Reopening
2-Year Floating Rate Note auction result for February 25, 2026
The 2-Year Floating Rate Note reopening held on February 25, 2026 and a bid-to-cover ratio of 3.01. Bid-to-cover decreased from 3.16 at the preceding comparable auction.
High discount rate
—
Bid-to-cover
3.01
Direct bidders
0.7%
Primary dealers
41.5%
Comparable historical context
| Auction date | Series | Result | Bid-to-cover | Offering | Direct | Indirect | Dealers |
|---|---|---|---|---|---|---|---|
| 2026-02-25 | 1Y Note · reopening | High discount rate: — | 3.01 | $28.0B | 0.7% | 57.7% | 41.5% |
| 2026-01-28 | 2Y Note | High discount rate: — | 3.16 | $30.0B | 0.0% | 61.4% | 32.0% |
| 2025-12-23 | 1Y Note · reopening | High discount rate: — | 3.75 | $28.0B | 0.7% | 69.2% | 30.0% |
| 2025-11-25 | 1Y Note · reopening | High discount rate: — | 3.03 | $28.0B | 0.7% | 65.5% | 33.7% |
| 2025-10-29 | 2Y Note | High discount rate: — | 3.63 | $30.0B | 1.4% | 60.2% | 33.0% |
| 2025-09-24 | 1Y Note · reopening | High discount rate: — | 3.15 | $28.0B | 0.9% | 70.2% | 28.8% |
| 2025-08-27 | 1Y Note · reopening | High discount rate: — | 3.22 | $28.0B | 0.7% | 77.8% | 21.4% |
| 2025-07-29 | 2Y Note | High discount rate: — | 2.81 | $30.0B | 0.8% | 55.9% | 36.9% |
| 2025-06-25 | 1Y Note · reopening | High discount rate: — | 2.79 | $28.0B | 0.9% | 45.6% | 53.5% |
| 2025-05-28 | 1Y Note · reopening | High discount rate: — | 2.95 | $28.0B | 2.0% | 63.0% | 34.9% |
| 2025-04-23 | 2Y Note | High discount rate: — | 2.69 | $30.0B | 1.7% | 45.5% | 46.4% |
| 2025-03-26 | 1Y Note · reopening | High discount rate: — | 2.87 | $28.0B | 1.8% | 64.0% | 34.2% |
| 2025-02-26 | 1Y Note · reopening | High discount rate: — | 2.72 | $28.0B | 1.6% | 60.0% | 29.2% |
| 2025-01-28 | 2Y Note | High discount rate: — | 3.01 | $30.0B | 1.6% | 73.3% | 19.8% |
| 2024-12-24 | 1Y Note · reopening | High discount rate: — | 2.98 | $28.0B | 0.9% | 69.6% | 29.4% |
| 2024-11-26 | 1Y Note · reopening | High discount rate: — | 2.86 | $28.0B | 0.9% | 70.6% | 28.5% |
| 2024-10-29 | 2Y Note | High discount rate: — | 2.95 | $30.0B | 0.8% | 74.3% | 23.1% |
| 2024-09-25 | 1Y Note · reopening | High discount rate: — | 2.86 | $28.0B | 0.9% | 56.5% | 42.6% |
| 2024-08-28 | 1Y Note · reopening | High discount rate: — | 2.65 | $28.0B | 0.9% | 61.5% | 37.5% |
| 2024-07-24 | 2Y Note | High discount rate: — | 3.25 | $30.0B | 0.8% | 70.8% | 23.0% |
| 2024-06-26 | 1Y Note · reopening | High discount rate: — | 2.92 | $28.0B | 0.5% | 65.4% | 34.0% |
| 2024-05-29 | 1Y Note · reopening | High discount rate: — | 3.40 | $28.0B | 0.8% | 59.9% | 33.6% |
| 2024-04-24 | 2Y Note | High discount rate: — | 3.33 | $30.0B | 1.0% | 62.3% | 36.0% |
| 2024-03-27 | 1Y Note · reopening | High discount rate: — | 3.22 | $28.0B | 0.4% | 58.5% | 41.0% |
2-Year FRN history page is not yet available · Official result document