Treasury 2-Year FRN Auction Dates and Results

From the US Treasury. Auction dates are calendar dates; rates are in percent.

Next auction

No next auction is announced yet.

The latest 2-Year FRN auction, held on October 28, 2026, had a high discount margin of 0.038% and a bid-to-cover ratio of 3.05x. The high discount margin was down 0.002 percentage points from 0.040% at the September 23, 2026 auction, and bid-to-cover was up 0.42x from 2.63x. Reopenings of the same security are included under the 2-Year FRN.

Source: US Treasury (TreasuryDirect)

Updated October 28, 2026

Treasury 2-Year FRN, actuals

September 25, 2018October 28, 2026

High discount margin, percent

Past auctions

Past 2-Year FRN auction dates, results, bid-to-cover ratios and sizes
Auction date	Issue date	Maturity	Issue	High discount margin (%)	Bid-to-cover	Offered
October 28, 2026	November 2, 2026	October 31, 2028	New issue	0.038	3.05x	$30 billion
September 23, 2026	September 25, 2026	July 31, 2028	Reopening	0.040	2.63x	$28 billion
August 26, 2026	August 28, 2026	July 31, 2028	Reopening	0.055	3.14x	$28 billion
July 29, 2026	July 31, 2026	July 31, 2028	New issue	0.050	3.37x	$30 billion
June 24, 2026	June 26, 2026	April 30, 2028	Reopening	0.079	2.99x	$28 billion
May 27, 2026	May 29, 2026	April 30, 2028	Reopening	0.089	3.49x	$28 billion
April 28, 2026	April 30, 2026	April 30, 2028	New issue	0.103	3.52x	$30 billion
March 25, 2026	March 27, 2026	January 31, 2028	Reopening	0.115	2.78x	$28 billion
February 25, 2026	February 27, 2026	January 31, 2028	Reopening	0.099	3.01x	$28 billion
January 28, 2026	February 2, 2026	January 31, 2028	New issue	0.099	3.16x	$30 billion
December 23, 2025	December 26, 2025	October 31, 2027	Reopening	0.139	3.75x	$28 billion
November 25, 2025	November 28, 2025	October 31, 2027	Reopening	0.168	3.03x	$28 billion
October 29, 2025	October 31, 2025	October 31, 2027	New issue	0.190	3.63x	$30 billion
September 24, 2025	September 26, 2025	July 31, 2027	Reopening	0.200	3.15x	$28 billion
August 27, 2025	August 29, 2025	July 31, 2027	Reopening	0.195	3.22x	$28 billion
July 29, 2025	July 31, 2025	July 31, 2027	New issue	0.159	2.81x	$30 billion
June 25, 2025	June 27, 2025	April 30, 2027	Reopening	0.157	2.79x	$28 billion
May 28, 2025	May 30, 2025	April 30, 2027	Reopening	0.144	2.95x	$28 billion
April 23, 2025	April 30, 2025	April 30, 2027	New issue	0.160	2.69x	$30 billion
March 26, 2025	March 28, 2025	January 31, 2027	Reopening	0.105	2.87x	$28 billion
February 26, 2025	February 28, 2025	January 31, 2027	Reopening	0.090	2.72x	$28 billion
January 28, 2025	January 31, 2025	January 31, 2027	New issue	0.098	3.01x	$30 billion
December 24, 2024	December 27, 2024	October 31, 2026	Reopening	0.140	2.98x	$28 billion
November 26, 2024	November 29, 2024	October 31, 2026	Reopening	0.170	2.86x	$28 billion
October 29, 2024	October 31, 2024	October 31, 2026	New issue	0.205	2.95x	$30 billion
September 25, 2024	September 27, 2024	July 31, 2026	Reopening	0.261	2.86x	$28 billion
August 28, 2024	August 30, 2024	July 31, 2026	Reopening	0.235	2.65x	$28 billion
July 24, 2024	July 31, 2024	July 31, 2026	New issue	0.182	3.25x	$30 billion
June 26, 2024	June 28, 2024	April 30, 2026	Reopening	0.155	2.92x	$28 billion
May 29, 2024	May 31, 2024	April 30, 2026	Reopening	0.139	3.40x	$28 billion
April 24, 2024	April 30, 2024	April 30, 2026	New issue	0.150	3.33x	$30 billion
March 27, 2024	April 1, 2024	January 31, 2026	Reopening	0.190	3.22x	$28 billion
February 21, 2024	February 23, 2024	January 31, 2026	Reopening	0.200	2.99x	$28 billion
January 24, 2024	January 31, 2024	January 31, 2026	New issue	0.245	3.61x	$28 billion
December 27, 2023	December 29, 2023	October 31, 2025	Reopening	0.250	2.93x	$26 billion
November 21, 2023	November 24, 2023	October 31, 2025	Reopening	0.200	2.84x	$26 billion
October 25, 2023	October 31, 2023	October 31, 2025	New issue	0.170	3.23x	$26 billion
September 27, 2023	September 29, 2023	July 31, 2025	Reopening	0.180	3.42x	$24 billion
August 23, 2023	August 25, 2023	July 31, 2025	Reopening	0.165	2.42x	$24 billion
July 26, 2023	July 31, 2023	July 31, 2025	New issue	0.125	2.58x	$24 billion
June 28, 2023	June 30, 2023	April 30, 2025	Reopening	0.134	3.39x	$22 billion
May 24, 2023	May 26, 2023	April 30, 2025	Reopening	0.170	2.88x	$22 billion
April 26, 2023	May 1, 2023	April 30, 2025	New issue	0.169	3.04x	$24 billion
March 29, 2023	March 31, 2023	January 31, 2025	Reopening	0.190	3.51x	$22 billion
February 22, 2023	February 24, 2023	January 31, 2025	Reopening	0.160	3.29x	$22 billion
January 25, 2023	January 31, 2023	January 31, 2025	New issue	0.200	2.80x	$24 billion
December 28, 2022	December 30, 2022	October 31, 2024	Reopening	0.239	3.40x	$22 billion
November 22, 2022	November 25, 2022	October 31, 2024	Reopening	0.220	2.45x	$22 billion
October 26, 2022	October 31, 2022	October 31, 2024	New issue	0.140	2.65x	$24 billion
September 28, 2022	September 30, 2022	July 31, 2024	Reopening	0.092	2.84x	$22 billion
August 24, 2022	August 26, 2022	July 31, 2024	Reopening	0.090	2.57x	$22 billion
July 27, 2022	August 1, 2022	July 31, 2024	New issue	0.037	3.13x	$24 billion
July 14, 2022	July 18, 2022	April 30, 2024	Reopening	-0.010	5.32x	$0 billion
June 22, 2022	June 24, 2022	April 30, 2024	Reopening	-0.003	3.49x	$22 billion
May 25, 2022	May 27, 2022	April 30, 2024	Reopening	0.000	3.22x	$22 billion
April 27, 2022	May 2, 2022	April 30, 2024	New issue	-0.075	2.51x	$24 billion
March 23, 2022	March 25, 2022	January 31, 2024	Reopening	-0.055	3.75x	$22 billion
February 23, 2022	February 25, 2022	January 31, 2024	Reopening	-0.050	3.22x	$22 billion
January 26, 2022	January 31, 2022	January 31, 2024	New issue	-0.015	3.34x	$26 billion
December 29, 2021	December 31, 2021	October 31, 2023	Reopening	0.030	4.03x	$24 billion
November 23, 2021	November 26, 2021	October 31, 2023	Reopening	0.038	2.80x	$24 billion
October 27, 2021	November 1, 2021	October 31, 2023	New issue	0.035	2.99x	$28 billion
September 22, 2021	September 24, 2021	July 31, 2023	Reopening	0.026	2.84x	$26 billion
August 25, 2021	August 27, 2021	July 31, 2023	Reopening	0.026	3.17x	$26 billion
July 28, 2021	August 2, 2021	July 31, 2023	New issue	0.029	3.04x	$28 billion
June 23, 2021	June 25, 2021	April 30, 2023	Reopening	0.030	3.23x	$26 billion
May 26, 2021	May 28, 2021	April 30, 2023	Reopening	0.030	3.03x	$26 billion
April 27, 2021	April 30, 2021	April 30, 2023	New issue	0.034	2.91x	$28 billion
March 24, 2021	March 26, 2021	January 31, 2023	Reopening	0.035	3.25x	$26 billion
February 24, 2021	February 26, 2021	January 31, 2023	Reopening	0.045	2.88x	$26 billion
January 27, 2021	February 1, 2021	January 31, 2023	New issue	0.049	2.82x	$28 billion
December 23, 2020	December 28, 2020	October 31, 2022	Reopening	0.060	2.83x	$24 billion
November 24, 2020	November 27, 2020	October 31, 2022	Reopening	0.053	2.90x	$24 billion
October 28, 2020	November 2, 2020	October 31, 2022	New issue	0.055	3.22x	$26 billion
September 23, 2020	September 25, 2020	July 31, 2022	Reopening	0.058	2.88x	$22 billion
August 26, 2020	August 28, 2020	July 31, 2022	Reopening	0.055	2.85x	$22 billion
July 28, 2020	July 31, 2020	July 31, 2022	New issue	0.055	3.29x	$24 billion
June 24, 2020	June 26, 2020	April 30, 2022	Reopening	0.080	3.16x	$20 billion
May 27, 2020	May 29, 2020	April 30, 2022	Reopening	0.098	3.12x	$20 billion
April 28, 2020	April 30, 2020	April 30, 2022	New issue	0.114	3.02x	$22 billion
March 25, 2020	March 27, 2020	January 31, 2022	Reopening	0.220	2.91x	$18 billion
February 26, 2020	February 28, 2020	January 31, 2022	Reopening	0.160	2.49x	$18 billion
January 28, 2020	January 31, 2020	January 31, 2022	New issue	0.154	3.23x	$20 billion
December 18, 2019	December 27, 2019	October 31, 2021	Reopening	0.260	4.17x	$18 billion
December 6, 2019	December 9, 2019	October 31, 2021	Reopening	0.245	5.40x	$0 billion
November 26, 2019	November 29, 2019	October 31, 2021	Reopening	0.240	2.50x	$18 billion
October 23, 2019	October 31, 2019	October 31, 2021	New issue	0.300	2.58x	$20 billion
September 25, 2019	September 27, 2019	July 31, 2021	Reopening	0.290	2.66x	$18 billion
August 28, 2019	August 30, 2019	July 31, 2021	Reopening	0.238	2.92x	$18 billion
July 24, 2019	July 31, 2019	July 31, 2021	New issue	0.220	2.73x	$20 billion
June 26, 2019	June 28, 2019	April 30, 2021	Reopening	0.210	3.36x	$18 billion
May 29, 2019	May 31, 2019	April 30, 2021	Reopening	0.140	2.84x	$18 billion
April 24, 2019	April 30, 2019	April 30, 2021	New issue	0.139	2.68x	$20 billion
March 27, 2019	March 29, 2019	January 31, 2021	Reopening	0.180	3.78x	$18 billion
February 20, 2019	February 22, 2019	January 31, 2021	Reopening	0.149	2.70x	$18 billion
January 29, 2019	January 31, 2019	January 31, 2021	New issue	0.115	2.89x	$20 billion
December 26, 2018	December 28, 2018	October 31, 2020	Reopening	0.150	2.71x	$18 billion
November 28, 2018	November 30, 2018	October 31, 2020	Reopening	0.050	2.62x	$18 billion
October 24, 2018	October 31, 2018	October 31, 2020	New issue	0.045	3.32x	$19 billion
September 25, 2018	September 28, 2018	July 31, 2020	Reopening	0.050	3.06x	$17 billion

Showing the latest 100 of 156 stored auctions.

156 auction results since January 29, 2014.

Frequently Asked Questions

When is the next Treasury 2-Year FRN auction?

No next 2-Year FRN auction is announced yet.

What was the latest Treasury 2-Year FRN auction result?

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