2-Year Treasury FRN Auction Results
Results of every 2-year Treasury FRN auction from Oct 29, 2025 to Sep 23, 2026 (12 auctions), from the U.S. Treasury Fiscal Data API. The latest 2-year Treasury FRN auction, on Sep 23, 2026, produced a high discount margin of 0.040% (−1.5 bp vs the prior auction on Aug 26, 2026), with a bid-to-cover ratio of 2.63.
U.S. Treasury securities: not FDIC-insured · not bank deposits · market value can change before maturity
- Latest high discount margin0.040%
- Low in this period0.040%
- High in this period0.190%
- Auctions on file12 since
Upcoming 2-year Treasury FRN auctions
No 2-year Treasury FRN auction is on Treasury's upcoming list for the next 14 days.
2-Year Treasury FRN auction history
| Auction date | Security | Term | CUSIP | Headline rate | Bid-to-cover | Change vs prior same-term | Source |
|---|---|---|---|---|---|---|---|
| FRN (reopening) | 1-Year 10-Month | 91282CRD5 | 0.040% margin | 2.63 | −1.5 bp vs Aug 26 | results PDF | |
| FRN (reopening) | 1-Year 11-Month | 91282CRD5 | 0.055% margin | 3.14 | +0.5 bp vs Jul 29 | results PDF | |
| FRN | 2-Year | 91282CRD5 | 0.050% margin | 3.37 | −2.9 bp vs Jun 24 | results PDF | |
| FRN (reopening) | 1-Year 10-Month | 91282CQM6 | 0.079% margin | 2.99 | −1.0 bp vs May 27 | results PDF | |
| FRN (reopening) | 1-Year 11-Month | 91282CQM6 | 0.089% margin | 3.49 | −1.4 bp vs Apr 28 | results PDF | |
| FRN | 2-Year | 91282CQM6 | 0.103% margin | 3.52 | −1.2 bp vs Mar 25 | results PDF | |
| FRN (reopening) | 1-Year 10-Month | 91282CPX3 | 0.115% margin | 2.78 | +1.6 bp vs Feb 25 | results PDF | |
| FRN (reopening) | 1-Year 11-Month | 91282CPX3 | 0.099% margin | 3.01 | 0.0 bp vs Jan 28 | results PDF | |
| FRN | 2-Year | 91282CPX3 | 0.099% margin | 3.16 | −4.0 bp vs Dec 23 | results PDF | |
| FRN (reopening) | 1-Year 10-Month | 91282CPG0 | 0.139% margin | 3.75 | −2.9 bp vs Nov 25 | results PDF | |
| FRN (reopening) | 1-Year 11-Month | 91282CPG0 | 0.168% margin | 3.03 | −2.2 bp vs Oct 29 | results PDF | |
| FRN | 2-Year | 91282CPG0 | 0.190% margin | 3.63 | — | results PDF |
Source: U.S. Treasury Fiscal Data API, Treasury Securities Auctions Data, retrieved 2026-10-16 23:44 CDT; each row links to the official TreasuryDirect results PDF. Bills: investment rate (bond-equivalent) and discount rate. Notes/bonds: high yield and coupon. TIPS: high real yield (before inflation adjustment). FRNs: high discount margin. bp = basis points (0.01 percentage point). Change compares the headline rate with the prior auction of the same security type and term.
Download: 2-year-frn.csv