2-Year Floating Rate Note Auction: Results, Schedule & History
{
"tenor": "2-year-frn",
"date": "2026-08-26",
"offering_usd": 28000000000,
"high_yield": null,
"tail_bps": null,
"bid_to_cover": 3.14,
"indirect_pct": 66.6,
"verdict": "IN LINE"
}The 2-Year Floating Rate Note auction on Aug 26, 2026 put $28B on offer and stopped at a high yield of an unpublished yield, with a bid-to-cover of 3.14 against a 3.26 twelve-month average. Indirects took 66.6%, directs 0.4% and primary dealers 33.1%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 2-year FRN pays the 13-week bill rate plus a fixed discount margin, so its auction prices pure credit-free floating exposure with zero duration. The stop-out margin is a clean gauge of front-end cash demand from money funds and banks. A widening margin flags bill oversupply or funding stress before it shows up elsewhere.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRD5 | Reopen | $28B | — | — | 3.14 | 66.6% | 0.4% | 33.1% | IN LINE → | |
| 91282CRD5 | New | $30B | — | — | 3.37 | 63.2% | 0.0% | 36.8% | IN LINE → | |
| 91282CQM6 | Reopen | $28B | — | — | 2.99 | 66.7% | 0.0% | 33.3% | — | |
| 91282CQM6 | Reopen | $28B | — | — | 3.49 | 72.4% | 0.7% | 26.8% | — | |
| 91282CQM6 | New | $30B | — | — | 3.52 | 65.7% | 0.0% | 34.3% | — | |
| 91282CPX3 | Reopen | $28B | — | — | 2.78 | 50.9% | 0.0% | 49.1% | — | |
| 91282CPX3 | Reopen | $28B | — | — | 3.01 | 57.8% | 0.7% | 41.5% | — | |
| 91282CPX3 | New | $30B | — | — | 3.16 | 65.7% | 0.0% | 34.3% | — | |
| 91282CPG0 | Reopen | $28B | — | — | 3.75 | 69.3% | 0.7% | 30.0% | — | |
| 91282CPG0 | Reopen | $28B | — | — | 3.03 | 65.5% | 0.7% | 33.7% | — | |
| 91282CPG0 | New | $30B | — | — | 3.63 | 63.6% | 1.5% | 34.9% | — | |
| 91282CNQ0 | Reopen | $28B | — | — | 3.15 | 70.2% | 0.9% | 28.9% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.