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

2-year FRN auction of 24 June 2026 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.079% on , with a bid-to-cover ratio of 2.99.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 26 Jul 2023 to 24 Jun 2026
Discount margin at each 2-year FRN auction, 26 Jun 2024 to 24 Jun 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, 26 Jul 2023 to 24 Jun 2026
Bid-to-cover ratio at each 2-year FRN auction, 26 Jun 2024 to 24 Jun 2026

Who bought the 2-year FRN of 24 Jun 2026

Shares of the competitive bids accepted

  • Indirect bidders 66.7%
  • Direct bidders 0.0%
  • Primary dealers 33.3%
This auction, 24 Jun 2026
  • Indirect bidders 72.4%
  • Direct bidders 0.7%
  • Primary dealers 26.8%
The 2-year FRN auction before, 27 May 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 bidders66.7%
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
0.0792.99
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

Observed .

Right now

The high discount margin of 0.079% on 24 June 2026 was the lowest for a 2-year FRN since 27 July 2022.

Higher than 60 of the 151 since 29 January 2014

Its own history

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

The indirect bidders' share was higher than 15 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 66.7%
  • Direct bidders 0.0%
  • Primary dealers 33.3%

Size

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

Bids received came to $83.614 billion; the bid-to-cover ratio was 2.99.

Its bid-to-cover of 2.99 compares with the 24 auctions before it: lowest 2.65 on , highest 3.75 on ; 30.9% of the way from the low to the high.

2.99

Low 2.65 Midpoint 3.200 High 3.75

The security1-Year 10-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 0.079% at this 2-year FRN auction, the median discount margin 0.069% and a bid-to-cover ratio of 2.99.

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$83,614,087,200
Sold$28,000,162,200
Competitive bids accepted$27,981,075,000
Non-competitive bids accepted$19,087,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.079
Median rate, %0.069
Low rate, %0.039
Interest rate (coupon), %–
Spread, %0.103
Bids at the high rate filled, %75.49
Bid-to-cover ratio2.99
Indirect bidders accepted$18,649,900,000
Direct bidders accepted$0
Primary dealers accepted$9,331,175,000
Indirect bidders' share, % (ours)66.7
Direct bidders' share, % (ours)0.0
Primary dealers' share, % (ours)33.3
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 ratio2.993.169 of 123 of 12
High discount margin0.0790.14812 of 120 of 12
Indirect bidders' share66.765.64 of 128 of 12
Direct bidders' share0.00.79 of 120 of 12
Primary dealers' share33.334.38 of 124 of 12
High minus median, basis points1.01.47 of 123 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 ratio2.99Last 24 auctions11 of 2413 of 242.96
Bid-to-cover ratio2.99All 151 since 29 January 201495 of 15153 of 1513.16
High discount margin0.079Last 24 auctions24 of 240 of 240.156
High discount margin0.079All 151 since 29 January 201491 of 15160 of 1510.105
Indirect bidders' share66.7Last 24 auctions9 of 2415 of 2465.6
Indirect bidders' share66.7All 151 since 29 January 201430 of 151121 of 15153.3
Direct bidders' share0.0Last 24 auctions21 of 240 of 240.9
Direct bidders' share0.0All 151 since 29 January 2014132 of 1510 of 1511.1
Primary dealers' share33.3Last 24 auctions14 of 2410 of 2434.1
Primary dealers' share33.3All 151 since 29 January 2014115 of 15136 of 15142.8
High minus median, basis points1.0Last 24 auctions17 of 244 of 241.5
High minus median, basis points1.0All 151 since 29 January 201477 of 15160 of 1511.1

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 24 June 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260624_2.pdf. Compiled by 500metrics, "2-year FRN auction of 24 June 2026 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2026-06-24.

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