Treasury auctions · 1-Year 11-Month FRN, reopening
2-year FRN auction of 28 May 2025 (reopening)
The 2-year FRN sold $28 billion at a high discount margin of 0.144% on , with a bid-to-cover ratio of 2.95.
Discount margin at each 2-year FRN auction
Bid-to-cover ratio at each 2-year FRN auction
Who bought the 2-year FRN of 28 May 2025
- Indirect bidders 63.1%
- Direct bidders 2.0%
- Primary dealers 34.9%
- Indirect bidders 48.6%
- Direct bidders 1.8%
- Primary dealers 49.6%
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 bidders63.1%
Inspect and compare dates
| Auction | Discount margin, % | Bid-to-cover |
|---|---|---|
| 0.144 | 2.95 | |
| 0.160 | 2.69 | |
| 0.105 | 2.87 | |
| 0.090 | 2.72 | |
| 0.098 | 3.01 | |
| 0.140 | 2.98 | |
| 0.170 | 2.86 | |
| 0.205 | 2.95 | |
| 0.261 | 2.86 | |
| 0.235 | 2.65 | |
| 0.182 | 3.25 | |
| 0.155 | 2.92 | |
| 0.139 | 3.40 | |
| 0.150 | 3.33 | |
| 0.190 | 3.22 | |
| 0.200 | 2.99 | |
| 0.245 | 3.61 | |
| 0.250 | 2.93 | |
| 0.200 | 2.84 | |
| 0.170 | 3.23 | |
| 0.180 | 3.42 | |
| 0.165 | 2.42 | |
| 0.125 | 2.58 | |
| 0.134 | 3.39 | |
| 0.170 | 2.88 | |
| 0.169 | 3.04 | |
| 0.190 | 3.51 | |
| 0.160 | 3.29 | |
| 0.200 | 2.80 | |
| 0.239 | 3.40 | |
| 0.220 | 2.45 | |
| 0.140 | 2.65 | |
| 0.092 | 2.84 | |
| 0.090 | 2.57 | |
| 0.037 | 3.13 | |
| -0.010 | 5.32 |
Observed .
Right now
The high discount margin was 0.144% on 28 May 2025, down from 0.160% at the auction before.
The direct bidders' share of 2.0% was the highest for a 2-year FRN since 22 November 2022, with 29 auctions in between.
Its own history
Against the previous 24 2-year FRN auctions, the direct bidders' share was higher than all 24.
The primary dealers' share was higher than 14 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted.
- Indirect bidders 63.1%
- Direct bidders 2.0%
- Primary dealers 34.9%
Size
Treasury sold $28 billion of the $28 billion offered.
Bids received came to $82.46 billion; the bid-to-cover ratio was 2.95.
Its bid-to-cover of 2.95 compares with the 24 auctions before it: lowest 2.42 on , highest 3.61 on ; 44.5% of the way from the low to the high.
Low 2.42 Midpoint 3.015 High 3.61
The security1-Year 11-Month, reopening
- Announced
- Issued
- Matures
It adds to the debt that matures in April 2027.
Understanding this result
Where it stands today
The high discount margin was 0.144% at this 2-year FRN auction, the median discount margin 0.124% and a bid-to-cover ratio of 2.95.
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
| Field | Value |
|---|---|
| Offered as | 1-Year 11-Month, reopening |
| Offering amount | $28,000,000,000 |
| Bids received | $82,460,452,600 |
| Sold | $28,000,004,100 |
| Competitive bids accepted | $27,978,551,500 |
| Non-competitive bids accepted | $21,452,600 |
| Federal Reserve (SOMA) add-on | $0 |
| Foreign and international (FIMA) non-competitive | $0 |
| Discount margin, % | 0.144 |
| Median rate, % | 0.124 |
| Low rate, % | 0.090 |
| Interest rate (coupon), % | – |
| Spread, % | 0.160 |
| Bids at the high rate filled, % | 57.11 |
| Bid-to-cover ratio | 2.95 |
| Indirect bidders accepted | $17,653,724,000 |
| Direct bidders accepted | $550,000,000 |
| Primary dealers accepted | $9,774,827,500 |
| Indirect bidders' share, % (ours) | 63.1 |
| Direct bidders' share, % (ours) | 2.0 |
| Primary dealers' share, % (ours) | 34.9 |
| High minus median, basis points (ours) | 2.0 |
How does it compare with earlier auctions?The previous 12 auctions, then every window
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 2.95 | 2.90 | 4 of 12 | 7 of 12 |
| High discount margin | 0.144 | 0.158 | 7 of 12 | 5 of 12 |
| Indirect bidders' share | 63.1 | 65.8 | 9 of 12 | 3 of 12 |
| Direct bidders' share | 2.0 | 0.9 | 0 of 12 | 12 of 12 |
| Primary dealers' share | 34.9 | 33.0 | 4 of 12 | 8 of 12 |
| High minus median, basis points | 2.0 | 1.8 | 5 of 12 | 6 of 12 |
The table scrolls sideways; the first column stays in place.
The longer windows
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.95 | Last 24 auctions | 11 of 24 | 12 of 24 | 2.94 |
| Bid-to-cover ratio | 2.95 | All 138 since 29 January 2014 | 90 of 138 | 47 of 138 | 3.16 |
| High discount margin | 0.144 | Last 24 auctions | 17 of 24 | 7 of 24 | 0.170 |
| High discount margin | 0.144 | All 138 since 29 January 2014 | 52 of 138 | 86 of 138 | 0.095 |
| Indirect bidders' share | 63.1 | Last 24 auctions | 15 of 24 | 9 of 24 | 65.3 |
| Indirect bidders' share | 63.1 | All 138 since 29 January 2014 | 38 of 138 | 100 of 138 | 52.4 |
| Direct bidders' share | 2.0 | Last 24 auctions | 0 of 24 | 24 of 24 | 0.9 |
| Direct bidders' share | 2.0 | All 138 since 29 January 2014 | 43 of 138 | 95 of 138 | 1.3 |
| Primary dealers' share | 34.9 | Last 24 auctions | 10 of 24 | 14 of 24 | 34.2 |
| Primary dealers' share | 34.9 | All 138 since 29 January 2014 | 99 of 138 | 39 of 138 | 45.5 |
| High minus median, basis points | 2.0 | Last 24 auctions | 12 of 24 | 9 of 24 | 2.0 |
| High minus median, basis points | 2.0 | All 138 since 29 January 2014 | 30 of 138 | 99 of 138 | 1.0 |
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 .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 28 May 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250528_2.pdf. Compiled by 500metrics, "2-year FRN auction of 28 May 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-05-28.
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