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Treasury auctions · 2-Year FRN

2-year FRN auction of 29 October 2025 (new issue)

The 2-year FRN sold $31.723 billion at a high discount margin of 0.190% on , with a bid-to-cover ratio of 3.63.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 22 Nov 2022 to 29 Oct 2025
Discount margin at each 2-year FRN auction, 21 Nov 2023 to 29 Oct 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, 22 Nov 2022 to 29 Oct 2025
Bid-to-cover ratio at each 2-year FRN auction, 21 Nov 2023 to 29 Oct 2025

Who bought the 2-year FRN of 29 Oct 2025

Shares of the competitive bids accepted

  • Indirect bidders 63.6%
  • Direct bidders 1.5%
  • Primary dealers 34.9%
This auction, 29 Oct 2025
  • Indirect bidders 70.2%
  • Direct bidders 0.9%
  • Primary dealers 28.9%
The 2-year FRN auction before, 24 Sep 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 bidders63.6%
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
0.1903.63
0.2003.15
0.1953.22
0.1592.81
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

Observed .

Right now

The high discount margin was 0.190% on 29 October 2025, down from 0.200% at the auction before.

The bid-to-cover ratio of 3.63 was the highest for a 2-year FRN since 14 July 2022, with 39 auctions in between.

Higher than 114 of the 143 since 29 January 2014

Its own history

Against the previous 24 2-year FRN auctions, the bid-to-cover ratio was higher than all 24.

The direct bidders' share was higher than 19 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 63.6%
  • Direct bidders 1.5%
  • Primary dealers 34.9%

Size

Treasury sold $31.723 billion of the $30 billion offered.

Bids received came to $110.57 billion; the bid-to-cover ratio was 3.63.

Its bid-to-cover of 3.63 compares with the 24 auctions before it: lowest 2.65 on , highest 3.63 on ; 100.0% of the way from the low to the high.

3.63

Low 2.65 Midpoint 3.140 High 3.63

The security2-Year, new issue

Announced
Issued
Matures

It adds to the debt that matures in October 2027.

Understanding this result

Where it stands today

The high discount margin was 0.190% at this 2-year FRN auction, the median discount margin 0.180% and a bid-to-cover ratio of 3.63.

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 as2-Year, new issue
Offering amount$30,000,000,000
Bids received$110,569,924,700
Sold$31,722,704,700
Competitive bids accepted$29,989,880,000
Non-competitive bids accepted$10,163,300
Federal Reserve (SOMA) add-on$1,722,661,400
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.190
Median rate, %0.180
Low rate, %0.100
Interest rate (coupon), %–
Spread, %0.190
Bids at the high rate filled, %21.80
Bid-to-cover ratio3.63
Indirect bidders accepted$19,085,380,000
Direct bidders accepted$450,000,000
Primary dealers accepted$10,454,500,000
Indirect bidders' share, % (ours)63.6
Direct bidders' share, % (ours)1.5
Primary dealers' share, % (ours)34.9
High minus median, basis points (ours)1.0
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 ratio3.632.910 of 1212 of 12
High discount margin0.1900.1583 of 129 of 12
Indirect bidders' share63.667.98 of 124 of 12
Direct bidders' share1.50.95 of 127 of 12
Primary dealers' share34.930.84 of 128 of 12
High minus median, basis points1.02.010 of 121 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 ratio3.63Last 24 auctions0 of 2424 of 242.95
Bid-to-cover ratio3.63All 143 since 29 January 201428 of 143114 of 1433.15
High discount margin0.190Last 24 auctions9 of 2414 of 240.170
High discount margin0.190All 143 since 29 January 201426 of 143114 of 1430.105
Indirect bidders' share63.6Last 24 auctions14 of 2410 of 2465.3
Indirect bidders' share63.6All 143 since 29 January 201438 of 143105 of 14352.9
Direct bidders' share1.5Last 24 auctions5 of 2419 of 240.9
Direct bidders' share1.5All 143 since 29 January 201461 of 14382 of 1431.3
Primary dealers' share34.9Last 24 auctions10 of 2414 of 2434.2
Primary dealers' share34.9All 143 since 29 January 2014102 of 14341 of 14344.1
High minus median, basis points1.0Last 24 auctions18 of 243 of 242.0
High minus median, basis points1.0All 143 since 29 January 201472 of 14358 of 1431.1

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 29 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251029_1.pdf. Compiled by 500metrics, "2-year FRN auction of 29 October 2025 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2025-10-29.

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