Upcoming US Treasury auction - 2 year Floating Rate Notes
18 April 2025 - Written by ML
The table provides details of upcoming US Treasury security auctions. Details on each auction can be accessed on the Treasury website(U.S. Department of the Treasury, 2025).
| Upcoming Treasury Auctions | |||||||
| Summary of Key Auction Details | |||||||
| Auction Date | Issue Date | Maturity Date | Amount ($B) | Security Type | Term | Int. Freq. | Notes |
|---|---|---|---|---|---|---|---|
| April 21, 2025 | April 24, 2025 | July 24, 2025 | 76 B | Bill | 13-Week | N/A | Reopening |
| April 21, 2025 | April 24, 2025 | October 23, 2025 | 68 B | Bill | 26-Week | N/A | None |
| April 22, 2025 | April 30, 2025 | April 30, 2027 | 69 B | Note | 2-Year | Semi | None |
| April 22, 2025 | April 24, 2025 | June 5, 2025 | 70 B | Bill | 6-Week | N/A | Reopening |
| April 23, 2025 | April 30, 2025 | April 30, 2027 | 30 B | Note | 2-Year | Qtr | Floating |
| April 23, 2025 | April 30, 2025 | April 30, 2030 | 70 B | Note | 5-Year | Semi | None |
| April 24, 2025 | April 30, 2025 | April 30, 2032 | 44 B | Note | 7-Year | Semi | None |
| Source: U.S. Treasury, extracted April 17, 2025 | |||||||
| Annual Auction Summary | |||||||||
| All figures annual medians, allocations in % | |||||||||
| Year | Total Accepted (B) | Median Bid-to-Cover |
Allocation (%)
|
||||||
|---|---|---|---|---|---|---|---|---|---|
| Primary Dealer | Direct Bidder | Indirect Bidder | FIMA Non‑comp | Treasury Retail | Other Non‑comp | SOMA | |||
| 2018 | 74 | 3.3 | 46% | 3% | 41% | 0% | 0% | 0% | 8% |
| 2019 | 83 | 2.7 | 51% | 1% | 44% | 0% | 0% | 0% | 3% |
| 2020 | 101 | 3.2 | 34% | 1% | 50% | 0% | 0% | 0% | 9% |
| 2021 | 127 | 3.0 | 31% | 1% | 54% | 0% | 0% | 0% | 11% |
| 2022 | 107 | 2.9 | 27% | 1% | 65% | 0% | 0% | 0% | 10% |
| 2023 | 100 | 2.9 | 30% | 0% | 65% | 0% | 0% | 0% | 0% |
| 2024 | 120 | 3.3 | 23% | 1% | 73% | 0% | 0% | 0% | 1% |
| 2025 | 32 | 3.0 | 20% | 2% | 73% | 0% | 0% | 0% | 5% |
| Allocation columns – Primary Dealer (own house account), Direct Bidder (own house account), Indirect Bidder (including foreign & intl monetary authorities), FIMA Noncompetitive (foreign & intl monetary authorities), Treasury Retail Noncompetitive, Other Noncompetitive, SOMA (managed by Federal Reserve) | |||||||||
| Treasury Auction Results 2018 | |||||
| Summary of Key Auction Metrics for 2018 | |||||
| Auction Date | Issue Date | Maturity Date | Bid‑to‑Cover Ratio | Price per 100 | Accepted ($B) |
|---|---|---|---|---|---|
| January 24, 2018 | January 31, 2018 | January 31, 2020 | 3.4 | 100.000 | 17 B |
| April 25, 2018 | April 30, 2018 | April 30, 2020 | 3.6 | 100.000 | 19 B |
| July 25, 2018 | July 31, 2018 | July 31, 2020 | 2.8 | 100.000 | 19 B |
| October 24, 2018 | October 31, 2018 | October 31, 2020 | 3.3 | 100.000 | 19 B |
| Source: U.S. Treasury, extracted April 17 2025 | |||||
| Treasury Auction Results 2019 | |||||
| Summary of Key Auction Metrics for 2019 | |||||
| Auction Date | Issue Date | Maturity Date | Bid‑to‑Cover Ratio | Price per 100 | Accepted ($B) |
|---|---|---|---|---|---|
| January 29, 2019 | January 31, 2019 | January 31, 2021 | 2.9 | 100.000 | 20 B |
| April 24, 2019 | April 30, 2019 | April 30, 2021 | 2.7 | 100.000 | 20 B |
| July 24, 2019 | July 31, 2019 | July 31, 2021 | 2.7 | 100.000 | 21 B |
| October 23, 2019 | October 31, 2019 | October 31, 2021 | 2.6 | 100.000 | 22 B |
| Source: U.S. Treasury, extracted April 17 2025 | |||||
| Treasury Auction Results 2020 | |||||
| Summary of Key Auction Metrics for 2020 | |||||
| Auction Date | Issue Date | Maturity Date | Bid‑to‑Cover Ratio | Price per 100 | Accepted ($B) |
|---|---|---|---|---|---|
| January 28, 2020 | January 31, 2020 | January 31, 2022 | 3.2 | 100.000 | 22 B |
| April 28, 2020 | April 30, 2020 | April 30, 2022 | 3.0 | 100.000 | 24 B |
| July 28, 2020 | July 31, 2020 | July 31, 2022 | 3.3 | 100.000 | 27 B |
| October 28, 2020 | November 2, 2020 | October 31, 2022 | 3.2 | 100.000 | 29 B |
| Source: U.S. Treasury, extracted April 17 2025 | |||||
| Treasury Auction Results 2021 | |||||
| Summary of Key Auction Metrics for 2021 | |||||
| Auction Date | Issue Date | Maturity Date | Bid‑to‑Cover Ratio | Price per 100 | Accepted ($B) |
|---|---|---|---|---|---|
| January 27, 2021 | February 1, 2021 | January 31, 2023 | 2.8 | 100.000 | 32 B |
| April 27, 2021 | April 30, 2021 | April 30, 2023 | 2.9 | 100.000 | 33 B |
| July 28, 2021 | August 2, 2021 | July 31, 2023 | 3.0 | 100.000 | 31 B |
| October 27, 2021 | November 1, 2021 | October 31, 2023 | 3.0 | 100.000 | 31 B |
| Source: U.S. Treasury, extracted April 17 2025 | |||||
| Treasury Auction Results 2022 | |||||
| Summary of Key Auction Metrics for 2022 | |||||
| Auction Date | Issue Date | Maturity Date | Bid‑to‑Cover Ratio | Price per 100 | Accepted ($B) |
|---|---|---|---|---|---|
| January 26, 2022 | January 31, 2022 | January 31, 2024 | 3.3 | 100.000 | 30 B |
| April 27, 2022 | May 2, 2022 | April 30, 2024 | 2.5 | 100.000 | 27 B |
| July 27, 2022 | August 1, 2022 | July 31, 2024 | 3.1 | 100.000 | 26 B |
| October 26, 2022 | October 31, 2022 | October 31, 2024 | 2.6 | 100.000 | 24 B |
| Source: U.S. Treasury, extracted April 17 2025 | |||||
| Treasury Auction Results 2023 | |||||
| Summary of Key Auction Metrics for 2023 | |||||
| Auction Date | Issue Date | Maturity Date | Bid‑to‑Cover Ratio | Price per 100 | Accepted ($B) |
|---|---|---|---|---|---|
| January 25, 2023 | January 31, 2023 | January 31, 2025 | 2.8 | 100.000 | 24 B |
| April 26, 2023 | May 1, 2023 | April 30, 2025 | 3.0 | 100.000 | 26 B |
| July 26, 2023 | July 31, 2023 | July 31, 2025 | 2.6 | 100.000 | 24 B |
| October 25, 2023 | October 31, 2023 | October 31, 2025 | 3.2 | 100.000 | 26 B |
| Source: U.S. Treasury, extracted April 17 2025 | |||||
| Treasury Auction Results 2024 | |||||
| Summary of Key Auction Metrics for 2024 | |||||
| Auction Date | Issue Date | Maturity Date | Bid‑to‑Cover Ratio | Price per 100 | Accepted ($B) |
|---|---|---|---|---|---|
| January 24, 2024 | January 31, 2024 | January 31, 2026 | 3.6 | 100.000 | 28 B |
| April 24, 2024 | April 30, 2024 | April 30, 2026 | 3.3 | 100.000 | 30 B |
| July 24, 2024 | July 31, 2024 | July 31, 2026 | 3.2 | 100.000 | 32 B |
| October 29, 2024 | October 31, 2024 | October 31, 2026 | 3.0 | 100.000 | 31 B |
| Source: U.S. Treasury, extracted April 17 2025 | |||||
| Treasury Auction Results 2025 | |||||
| Summary of Key Auction Metrics for 2025 | |||||
| Auction Date | Issue Date | Maturity Date | Bid‑to‑Cover Ratio | Price per 100 | Accepted ($B) |
|---|---|---|---|---|---|
| April 23, 2025 | April 30, 2025 | April 30, 2027 | NA | NA | NA |
| January 28, 2025 | January 31, 2025 | January 31, 2027 | 3.0 | 100.000 | 32 B |
| Source: U.S. Treasury, extracted April 17 2025 | |||||
| Auction Statistics | ||||
| Key Metrics Summary for 2018 • Total Issues: 4 | ||||
| Metric | Min | Max | Average | Median |
|---|---|---|---|---|
| Total Accepted (B) | 17B | 19B | 19B | 19B |
| bidToCoverRatio | 2.79 | 3.65 | 3.29 | 3.35 |
| pricePer100 | 100.00 | 100.00 | 100.00 | 100.00 |
| highDiscountMargin | 0.00 | 0.04 | 0.03 | 0.04 |
| averageMedianDiscountMargin | −0.01 | 0.04 | 0.02 | 0.03 |
| Primary Dealer (own house account) | 0.40 | 0.55 | 0.47 | 0.46 |
| Direct Bidder (own house account) | 0.00 | 0.11 | 0.04 | 0.03 |
| Indirect Bidder (including foreign & intl monetary authorities) | 0.32 | 0.52 | 0.42 | 0.41 |
| FIMA Noncompetitive (foreign & intl monetary authorities) | 0.00 | 0.00 | 0.00 | 0.00 |
| SOMA (managed by Federal Reserve) | 0.00 | 0.13 | 0.07 | 0.08 |
| Treasury Retail Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Source: U.S. Treasury, extracted April 17, 2025 | ||||
| Auction Statistics | ||||
| Key Metrics Summary for 2019 • Total Issues: 4 | ||||
| Metric | Min | Max | Average | Median |
|---|---|---|---|---|
| Total Accepted (B) | 20B | 22B | 21B | 21B |
| bidToCoverRatio | 2.58 | 2.89 | 2.72 | 2.71 |
| pricePer100 | 100.00 | 100.00 | 100.00 | 100.00 |
| highDiscountMargin | 0.12 | 0.30 | 0.19 | 0.18 |
| averageMedianDiscountMargin | 0.10 | 0.27 | 0.17 | 0.15 |
| Primary Dealer (own house account) | 0.47 | 0.59 | 0.52 | 0.51 |
| Direct Bidder (own house account) | 0.00 | 0.01 | 0.01 | 0.01 |
| Indirect Bidder (including foreign & intl monetary authorities) | 0.38 | 0.48 | 0.44 | 0.44 |
| FIMA Noncompetitive (foreign & intl monetary authorities) | 0.00 | 0.00 | 0.00 | 0.00 |
| SOMA (managed by Federal Reserve) | 0.00 | 0.09 | 0.04 | 0.03 |
| Treasury Retail Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Source: U.S. Treasury, extracted April 17, 2025 | ||||
| Auction Statistics | ||||
| Key Metrics Summary for 2020 • Total Issues: 4 | ||||
| Metric | Min | Max | Average | Median |
|---|---|---|---|---|
| Total Accepted (B) | 22B | 29B | 25B | 25B |
| bidToCoverRatio | 3.02 | 3.29 | 3.19 | 3.23 |
| pricePer100 | 100.00 | 100.00 | 100.00 | 100.00 |
| highDiscountMargin | 0.06 | 0.15 | 0.09 | 0.08 |
| averageMedianDiscountMargin | 0.04 | 0.14 | 0.08 | 0.07 |
| Primary Dealer (own house account) | 0.29 | 0.44 | 0.35 | 0.34 |
| Direct Bidder (own house account) | 0.00 | 0.16 | 0.05 | 0.01 |
| Indirect Bidder (including foreign & intl monetary authorities) | 0.45 | 0.59 | 0.51 | 0.50 |
| FIMA Noncompetitive (foreign & intl monetary authorities) | 0.00 | 0.00 | 0.00 | 0.00 |
| SOMA (managed by Federal Reserve) | 0.08 | 0.10 | 0.09 | 0.09 |
| Treasury Retail Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Source: U.S. Treasury, extracted April 17, 2025 | ||||
| Auction Statistics | ||||
| Key Metrics Summary for 2021 • Total Issues: 4 | ||||
| Metric | Min | Max | Average | Median |
|---|---|---|---|---|
| Total Accepted (B) | 31B | 33B | 32B | 31B |
| bidToCoverRatio | 2.82 | 3.04 | 2.94 | 2.95 |
| pricePer100 | 100.00 | 100.00 | 100.00 | 100.00 |
| highDiscountMargin | 0.03 | 0.05 | 0.04 | 0.03 |
| averageMedianDiscountMargin | 0.02 | 0.04 | 0.03 | 0.03 |
| Primary Dealer (own house account) | 0.25 | 0.41 | 0.32 | 0.31 |
| Direct Bidder (own house account) | 0.01 | 0.03 | 0.01 | 0.01 |
| Indirect Bidder (including foreign & intl monetary authorities) | 0.46 | 0.66 | 0.55 | 0.54 |
| FIMA Noncompetitive (foreign & intl monetary authorities) | 0.00 | 0.00 | 0.00 | 0.00 |
| SOMA (managed by Federal Reserve) | 0.09 | 0.16 | 0.11 | 0.11 |
| Treasury Retail Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Source: U.S. Treasury, extracted April 17, 2025 | ||||
| Auction Statistics | ||||
| Key Metrics Summary for 2022 • Total Issues: 4 | ||||
| Metric | Min | Max | Average | Median |
|---|---|---|---|---|
| Total Accepted (B) | 24B | 30B | 27B | 27B |
| bidToCoverRatio | 2.51 | 3.34 | 2.91 | 2.89 |
| pricePer100 | 100.00 | 100.00 | 100.00 | 100.00 |
| highDiscountMargin | −0.07 | 0.14 | 0.02 | 0.01 |
| averageMedianDiscountMargin | −0.10 | 0.10 | 0.00 | −0.01 |
| Primary Dealer (own house account) | 0.21 | 0.43 | 0.29 | 0.27 |
| Direct Bidder (own house account) | 0.00 | 0.18 | 0.05 | 0.01 |
| Indirect Bidder (including foreign & intl monetary authorities) | 0.26 | 0.72 | 0.57 | 0.65 |
| FIMA Noncompetitive (foreign & intl monetary authorities) | 0.00 | 0.00 | 0.00 | 0.00 |
| SOMA (managed by Federal Reserve) | 0.00 | 0.13 | 0.08 | 0.10 |
| Treasury Retail Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Source: U.S. Treasury, extracted April 17, 2025 | ||||
| Auction Statistics | ||||
| Key Metrics Summary for 2023 • Total Issues: 4 | ||||
| Metric | Min | Max | Average | Median |
|---|---|---|---|---|
| Total Accepted (B) | 24B | 26B | 25B | 25B |
| bidToCoverRatio | 2.58 | 3.23 | 2.91 | 2.92 |
| pricePer100 | 100.00 | 100.00 | 100.00 | 100.00 |
| highDiscountMargin | 0.12 | 0.20 | 0.17 | 0.17 |
| averageMedianDiscountMargin | 0.10 | 0.17 | 0.14 | 0.15 |
| Primary Dealer (own house account) | 0.26 | 0.46 | 0.33 | 0.30 |
| Direct Bidder (own house account) | 0.00 | 0.01 | 0.00 | 0.00 |
| Indirect Bidder (including foreign & intl monetary authorities) | 0.53 | 0.72 | 0.64 | 0.65 |
| FIMA Noncompetitive (foreign & intl monetary authorities) | 0.00 | 0.00 | 0.00 | 0.00 |
| SOMA (managed by Federal Reserve) | 0.00 | 0.09 | 0.02 | 0.00 |
| Treasury Retail Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Source: U.S. Treasury, extracted April 17, 2025 | ||||
| Auction Statistics | ||||
| Key Metrics Summary for 2024 • Total Issues: 4 | ||||
| Metric | Min | Max | Average | Median |
|---|---|---|---|---|
| Total Accepted (B) | 28B | 32B | 30B | 30B |
| bidToCoverRatio | 2.95 | 3.61 | 3.29 | 3.29 |
| pricePer100 | 100.00 | 100.00 | 100.00 | 100.00 |
| highDiscountMargin | 0.15 | 0.24 | 0.20 | 0.19 |
| averageMedianDiscountMargin | 0.13 | 0.24 | 0.18 | 0.18 |
| Primary Dealer (own house account) | 0.16 | 0.36 | 0.25 | 0.23 |
| Direct Bidder (own house account) | 0.00 | 0.01 | 0.01 | 0.01 |
| Indirect Bidder (including foreign & intl monetary authorities) | 0.62 | 0.83 | 0.73 | 0.73 |
| FIMA Noncompetitive (foreign & intl monetary authorities) | 0.00 | 0.00 | 0.00 | 0.00 |
| SOMA (managed by Federal Reserve) | 0.00 | 0.05 | 0.02 | 0.01 |
| Treasury Retail Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Source: U.S. Treasury, extracted April 17, 2025 | ||||
| Auction Statistics | ||||
| Key Metrics Summary for 2025 • Total Issues: 2 | ||||
| Metric | Min | Max | Average | Median |
|---|---|---|---|---|
| Total Accepted (B) | 32B | 32B | 32B | 32B |
| bidToCoverRatio | 3.01 | 3.01 | 3.01 | 3.01 |
| pricePer100 | 100.00 | 100.00 | 100.00 | 100.00 |
| highDiscountMargin | 0.10 | 0.10 | 0.10 | 0.10 |
| averageMedianDiscountMargin | 0.08 | 0.08 | 0.08 | 0.08 |
| Primary Dealer (own house account) | 0.20 | 0.20 | 0.20 | 0.20 |
| Direct Bidder (own house account) | 0.02 | 0.02 | 0.02 | 0.02 |
| Indirect Bidder (including foreign & intl monetary authorities) | 0.73 | 0.73 | 0.73 | 0.73 |
| FIMA Noncompetitive (foreign & intl monetary authorities) | 0.00 | 0.00 | 0.00 | 0.00 |
| SOMA (managed by Federal Reserve) | 0.05 | 0.05 | 0.05 | 0.05 |
| Treasury Retail Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Noncompetitive | 0.00 | 0.00 | 0.00 | 0.00 |
| Source: U.S. Treasury, extracted April 17, 2025 | ||||