Ask Helious about the 2-Year Floating Rate Note auction
{
"tenor": "2-year-frn",
"date": "2026-09-23",
"offering_usd": 28000000000,
"high_yield": null,
"tail_bps": null,
"bid_to_cover": 2.63,
"indirect_pct": 59.1,
"verdict": "WEAK"
}The 2-Year Floating Rate Note auction on Sep 23, 2026 put $28B on offer and stopped at a high yield that was never published. The bid-to-cover was 2.63, against a twelve-month average of 3.26. Indirects took 59.1%, directs 0% and primary dealers 40.9%. Helious captured the result live as it crossed and graded it WEAK.
The 2-year FRN pays whatever the 13-week bill is paying plus a fixed spread called the discount margin. There is no credit risk in it and no duration, so the only thing the auction prices is floating exposure. The stop-out margin, the level the sale clears at, is a clean read on how badly money funds and banks want cash at the front end. A widening margin means bills are coming too fast or funding is getting tight, and it tends to show up here before anywhere else.
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRD5 | Reopen | $28B | — | — | 2.63 | 59.1% | 0.0% | 40.9% | WEAK → | |
| 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% | — |
The issue column says which kind of auction it was. A reopening re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. Offered is the amount the Treasury announced for sale at that auction. The tail is the high yield minus the when-issued yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the desk recap, is the desk's live verdict, posted the moment results cross.
The desk captures each result and backfills the rest from the full auction record · 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.