500metrics

Treasury auctions · 1-Year 11-Month FRN, reopening

2-year FRN auction of 29 May 2019 (reopening)

The 2-year FRN sold $19.891 billion at a high discount margin of 0.140% on , with a bid-to-cover ratio of 2.84.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 22 Jun 2016 to 29 May 2019
Discount margin at each 2-year FRN auction, 28 Jun 2017 to 29 May 2019

Bid-to-cover ratio at each 2-year FRN auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 2-year FRN auction, 22 Jun 2016 to 29 May 2019
Bid-to-cover ratio at each 2-year FRN auction, 28 Jun 2017 to 29 May 2019

Who bought the 2-year FRN of 29 May 2019

Shares of the competitive bids accepted

  • Indirect bidders 39.8%
  • Direct bidders 2.9%
  • Primary dealers 57.3%
This auction, 29 May 2019
  • Indirect bidders 38.5%
  • Direct bidders 1.3%
  • Primary dealers 60.2%
The 2-year FRN auction before, 24 Apr 2019

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 bidders39.8%
Inspect and compare dates
Discount margin and bid-to-cover of the last 36 2-year FRN auctions, newest first
AuctionDiscount margin, %Bid-to-cover
0.1402.84
0.1392.68
0.1803.78
0.1492.70
0.1152.89
0.1502.71
0.0502.62
0.0453.32
0.0503.06
0.0472.94
0.0432.79
0.0422.79
0.0283.26
0.0333.65
0.0492.78
0.0162.75
0.0003.38
0.0353.26
0.0353.69
0.0483.56
0.0553.46
0.0603.09
0.0603.32
0.0803.13
0.0502.99
0.0703.35
0.1093.43
0.1333.08
0.1403.16
0.1693.80
0.1693.32
0.1703.35
0.1803.09
0.1653.46
0.1743.82
0.1883.15

Observed .

Right now

The high discount margin was 0.140% on 29 May 2019, up from 0.139% at the auction before.

Higher than 45 of the 64 since 29 January 2014

Its own history

Against the previous 24 2-year FRN auctions, the discount margin was higher than 21 of the 24.

The indirect bidders' share was higher than 7 of them.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 39.8%
  • Direct bidders 2.9%
  • Primary dealers 57.3%

Size

Treasury sold $19.891 billion of the $18 billion offered.

Bids received came to $53.081 billion; the bid-to-cover ratio was 2.84.

Its bid-to-cover of 2.84 compares with the 24 auctions before it: lowest 2.62 on , highest 3.78 on ; 19.0% of the way from the low to the high.

2.84

Low 2.62 Midpoint 3.200 High 3.78

The security1-Year 11-Month, reopening

Announced
Issued
Matures

It adds to the debt that matures in April 2021.

Understanding this result

Where it stands today

The high discount margin was 0.140% at this 2-year FRN auction, the median discount margin 0.130% and a bid-to-cover ratio of 2.84.

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.

Read more

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
FieldValue
Offered as1-Year 11-Month, reopening
Offering amount$18,000,000,000
Bids received$53,081,157,700
Sold$19,890,932,700
Competitive bids accepted$17,991,775,000
Non-competitive bids accepted$8,293,600
Federal Reserve (SOMA) add-on$1,890,864,100
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.140
Median rate, %0.130
Low rate, %0.080
Interest rate (coupon), %–
Spread, %0.139
Bids at the high rate filled, %94.23
Bid-to-cover ratio2.84
Indirect bidders accepted$7,164,680,000
Direct bidders accepted$521,150,000
Primary dealers accepted$10,305,945,000
Indirect bidders' share, % (ours)39.8
Direct bidders' share, % (ours)2.9
Primary dealers' share, % (ours)57.3
High minus median, basis points (ours)1.0
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 2-year FRN
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.842.846 of 126 of 12
High discount margin0.1400.0503 of 129 of 12
Indirect bidders' share39.850.48 of 124 of 12
Direct bidders' share2.93.56 of 126 of 12
Primary dealers' share57.348.02 of 1210 of 12
High minus median, basis points1.01.05 of 124 of 12

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

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 ratio2.84Last 24 auctions16 of 248 of 243.08
Bid-to-cover ratio2.84All 64 since 29 January 201456 of 648 of 643.40
High discount margin0.140Last 24 auctions3 of 2421 of 240.050
High discount margin0.140All 64 since 29 January 201418 of 6445 of 640.075
Indirect bidders' share39.8Last 24 auctions17 of 247 of 2449.5
Indirect bidders' share39.8All 64 since 29 January 201444 of 6420 of 6446.6
Direct bidders' share2.9Last 24 auctions9 of 2415 of 241.0
Direct bidders' share2.9All 64 since 29 January 201425 of 6439 of 641.9
Primary dealers' share57.3Last 24 auctions5 of 2419 of 2448.5
Primary dealers' share57.3All 64 since 29 January 201418 of 6446 of 6450.5
High minus median, basis points1.0Last 24 auctions9 of 2411 of 241.0
High minus median, basis points1.0All 64 since 29 January 201424 of 6436 of 640.9

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 .

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, auction of 29 May 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190529_1.pdf. Compiled by 500metrics, "2-year FRN auction of 29 May 2019 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2019-05-29.

Page updated