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

2-year FRN auction of 28 September 2022 (reopening)

The 2-year FRN sold $22 billion at a high discount margin of 0.092% 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, 6 Dec 2019 to 28 Sep 2022
Discount margin at each 2-year FRN auction, 28 Oct 2020 to 28 Sep 2022

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, 6 Dec 2019 to 28 Sep 2022
Bid-to-cover ratio at each 2-year FRN auction, 28 Oct 2020 to 28 Sep 2022

Who bought the 2-year FRN of 28 Sep 2022

Shares of the competitive bids accepted

  • Indirect bidders 64.2%
  • Direct bidders 1.7%
  • Primary dealers 34.1%
This auction, 28 Sep 2022
  • Indirect bidders 57.1%
  • Direct bidders 0.9%
  • Primary dealers 42.1%
The 2-year FRN auction before, 24 Aug 2022

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 bidders64.2%
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
0.0922.84
0.0902.57
0.0373.13
-0.0105.32
-0.0033.49
0.0003.22
-0.0752.51
-0.0553.75
-0.0503.22
-0.0153.34
0.0304.03
0.0382.80
0.0352.99
0.0262.84
0.0263.17
0.0293.04
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

Observed .

Right now

The high discount margin of 0.092% on 28 September 2022 was the highest for a 2-year FRN since 27 May 2020.

Higher than 67 of the 106 since 29 January 2014

Its own history

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

The high minus median was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 64.2%
  • Direct bidders 1.7%
  • Primary dealers 34.1%

Size

Treasury sold $22 billion of the $22 billion offered.

Bids received came to $62.575 billion; the bid-to-cover ratio was 2.84.

Its bid-to-cover of 2.84 compares with the 24 auctions before it: lowest 2.51 on , highest 5.32 on ; 11.7% of the way from the low to the high.

2.84

Low 2.51 Midpoint 3.915 High 5.32

The security1-Year 10-Month, reopening

Announced
Issued
Matures

It adds to the debt that matures in July 2024.

Understanding this result

Where it stands today

The high discount margin was 0.092% at this 2-year FRN auction, the median discount margin 0.070% 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 10-Month, reopening
Offering amount$22,000,000,000
Bids received$62,574,589,100
Sold$22,000,029,100
Competitive bids accepted$21,966,440,000
Non-competitive bids accepted$33,589,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.092
Median rate, %0.070
Low rate, %0.030
Interest rate (coupon), %–
Spread, %0.037
Bids at the high rate filled, %65.84
Bid-to-cover ratio2.84
Indirect bidders accepted$14,095,600,000
Direct bidders accepted$375,000,000
Primary dealers accepted$7,495,840,000
Indirect bidders' share, % (ours)64.2
Direct bidders' share, % (ours)1.7
Primary dealers' share, % (ours)34.1
High minus median, basis points (ours)2.2
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 ratio2.843.229 of 123 of 12
High discount margin0.092-0.0020 of 1212 of 12
Indirect bidders' share64.268.38 of 124 of 12
Direct bidders' share1.71.04 of 128 of 12
Primary dealers' share34.128.43 of 129 of 12
High minus median, basis points2.21.03 of 129 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 auctions18 of 245 of 243.08
Bid-to-cover ratio2.84All 106 since 29 January 201486 of 10618 of 1063.22
High discount margin0.092Last 24 auctions0 of 2424 of 240.030
High discount margin0.092All 106 since 29 January 201439 of 10667 of 1060.069
Indirect bidders' share64.2Last 24 auctions12 of 2412 of 2462.3
Indirect bidders' share64.2All 106 since 29 January 201416 of 10690 of 10649.1
Direct bidders' share1.7Last 24 auctions9 of 2415 of 241.2
Direct bidders' share1.7All 106 since 29 January 201448 of 10658 of 1061.4
Primary dealers' share34.1Last 24 auctions11 of 2413 of 2433.7
Primary dealers' share34.1All 106 since 29 January 201488 of 10618 of 10648.4
High minus median, basis points2.2Last 24 auctions3 of 2421 of 240.8
High minus median, basis points2.2All 106 since 29 January 201412 of 10694 of 1060.9

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 28 September 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220928_1.pdf. Compiled by 500metrics, "2-year FRN auction of 28 September 2022 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2022-09-28.

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