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

2-year FRN auction of 25 June 2025 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.157% on , with a bid-to-cover ratio of 2.79.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 27 Jul 2022 to 25 Jun 2025
Discount margin at each 2-year FRN auction, 28 Jun 2023 to 25 Jun 2025

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 Jul 2022 to 25 Jun 2025
Bid-to-cover ratio at each 2-year FRN auction, 28 Jun 2023 to 25 Jun 2025

Who bought the 2-year FRN of 25 Jun 2025

Shares of the competitive bids accepted

  • Indirect bidders 45.6%
  • Direct bidders 0.9%
  • Primary dealers 53.5%
This auction, 25 Jun 2025
  • Indirect bidders 63.1%
  • Direct bidders 2.0%
  • Primary dealers 34.9%
The 2-year FRN auction before, 28 May 2025

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 bidders45.6%
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
0.1572.79
0.1442.95
0.1602.69
0.1052.87
0.0902.72
0.0983.01
0.1402.98
0.1702.86
0.2052.95
0.2612.86
0.2352.65
0.1823.25
0.1552.92
0.1393.40
0.1503.33
0.1903.22
0.2002.99
0.2453.61
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

Observed .

Right now

The high discount margin was 0.157% on 25 June 2025, up from 0.144% at the auction before.

The indirect bidders' share of 45.6% was the lowest for a 2-year FRN since 23 August 2023, with 21 auctions in between.

The primary dealers' share of 53.5% was the highest for a 2-year FRN since 23 August 2023, with 21 auctions in between.

Higher than 92 of the 139 since 29 January 2014

Its own history

Against the previous 24 2-year FRN auctions, the primary dealers' share was higher than 23 of the 24.

The indirect bidders' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 45.6%
  • Direct bidders 0.9%
  • Primary dealers 53.5%

Size

Treasury sold $28 billion of the $28 billion offered.

Bids received came to $78.134 billion; the bid-to-cover ratio was 2.79.

Its bid-to-cover of 2.79 compares with the 24 auctions before it: lowest 2.42 on , highest 3.61 on ; 31.1% of the way from the low to the high.

2.79

Low 2.42 Midpoint 3.015 High 3.61

The security1-Year 10-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 0.157% at this 2-year FRN auction, the median discount margin 0.135% and a bid-to-cover ratio of 2.79.

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$28,000,000,000
Bids received$78,134,121,900
Sold$28,000,029,900
Competitive bids accepted$27,982,908,000
Non-competitive bids accepted$17,121,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.157
Median rate, %0.135
Low rate, %0.080
Interest rate (coupon), %–
Spread, %0.160
Bids at the high rate filled, %65.53
Bid-to-cover ratio2.79
Indirect bidders accepted$12,761,908,000
Direct bidders accepted$250,000,000
Primary dealers accepted$14,971,000,000
Indirect bidders' share, % (ours)45.6
Direct bidders' share, % (ours)0.9
Primary dealers' share, % (ours)53.5
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 ratio2.792.909 of 123 of 12
High discount margin0.1570.1586 of 126 of 12
Indirect bidders' share45.665.812 of 120 of 12
Direct bidders' share0.90.97 of 125 of 12
Primary dealers' share53.533.00 of 1212 of 12
High minus median, basis points2.22.04 of 128 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 ratio2.79Last 24 auctions19 of 245 of 242.95
Bid-to-cover ratio2.79All 139 since 29 January 2014117 of 13920 of 1393.16
High discount margin0.157Last 24 auctions14 of 2410 of 240.168
High discount margin0.157All 139 since 29 January 201447 of 13992 of 1390.098
Indirect bidders' share45.6Last 24 auctions23 of 241 of 2464.6
Indirect bidders' share45.6All 139 since 29 January 201498 of 13941 of 13952.7
Direct bidders' share0.9Last 24 auctions10 of 2414 of 240.9
Direct bidders' share0.9All 139 since 29 January 201485 of 13954 of 1391.3
Primary dealers' share53.5Last 24 auctions1 of 2423 of 2434.2
Primary dealers' share53.5All 139 since 29 January 201433 of 139106 of 13945.1
High minus median, basis points2.2Last 24 auctions9 of 2415 of 242.0
High minus median, basis points2.2All 139 since 29 January 201426 of 139112 of 1391.1

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 25 June 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250625_2.pdf. Compiled by 500metrics, "2-year FRN auction of 25 June 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-06-25.

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