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

2-year FRN auction of 27 May 2026 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.089% on , with a bid-to-cover ratio of 3.49.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 28 Jun 2023 to 27 May 2026
Discount margin at each 2-year FRN auction, 29 May 2024 to 27 May 2026

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 Jun 2023 to 27 May 2026
Bid-to-cover ratio at each 2-year FRN auction, 29 May 2024 to 27 May 2026

Who bought the 2-year FRN of 27 May 2026

Shares of the competitive bids accepted

  • Indirect bidders 72.4%
  • Direct bidders 0.7%
  • Primary dealers 26.8%
This auction, 27 May 2026
  • Indirect bidders 65.7%
  • Direct bidders 0.0%
  • Primary dealers 34.3%
The 2-year FRN auction before, 28 Apr 2026

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 bidders72.4%
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
0.0893.49
0.1033.52
0.1152.78
0.0993.01
0.0993.16
0.1393.75
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

Observed .

Right now

The high discount margin of 0.089% on 27 May 2026 was the lowest for a 2-year FRN since 27 July 2022.

Higher than 66 of the 150 since 29 January 2014

Its own history

Against the previous 24 2-year FRN auctions, the discount margin was lower than all 24.

The bid-to-cover ratio was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 72.4%
  • Direct bidders 0.7%
  • Primary dealers 26.8%

Size

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

Bids received came to $97.785 billion; the bid-to-cover ratio was 3.49.

Its bid-to-cover of 3.49 compares with the 24 auctions before it: lowest 2.65 on , highest 3.75 on ; 76.4% of the way from the low to the high.

3.49

Low 2.65 Midpoint 3.200 High 3.75

The security1-Year 11-Month, reopening

Announced
Issued
Matures

It adds to the debt that matures in April 2028.

Understanding this result

Where it stands today

The high discount margin was 0.089% at this 2-year FRN auction, the median discount margin 0.080% and a bid-to-cover ratio of 3.49.

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$97,784,883,700
Sold$28,000,453,000
Competitive bids accepted$27,979,569,300
Non-competitive bids accepted$20,883,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.089
Median rate, %0.080
Low rate, %0.050
Interest rate (coupon), %–
Spread, %0.103
Bids at the high rate filled, %53.61
Bid-to-cover ratio3.49
Indirect bidders accepted$20,269,569,300
Direct bidders accepted$200,000,000
Primary dealers accepted$7,510,000,000
Indirect bidders' share, % (ours)72.4
Direct bidders' share, % (ours)0.7
Primary dealers' share, % (ours)26.8
High minus median, basis points (ours)0.9
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 ratio3.493.093 of 129 of 12
High discount margin0.0890.15012 of 120 of 12
Indirect bidders' share72.464.61 of 1211 of 12
Direct bidders' share0.70.75 of 127 of 12
Primary dealers' share26.834.611 of 121 of 12
High minus median, basis points0.91.410 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 ratio3.49Last 24 auctions3 of 2421 of 242.96
Bid-to-cover ratio3.49All 150 since 29 January 201438 of 150111 of 1503.16
High discount margin0.089Last 24 auctions24 of 240 of 240.156
High discount margin0.089All 150 since 29 January 201484 of 15066 of 1500.107
Indirect bidders' share72.4Last 24 auctions4 of 2420 of 2465.5
Indirect bidders' share72.4All 150 since 29 January 201412 of 150138 of 15053.3
Direct bidders' share0.7Last 24 auctions16 of 248 of 240.9
Direct bidders' share0.7All 150 since 29 January 201497 of 15053 of 1501.1
Primary dealers' share26.8Last 24 auctions20 of 244 of 2434.2
Primary dealers' share26.8All 150 since 29 January 2014138 of 15012 of 15043.0
High minus median, basis points0.9Last 24 auctions21 of 241 of 241.5
High minus median, basis points0.9All 150 since 29 January 201491 of 15049 of 1501.1

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 27 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260527_1.pdf. Compiled by 500metrics, "2-year FRN auction of 27 May 2026 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2026-05-27.

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