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

2-year FRN auction of 21 November 2023 (reopening)

The 2-year FRN sold $26 billion at a high discount margin of 0.200% 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, 27 Jan 2021 to 21 Nov 2023
Discount margin at each 2-year FRN auction, 23 Nov 2021 to 21 Nov 2023

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 Jan 2021 to 21 Nov 2023
Bid-to-cover ratio at each 2-year FRN auction, 23 Nov 2021 to 21 Nov 2023

Who bought the 2-year FRN of 21 Nov 2023

Shares of the competitive bids accepted

  • Indirect bidders 65.1%
  • Direct bidders 0.6%
  • Primary dealers 34.3%
This auction, 21 Nov 2023
  • Indirect bidders 71.7%
  • Direct bidders 0.1%
  • Primary dealers 28.2%
The 2-year FRN auction before, 25 Oct 2023

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 bidders65.1%
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
0.2002.84
0.1703.23
0.1803.42
0.1652.42
0.1252.58
0.1343.39
0.1702.88
0.1693.04
0.1903.51
0.1603.29
0.2002.80
0.2393.40
0.2202.45
0.1402.65
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

Observed .

Right now

The high discount margin of 0.200% on 21 November 2023 was the highest for a 2-year FRN since 25 January 2023.

Higher than 103 of the 120 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 bid-to-cover ratio was higher than 7 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 65.1%
  • Direct bidders 0.6%
  • Primary dealers 34.3%

Size

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

Bids received came to $73.736 billion; the bid-to-cover ratio was 2.84.

Its bid-to-cover of 2.84 compares with the 24 auctions before it: lowest 2.42 on , highest 5.32 on ; 14.5% of the way from the low to the high.

2.84

Low 2.42 Midpoint 3.870 High 5.32

The security1-Year 11-Month, reopening

Announced
Issued
Matures

It adds to the debt that matures in October 2025.

Understanding this result

Where it stands today

The high discount margin was 0.200% at this 2-year FRN auction, the median discount margin 0.180% 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$26,000,000,000
Bids received$73,736,281,100
Sold$26,000,061,100
Competitive bids accepted$25,977,780,000
Non-competitive bids accepted$22,281,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.200
Median rate, %0.180
Low rate, %0.100
Interest rate (coupon), %–
Spread, %0.170
Bids at the high rate filled, %0.52
Bid-to-cover ratio2.84
Indirect bidders accepted$16,921,860,000
Direct bidders accepted$145,000,000
Primary dealers accepted$8,910,920,000
Indirect bidders' share, % (ours)65.1
Direct bidders' share, % (ours)0.6
Primary dealers' share, % (ours)34.3
High minus median, basis points (ours)2.0
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 ratio2.843.148 of 124 of 12
High discount margin0.2000.1702 of 129 of 12
Indirect bidders' share65.167.27 of 125 of 12
Direct bidders' share0.60.35 of 127 of 12
Primary dealers' share34.332.55 of 127 of 12
High minus median, basis points2.03.07 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 ratio2.84Last 24 auctions16 of 247 of 243.22
Bid-to-cover ratio2.84All 120 since 29 January 201494 of 12023 of 1203.22
High discount margin0.200Last 24 auctions2 of 2421 of 240.130
High discount margin0.200All 120 since 29 January 201416 of 120103 of 1200.078
Indirect bidders' share65.1Last 24 auctions14 of 2410 of 2467.3
Indirect bidders' share65.1All 120 since 29 January 201423 of 12097 of 12049.9
Direct bidders' share0.6Last 24 auctions13 of 2411 of 240.9
Direct bidders' share0.6All 120 since 29 January 201482 of 12038 of 1201.3
Primary dealers' share34.3Last 24 auctions8 of 2416 of 2432.1
Primary dealers' share34.3All 120 since 29 January 201493 of 12027 of 12046.9
High minus median, basis points2.0Last 24 auctions12 of 249 of 242.1
High minus median, basis points2.0All 120 since 29 January 201422 of 12092 of 1201.0

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 21 November 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231121_2.pdf. Compiled by 500metrics, "2-year FRN auction of 21 November 2023 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2023-11-21.

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