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

2-year FRN auction of 27 December 2023 (reopening)

The 2-year FRN sold $26 billion at a high discount margin of 0.250% on , with a bid-to-cover ratio of 2.93.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 24 Feb 2021 to 27 Dec 2023
Discount margin at each 2-year FRN auction, 29 Dec 2021 to 27 Dec 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, 24 Feb 2021 to 27 Dec 2023
Bid-to-cover ratio at each 2-year FRN auction, 29 Dec 2021 to 27 Dec 2023

Who bought the 2-year FRN of 27 Dec 2023

Shares of the competitive bids accepted

  • Indirect bidders 62.5%
  • Direct bidders 0.5%
  • Primary dealers 37.0%
This auction, 27 Dec 2023
  • Indirect bidders 65.1%
  • Direct bidders 0.6%
  • Primary dealers 34.3%
The 2-year FRN auction before, 21 Nov 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 bidders62.5%
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
0.2502.93
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

Observed .

Right now

The high discount margin of 0.250% on 27 December 2023 was the highest for a 2-year FRN since 18 December 2019.

Higher than 116 of the 121 since 29 January 2014

Its own history

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

The primary dealers' share was higher than 16 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.5%
  • Direct bidders 0.5%
  • Primary dealers 37.0%

Size

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

Bids received came to $76.302 billion; the bid-to-cover ratio was 2.93.

Its bid-to-cover of 2.93 compares with the 24 auctions before it: lowest 2.42 on , highest 5.32 on ; 17.6% of the way from the low to the high.

2.93

Low 2.42 Midpoint 3.870 High 5.32

The security1-Year 10-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 0.250% at this 2-year FRN auction, the median discount margin 0.229% and a bid-to-cover ratio of 2.93.

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$76,302,011,300
Sold$26,000,222,700
Competitive bids accepted$25,974,211,400
Non-competitive bids accepted$26,011,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.250
Median rate, %0.229
Low rate, %0.150
Interest rate (coupon), %–
Spread, %0.170
Bids at the high rate filled, %89.39
Bid-to-cover ratio2.93
Indirect bidders accepted$16,226,956,400
Direct bidders accepted$133,000,000
Primary dealers accepted$9,614,255,000
Indirect bidders' share, % (ours)62.5
Direct bidders' share, % (ours)0.5
Primary dealers' share, % (ours)37.0
High minus median, basis points (ours)2.1
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 ratio2.933.147 of 125 of 12
High discount margin0.2500.1700 of 1212 of 12
Indirect bidders' share62.567.28 of 124 of 12
Direct bidders' share0.50.35 of 127 of 12
Primary dealers' share37.032.54 of 128 of 12
High minus median, basis points2.12.46 of 126 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 ratio2.93Last 24 auctions14 of 2410 of 243.18
Bid-to-cover ratio2.93All 121 since 29 January 201483 of 12138 of 1213.22
High discount margin0.250Last 24 auctions0 of 2424 of 240.137
High discount margin0.250All 121 since 29 January 20145 of 121116 of 1210.080
Indirect bidders' share62.5Last 24 auctions16 of 248 of 2467.3
Indirect bidders' share62.5All 121 since 29 January 201430 of 12191 of 12150.1
Direct bidders' share0.5Last 24 auctions13 of 2411 of 240.7
Direct bidders' share0.5All 121 since 29 January 201484 of 12137 of 1211.3
Primary dealers' share37.0Last 24 auctions8 of 2416 of 2432.1
Primary dealers' share37.0All 121 since 29 January 201487 of 12134 of 12146.8
High minus median, basis points2.1Last 24 auctions12 of 2412 of 242.1
High minus median, basis points2.1All 121 since 29 January 201421 of 12199 of 1211.0

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 27 December 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231227_3.pdf. Compiled by 500metrics, "2-year FRN auction of 27 December 2023 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2023-12-27.

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