 2026.
Next
Treasury has announced no 2-year FRN auction yet; its tentative schedule names these dates.
- Tentative
- Tentative
- Tentative
- Tentative
Understanding the 2-year FRN auction
Where it stands today
The high discount margin was 0.040% at the 2-year FRN auction of , with a bid-to-cover ratio of 2.63.
What do these figures measure?
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.
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What these figures cannot tell
- 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 numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
- Bid-to-cover ratio: Lowest for a 2-year FRN since 23 August 2023 (36 auctions in between).
- High discount margin: Lowest for a 2-year FRN since 27 July 2022 (49 auctions in between).
- High minus median, basis points: Highest for a 2-year FRN since 23 April 2025 (16 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.63 | Last 12 auctions | 12 of 12 | 0 of 12 | 3.16 |
| Bid-to-cover ratio | 2.63 | Last 24 auctions | 24 of 24 | 0 of 24 | 3.00 |
| Bid-to-cover ratio | 2.63 | All 154 since 29 January 2014 | 145 of 154 | 9 of 154 | 3.16 |
| High discount margin | 0.040 | Last 12 auctions | 12 of 12 | 0 of 12 | 0.101 |
| High discount margin | 0.040 | Last 24 auctions | 24 of 24 | 0 of 24 | 0.140 |
| High discount margin | 0.040 | All 154 since 29 January 2014 | 130 of 154 | 24 of 154 | 0.101 |
| Indirect bidders' share | 59.1 | Last 12 auctions | 10 of 12 | 2 of 12 | 65.7 |
| Indirect bidders' share | 59.1 | Last 24 auctions | 19 of 24 | 5 of 24 | 65.7 |
| Indirect bidders' share | 59.1 | All 154 since 29 January 2014 | 65 of 154 | 89 of 154 | 53.9 |
| Direct bidders' share | 0.0 | Last 12 auctions | 8 of 12 | 0 of 12 | 0.5 |
| Direct bidders' share | 0.0 | Last 24 auctions | 20 of 24 | 0 of 24 | 0.8 |
| Direct bidders' share | 0.0 | All 154 since 29 January 2014 | 134 of 154 | 0 of 154 | 1.1 |
| Primary dealers' share | 40.9 | Last 12 auctions | 2 of 12 | 10 of 12 | 34.0 |
| Primary dealers' share | 40.9 | Last 24 auctions | 5 of 24 | 19 of 24 | 34.0 |
| Primary dealers' share | 40.9 | All 154 since 29 January 2014 | 86 of 154 | 68 of 154 | 42.7 |
| High minus median, basis points | 3.0 | Last 12 auctions | 0 of 12 | 12 of 12 | 1.2 |
| High minus median, basis points | 3.0 | Last 24 auctions | 1 of 24 | 22 of 24 | 1.5 |
| High minus median, basis points | 3.0 | All 154 since 29 January 2014 | 13 of 154 | 134 of 154 | 1.1 |
The table scrolls sideways; the first column stays in place.
What were the results of every 2-year FRN auction?155 auctions, newest first
155 2-year FRN auctions with results since 29 January 2014.
Show 143 more rows
The table scrolls sideways; the first column stays in place.
When are the next 2-year FRN auctions?Treasury's tentative schedule, from its quarterly refunding
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| Reopening | |||
| Reopening | |||
| New issue |
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
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, "How did the latest 2-year FRN auction go?", https://500metrics.com/treasury/auctions/2-year-frn.
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