Treasury auctions · 1-Year 10-Month FRN, reopening
2-year FRN auction of 23 December 2014 (reopening)
The 2-year FRN sold $13 billion at a high discount margin of 0.110% on , with a bid-to-cover ratio of 2.90.
Discount margin at each 2-year FRN auction
Bid-to-cover ratio at each 2-year FRN auction
Who bought the 2-year FRN of 23 Dec 2014
- Indirect bidders 24.7%
- Direct bidders 5.2%
- Primary dealers 70.1%
- Indirect bidders 51.8%
- Direct bidders 5.4%
- Primary dealers 42.8%
Each point is one 2-year FRN auction, this one last; pointing at the chart shows its date and figures.
Select a line to followLatest:
- Indirect bidders24.7%
Inspect and compare dates
| Auction | Discount margin, % | Bid-to-cover |
|---|---|---|
| 0.110 | 2.90 | |
| 0.068 | 4.00 | |
| 0.053 | 3.58 | |
| 0.041 | 4.45 | |
| 0.055 | 4.38 | |
| 0.070 | 4.09 | |
| 0.069 | 4.43 | |
| 0.063 | 4.69 | |
| 0.069 | 4.64 | |
| 0.069 | 4.67 | |
| 0.064 | 5.29 | |
| 0.045 | 5.67 |
Observed .
Right now
The high discount margin of 0.110% on 23 December 2014 was the highest of every 2-year FRN auction shown, back to 29 January 2014.
Its own history
Against all 11 earlier 2-year FRN auctions we hold, the discount margin, the primary dealers' share and the high minus median were higher than all 11.
The bid-to-cover ratio and the indirect bidders' share were lower than all 11.
Who bought
Primary dealers took the largest share of the competitive bids accepted.
- Indirect bidders 24.7%
- Direct bidders 5.2%
- Primary dealers 70.1%
Size
Treasury sold $13 billion of the $13 billion offered.
Bids received came to $37.658 billion; the bid-to-cover ratio was 2.90.
Its bid-to-cover of 2.90 compares with the 11 auctions before it: lowest 2.90 on , highest 5.67 on ; 0.0% of the way from the low to the high.
Low 2.90 Midpoint 4.285 High 5.67
The security1-Year 10-Month, reopening
- Announced
- Issued
- Matures
It adds to the debt that matures in October 2016.
Understanding this result
Where it stands today
The high discount margin was 0.110% at this 2-year FRN auction, the median discount margin 0.092% and a bid-to-cover ratio of 2.90.
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
What did Treasury publish for this auction?Every field, to the dollar
| Field | Value |
|---|---|
| Offered as | 1-Year 10-Month, reopening |
| Offering amount | $13,000,000,000 |
| Bids received | $37,658,143,200 |
| Sold | $13,000,223,200 |
| Competitive bids accepted | $12,994,430,000 |
| Non-competitive bids accepted | $5,793,200 |
| Federal Reserve (SOMA) add-on | $0 |
| Foreign and international (FIMA) non-competitive | $0 |
| Discount margin, % | 0.110 |
| Median rate, % | 0.092 |
| Low rate, % | 0.065 |
| Interest rate (coupon), % | – |
| Spread, % | 0.053 |
| Bids at the high rate filled, % | 30.24 |
| Bid-to-cover ratio | 2.90 |
| Indirect bidders accepted | $3,207,350,000 |
| Direct bidders accepted | $680,240,000 |
| Primary dealers accepted | $9,106,840,000 |
| Indirect bidders' share, % (ours) | 24.7 |
| Direct bidders' share, % (ours) | 5.2 |
| Primary dealers' share, % (ours) | 70.1 |
| High minus median, basis points (ours) | 1.8 |
How does it compare with earlier auctions?Every window
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 2.90 | 4.45 | 11 of 11 | 0 of 11 |
| High discount margin | 0.110 | 0.064 | 0 of 11 | 11 of 11 |
| Indirect bidders' share | 24.7 | 41.7 | 11 of 11 | 0 of 11 |
| Direct bidders' share | 5.2 | 4.8 | 4 of 11 | 7 of 11 |
| Primary dealers' share | 70.1 | 50.2 | 0 of 11 | 11 of 11 |
| High minus median, basis points | 1.8 | 0.3 | 0 of 11 | 11 of 11 |
The table scrolls sideways; the first column stays in place.
When are the figures from, and how are they cited?Dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 23 December 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20141223_1.pdf. Compiled by 500metrics, "2-year FRN auction of 23 December 2014 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2014-12-23.
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