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Treasury auctions · 1-Year 10-Month FRN, reopening

2-year FRN auction of 26 June 2019 (reopening)

The 2-year FRN sold $18 billion at a high discount margin of 0.210% on , with a bid-to-cover ratio of 3.36.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 27 Jul 2016 to 26 Jun 2019
Discount margin at each 2-year FRN auction, 28 Jun 2017 to 26 Jun 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, 27 Jul 2016 to 26 Jun 2019
Bid-to-cover ratio at each 2-year FRN auction, 28 Jun 2017 to 26 Jun 2019

Who bought the 2-year FRN of 26 Jun 2019

Shares of the competitive bids accepted

  • Indirect bidders 68.2%
  • Direct bidders 0.3%
  • Primary dealers 31.5%
This auction, 26 Jun 2019
  • Indirect bidders 39.8%
  • Direct bidders 2.9%
  • Primary dealers 57.3%
The 2-year FRN auction before, 29 May 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 bidders68.2%
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
0.2103.36
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

Observed .

Right now

The high discount margin of 0.210% on 26 June 2019 was the highest for a 2-year FRN since 23 March 2016.

The indirect bidders' share of 68.2% was the highest for a 2-year FRN since 25 March 2015, with 50 auctions in between.

The primary dealers' share of 31.5% was the lowest for a 2-year FRN since 25 March 2015, with 50 auctions in between.

Higher than 60 of the 65 since 29 January 2014

Its own history

Against the previous 24 2-year FRN auctions, the discount margin and the indirect bidders' share were higher than all 24.

The primary dealers' share was lower than all 24.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 68.2%
  • Direct bidders 0.3%
  • Primary dealers 31.5%

Size

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

Bids received came to $60.473 billion; the bid-to-cover ratio was 3.36.

Its bid-to-cover of 3.36 compares with the 24 auctions before it: lowest 2.62 on , highest 3.78 on ; 63.8% of the way from the low to the high.

3.36

Low 2.62 Midpoint 3.200 High 3.78

The security1-Year 10-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 0.210% at this 2-year FRN auction, the median discount margin 0.200% and a bid-to-cover ratio of 3.36.

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 10-Month, reopening
Offering amount$18,000,000,000
Bids received$60,473,300,600
Sold$18,000,075,100
Competitive bids accepted$17,990,274,500
Non-competitive bids accepted$9,800,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.210
Median rate, %0.200
Low rate, %0.170
Interest rate (coupon), %–
Spread, %0.139
Bids at the high rate filled, %33.59
Bid-to-cover ratio3.36
Indirect bidders accepted$12,274,745,000
Direct bidders accepted$50,000,000
Primary dealers accepted$5,665,529,500
Indirect bidders' share, % (ours)68.2
Direct bidders' share, % (ours)0.3
Primary dealers' share, % (ours)31.5
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 ratio3.362.821 of 1211 of 12
High discount margin0.2100.0820 of 1212 of 12
Indirect bidders' share68.249.50 of 1212 of 12
Direct bidders' share0.32.19 of 123 of 12
Primary dealers' share31.549.912 of 120 of 12
High minus median, basis points1.01.05 of 123 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 ratio3.36Last 24 auctions6 of 2418 of 243.08
Bid-to-cover ratio3.36All 65 since 29 January 201433 of 6532 of 653.38
High discount margin0.210Last 24 auctions0 of 2424 of 240.050
High discount margin0.210All 65 since 29 January 20145 of 6560 of 650.076
Indirect bidders' share68.2Last 24 auctions0 of 2424 of 2449.5
Indirect bidders' share68.2All 65 since 29 January 20141 of 6564 of 6546.6
Direct bidders' share0.3Last 24 auctions17 of 247 of 241.3
Direct bidders' share0.3All 65 since 29 January 201452 of 6513 of 651.9
Primary dealers' share31.5Last 24 auctions24 of 240 of 2448.5
Primary dealers' share31.5All 65 since 29 January 201464 of 651 of 6550.9
High minus median, basis points1.0Last 24 auctions8 of 2411 of 241.0
High minus median, basis points1.0All 65 since 29 January 201424 of 6536 of 650.9

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 26 June 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190626_1.pdf. Compiled by 500metrics, "2-year FRN auction of 26 June 2019 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2019-06-26.

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