2-Year FRN auction results

High discount margin, as Treasury published it. Offered is the offering amount in US dollars; indirect, direct and dealers are shares of the competitive amount accepted. Wider screens show those columns and the CUSIP.

A floating rate note pays the 13-week bill rate plus a spread; the high discount margin is the highest margin over that rate Treasury accepted, the margin the auction "stopped at". Bid-to-cover is the amount of bids received divided by the amount accepted. Indirect bidders place their bids through an intermediary, a dealer or, for foreign central banks, the New York Fed; direct bidders bid for their own account straight to Treasury; primary dealers are the banks and brokers that trade directly with the New York Fed, a role that includes bidding at every auction. A reopening is a later auction of a security already issued, with the same CUSIP and maturity date.

156 2-Year FRN auctions with published results since 2014 in Treasury's auction data; the table lists the latest 24.

No 2-Year FRN auction is announced in Treasury's data yet.

• Treasury auction tracker: every tenor ranked against its history
• Maturity ladder of marketable Treasury debt

• Source: U.S. Department of the Treasury. Auction results come from the Treasury Securities Auctions Data through the Fiscal Data API; an auction that dataset has not completed yet is filled from TreasuryDirect's own published results, field for field. Public domain; numbers as published.
• High rate: bills report the high discount rate, notes, bonds and TIPS the high yield, floating rate notes the high discount margin.
• Reopenings are listed with their original tenor; bills are grouped by their own term; every cash management bill shares one group, whatever its term.
• The tail against the when-issued yield is not shown: when-issued quotes come from the dealer market and are not part of Treasury's published results.