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

2-year FRN auction of 26 August 2026 (reopening)

The 2-year FRN sold $28 billion at a high discount margin of 0.055% on , with a bid-to-cover ratio of 3.14.

Discount margin at each 2-year FRN auction

The last 36 auctions, this one last

Discount margin at each 2-year FRN auction, 27 Sep 2023 to 26 Aug 2026
Discount margin at each 2-year FRN auction, 28 Aug 2024 to 26 Aug 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, 27 Sep 2023 to 26 Aug 2026
Bid-to-cover ratio at each 2-year FRN auction, 28 Aug 2024 to 26 Aug 2026

Who bought the 2-year FRN of 26 Aug 2026

Shares of the competitive bids accepted

  • Indirect bidders 66.6%
  • Direct bidders 0.4%
  • Primary dealers 33.1%
This auction, 26 Aug 2026
  • Indirect bidders 63.2%
  • Direct bidders 0.0%
  • Primary dealers 36.8%
The 2-year FRN auction before, 29 Jul 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 bidders66.6%
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
0.0553.14
0.0503.37
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

Observed .

Right now

The high discount margin was 0.055% on 26 August 2026, up from 0.050% at the auction before.

Higher than 40 of the 153 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 discount margin was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 66.6%
  • Direct bidders 0.4%
  • Primary dealers 33.1%

Size

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

Bids received came to $87.921 billion; the bid-to-cover ratio was 3.14.

Its bid-to-cover of 3.14 compares with the 24 auctions before it: lowest 2.65 on , highest 3.75 on ; 44.5% of the way from the low to the high.

3.14

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 July 2028.

Understanding this result

Where it stands today

The high discount margin was 0.055% at this 2-year FRN auction, the median discount margin 0.045% and a bid-to-cover ratio of 3.14.

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$87,920,696,500
Sold$28,000,010,700
Competitive bids accepted$27,986,314,200
Non-competitive bids accepted$13,696,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Discount margin, %0.055
Median rate, %0.045
Low rate, %0.010
Interest rate (coupon), %–
Spread, %0.050
Bids at the high rate filled, %79.14
Bid-to-cover ratio3.14
Indirect bidders accepted$18,627,453,000
Direct bidders accepted$100,000,000
Primary dealers accepted$9,258,861,200
Indirect bidders' share, % (ours)66.6
Direct bidders' share, % (ours)0.4
Primary dealers' share, % (ours)33.1
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 ratio3.143.198 of 124 of 12
High discount margin0.0550.10911 of 121 of 12
Indirect bidders' share66.665.75 of 127 of 12
Direct bidders' share0.40.77 of 125 of 12
Primary dealers' share33.134.08 of 124 of 12
High minus median, basis points1.01.26 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 ratio3.14Last 24 auctions8 of 2416 of 242.98
Bid-to-cover ratio3.14All 153 since 29 January 201479 of 15374 of 1533.16
High discount margin0.055Last 24 auctions23 of 241 of 240.142
High discount margin0.055All 153 since 29 January 2014108 of 15340 of 1530.103
Indirect bidders' share66.6Last 24 auctions9 of 2415 of 2465.6
Indirect bidders' share66.6All 153 since 29 January 201431 of 153122 of 15353.5
Direct bidders' share0.4Last 24 auctions19 of 245 of 240.9
Direct bidders' share0.4All 153 since 29 January 2014115 of 15338 of 1531.1
Primary dealers' share33.1Last 24 auctions15 of 249 of 2434.2
Primary dealers' share33.1All 153 since 29 January 2014119 of 15334 of 15342.7
High minus median, basis points1.0Last 24 auctions18 of 243 of 241.6
High minus median, basis points1.0All 153 since 29 January 201478 of 15360 of 1531.1

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 26 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260826_2.pdf. Compiled by 500metrics, "2-year FRN auction of 26 August 2026 (reopening)", https://500metrics.com/treasury/auctions/2-year-frn/2026-08-26.

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