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

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

The 2-year FRN sold $28 billion at a high discount margin of 0.168% on , with a bid-to-cover ratio of 3.03.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 28 Dec 2022 to 25 Nov 2025
Discount margin at each 2-year FRN auction, 27 Dec 2023 to 25 Nov 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, 28 Dec 2022 to 25 Nov 2025
Bid-to-cover ratio at each 2-year FRN auction, 27 Dec 2023 to 25 Nov 2025

Who bought the 2-year FRN of 25 Nov 2025

Shares of the competitive bids accepted

  • Indirect bidders 65.5%
  • Direct bidders 0.7%
  • Primary dealers 33.7%
This auction, 25 Nov 2025
  • Indirect bidders 63.6%
  • Direct bidders 1.5%
  • Primary dealers 34.9%
The 2-year FRN auction before, 29 Oct 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 bidders65.5%
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
0.1683.03
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

Observed .

Right now

The high discount margin was 0.168% on 25 November 2025, down from 0.190% at the auction before.

Higher than 99 of the 144 since 29 January 2014

Its own history

Against the previous 24 2-year FRN auctions, the bid-to-cover ratio was higher than 16 of the 24.

The high minus median 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 65.5%
  • Direct bidders 0.7%
  • Primary dealers 33.7%

Size

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

Bids received came to $84.957 billion; the bid-to-cover ratio was 3.03.

Its bid-to-cover of 3.03 compares with the 24 auctions before it: lowest 2.65 on , highest 3.63 on ; 38.8% of the way from the low to the high.

3.03

Low 2.65 Midpoint 3.140 High 3.63

The security1-Year 11-Month, reopening

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 0.168% at this 2-year FRN auction, the median discount margin 0.155% and a bid-to-cover ratio of 3.03.

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$28,000,000,000
Bids received$84,957,077,700
Sold$28,000,017,700
Competitive bids accepted$27,980,440,000
Non-competitive bids accepted$19,577,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.168
Median rate, %0.155
Low rate, %0.105
Interest rate (coupon), %–
Spread, %0.190
Bids at the high rate filled, %96.56
Bid-to-cover ratio3.03
Indirect bidders accepted$18,337,640,000
Direct bidders accepted$200,000,000
Primary dealers accepted$9,442,800,000
Indirect bidders' share, % (ours)65.5
Direct bidders' share, % (ours)0.7
Primary dealers' share, % (ours)33.7
High minus median, basis points (ours)1.3
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 ratio3.032.913 of 129 of 12
High discount margin0.1680.1584 of 128 of 12
Indirect bidders' share65.565.16 of 126 of 12
Direct bidders' share0.71.211 of 121 of 12
Primary dealers' share33.733.26 of 126 of 12
High minus median, basis points1.32.07 of 124 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 ratio3.03Last 24 auctions8 of 2416 of 242.95
Bid-to-cover ratio3.03All 144 since 29 January 201486 of 14457 of 1443.16
High discount margin0.168Last 24 auctions13 of 2411 of 240.176
High discount margin0.168All 144 since 29 January 201444 of 14499 of 1440.107
Indirect bidders' share65.5Last 24 auctions10 of 2414 of 2464.6
Indirect bidders' share65.5All 144 since 29 January 201433 of 144111 of 14453.0
Direct bidders' share0.7Last 24 auctions17 of 247 of 240.9
Direct bidders' share0.7All 144 since 29 January 201497 of 14447 of 1441.3
Primary dealers' share33.7Last 24 auctions15 of 249 of 2434.2
Primary dealers' share33.7All 144 since 29 January 2014110 of 14434 of 14443.9
High minus median, basis points1.3Last 24 auctions16 of 247 of 242.0
High minus median, basis points1.3All 144 since 29 January 201458 of 14479 of 1441.0

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 25 November 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251125_3.pdf. Compiled by 500metrics, "2-year FRN auction of 25 November 2025 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2025-11-25.

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