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

2-year FRN auction of 23 June 2021 (reopening)

The 2-year FRN sold $26 billion at a high discount margin of 0.030% on , with a bid-to-cover ratio of 3.23.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 29 Aug 2018 to 23 Jun 2021
Discount margin at each 2-year FRN auction, 26 Jun 2019 to 23 Jun 2021

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, 29 Aug 2018 to 23 Jun 2021
Bid-to-cover ratio at each 2-year FRN auction, 26 Jun 2019 to 23 Jun 2021

Who bought the 2-year FRN of 23 Jun 2021

Shares of the competitive bids accepted

  • Indirect bidders 66.3%
  • Direct bidders 1.9%
  • Primary dealers 31.8%
This auction, 23 Jun 2021
  • Indirect bidders 59.2%
  • Direct bidders 1.3%
  • Primary dealers 39.5%
The 2-year FRN auction before, 26 May 2021

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 bidders66.3%
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
0.0303.23
0.0303.03
0.0342.91
0.0353.25
0.0452.88
0.0492.82
0.0602.83
0.0532.90
0.0553.22
0.0582.88
0.0552.85
0.0553.29
0.0803.16
0.0983.12
0.1143.02
0.2202.91
0.1602.49
0.1543.23
0.2604.17
0.2455.40
0.2402.50
0.3002.58
0.2902.66
0.2382.92
0.2202.73
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

Observed .

Right now

The high discount margin was 0.030% on 23 June 2021, the same as at the auction before.

The indirect bidders' share of 66.3% was the highest for a 2-year FRN since 26 June 2019, with 24 auctions in between.

The primary dealers' share of 31.8% was the lowest for a 2-year FRN since 28 April 2020, with 13 auctions in between.

Higher than 3 of the 90 since 29 January 2014

Its own history

Against the previous 24 2-year FRN auctions, the indirect bidders' share was higher than all 24.

The bid-to-cover ratio was higher than 19 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 66.3%
  • Direct bidders 1.9%
  • Primary dealers 31.8%

Size

Treasury sold $26 billion of the $26 billion offered.

Bids received came to $84.074 billion; the bid-to-cover ratio was 3.23.

Its bid-to-cover of 3.23 compares with the 24 auctions before it: lowest 2.49 on , highest 5.40 on ; 25.4% of the way from the low to the high.

3.23

Low 2.49 Midpoint 3.945 High 5.40

The security1-Year 10-Month, reopening

Announced
Issued
Matures

It adds to the debt that matures in April 2023.

Understanding this result

Where it stands today

The high discount margin was 0.030% at this 2-year FRN auction, the median discount margin 0.025% and a bid-to-cover ratio of 3.23.

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$26,000,000,000
Bids received$84,073,706,100
Sold$26,000,348,200
Competitive bids accepted$25,988,842,100
Non-competitive bids accepted$11,506,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.030
Median rate, %0.025
Low rate, %0.010
Interest rate (coupon), %–
Spread, %0.034
Bids at the high rate filled, %97.51
Bid-to-cover ratio3.23
Indirect bidders accepted$17,231,397,100
Direct bidders accepted$487,550,000
Primary dealers accepted$8,269,895,000
Indirect bidders' share, % (ours)66.3
Direct bidders' share, % (ours)1.9
Primary dealers' share, % (ours)31.8
High minus median, basis points (ours)0.5
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 ratio3.232.902 of 1210 of 12
High discount margin0.0300.05411 of 120 of 12
Indirect bidders' share66.355.20 of 1212 of 12
Direct bidders' share1.91.66 of 126 of 12
Primary dealers' share31.844.012 of 120 of 12
High minus median, basis points0.50.810 of 120 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 ratio3.23Last 24 auctions4 of 2419 of 242.91
Bid-to-cover ratio3.23All 90 since 29 January 201446 of 9043 of 903.26
High discount margin0.030Last 24 auctions23 of 240 of 240.089
High discount margin0.030All 90 since 29 January 201486 of 903 of 900.078
Indirect bidders' share66.3Last 24 auctions0 of 2424 of 2450.5
Indirect bidders' share66.3All 90 since 29 January 20143 of 9087 of 9047.6
Direct bidders' share1.9Last 24 auctions8 of 2416 of 241.3
Direct bidders' share1.9All 90 since 29 January 201442 of 9048 of 901.5
Primary dealers' share31.8Last 24 auctions23 of 241 of 2446.6
Primary dealers' share31.8All 90 since 29 January 201487 of 903 of 9049.7
High minus median, basis points0.5Last 24 auctions20 of 240 of 241.0
High minus median, basis points0.5All 90 since 29 January 201466 of 9013 of 900.9

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 23 June 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210623_2.pdf. Compiled by 500metrics, "2-year FRN auction of 23 June 2021 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2021-06-23.

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