Treasury auctions · 2-Year FRN
2-year FRN auction of 28 January 2026 (new issue)
The 2-year FRN sold $32.114 billion at a high discount margin of 0.099% on , with a bid-to-cover ratio of 3.16.
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 Jan 2026
- Indirect bidders 65.7%
- Direct bidders 0.0%
- Primary dealers 34.3%
- Indirect bidders 69.3%
- Direct bidders 0.7%
- Primary dealers 30.0%
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 bidders65.7%
Inspect and compare dates
| Auction | Discount margin, % | Bid-to-cover |
|---|---|---|
| 0.099 | 3.16 | |
| 0.139 | 3.75 | |
| 0.168 | 3.03 | |
| 0.190 | 3.63 | |
| 0.200 | 3.15 | |
| 0.195 | 3.22 | |
| 0.159 | 2.81 | |
| 0.157 | 2.79 | |
| 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 |
Observed .
Right now
The high discount margin of 0.099% on 28 January 2026 was the lowest for a 2-year FRN since 26 February 2025.
The direct bidders' share of 0.0% was the lowest for a 2-year FRN since 26 July 2023, with 29 auctions in between.
Its own history
Against the previous 24 2-year FRN auctions, the direct bidders' share was lower than all 24.
The bid-to-cover ratio was higher than 16 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted.
- Indirect bidders 65.7%
- Direct bidders 0.0%
- Primary dealers 34.3%
Size
Treasury sold $32.114 billion of the $30 billion offered.
Bids received came to $97.005 billion; the bid-to-cover ratio was 3.16.
Its bid-to-cover of 3.16 compares with the 24 auctions before it: lowest 2.65 on , highest 3.75 on ; 46.4% of the way from the low to the high.
Low 2.65 Midpoint 3.200 High 3.75
The security2-Year, new issue
- Announced
- Issued
- Matures
It adds to the debt that matures in January 2028.
Understanding this result
Where it stands today
The high discount margin was 0.099% at this 2-year FRN auction, the median discount margin 0.085% and a bid-to-cover ratio of 3.16.
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 | 2-Year, new issue |
| Offering amount | $30,000,000,000 |
| Bids received | $97,005,496,900 |
| Sold | $32,114,030,900 |
| Competitive bids accepted | $29,974,534,000 |
| Non-competitive bids accepted | $25,473,600 |
| Federal Reserve (SOMA) add-on | $2,114,023,300 |
| Foreign and international (FIMA) non-competitive | $0 |
| Discount margin, % | 0.099 |
| Median rate, % | 0.085 |
| Low rate, % | 0.050 |
| Interest rate (coupon), % | – |
| Spread, % | 0.099 |
| Bids at the high rate filled, % | 15.48 |
| Bid-to-cover ratio | 3.16 |
| Indirect bidders accepted | $19,706,004,000 |
| Direct bidders accepted | $0 |
| Primary dealers accepted | $10,268,530,000 |
| Indirect bidders' share, % (ours) | 65.7 |
| Direct bidders' share, % (ours) | 0.0 |
| Primary dealers' share, % (ours) | 34.3 |
| High minus median, basis points (ours) | 1.4 |
How does it compare with earlier auctions?The previous 12 auctions, then every window
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 3.16 | 2.98 | 3 of 12 | 9 of 12 |
| High discount margin | 0.099 | 0.158 | 10 of 12 | 2 of 12 |
| Indirect bidders' share | 65.7 | 64.8 | 5 of 12 | 7 of 12 |
| Direct bidders' share | 0.0 | 1.2 | 12 of 12 | 0 of 12 |
| Primary dealers' share | 34.3 | 34.0 | 5 of 12 | 7 of 12 |
| High minus median, basis points | 1.4 | 1.4 | 6 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 | 3.16 | Last 24 auctions | 8 of 24 | 16 of 24 | 2.98 |
| Bid-to-cover ratio | 3.16 | All 146 since 29 January 2014 | 71 of 146 | 73 of 146 | 3.16 |
| High discount margin | 0.099 | Last 24 auctions | 22 of 24 | 2 of 24 | 0.164 |
| High discount margin | 0.099 | All 146 since 29 January 2014 | 75 of 146 | 71 of 146 | 0.110 |
| Indirect bidders' share | 65.7 | Last 24 auctions | 10 of 24 | 14 of 24 | 65.5 |
| Indirect bidders' share | 65.7 | All 146 since 29 January 2014 | 32 of 146 | 114 of 146 | 53.2 |
| Direct bidders' share | 0.0 | Last 24 auctions | 24 of 24 | 0 of 24 | 0.9 |
| Direct bidders' share | 0.0 | All 146 since 29 January 2014 | 130 of 146 | 0 of 146 | 1.2 |
| Primary dealers' share | 34.3 | Last 24 auctions | 10 of 24 | 14 of 24 | 34.1 |
| Primary dealers' share | 34.3 | All 146 since 29 January 2014 | 105 of 146 | 41 of 146 | 43.4 |
| High minus median, basis points | 1.4 | Last 24 auctions | 14 of 24 | 9 of 24 | 1.7 |
| High minus median, basis points | 1.4 | All 146 since 29 January 2014 | 56 of 146 | 87 of 146 | 1.1 |
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 .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 28 January 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260128_1.pdf. Compiled by 500metrics, "2-year FRN auction of 28 January 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-frn/2026-01-28.
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