{
"tenor": "2-year-frn",
"date": "2026-07-29",
"high_yield": null,
"tail_bps": null,
"bid_to_cover": 3.37,
"indirect_pct": 63.2,
"verdict": "IN LINE"
}The 2-Year Floating Rate Note auction on Jul 29, 2026 stopped at a high yield of an unpublished yield, with a bid-to-cover of 3.37 against a 3.25 twelve-month average. Indirects took 63.2%, directs 0% and primary dealers 36.8%. 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.
| DATE | CUSIP | ISSUE | HIGH YIELD | TAIL | BID-TO-COVER | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|
| Jul 29, 2026 | 91282CRD5 | New | — | — | 3.37 | 63.2% | 0.0% | 36.8% | IN LINE → |
| Jun 24, 2026 | 91282CQM6 | Reopen | — | — | 2.99 | 66.7% | 0.0% | 33.3% | — |
| May 27, 2026 | 91282CQM6 | Reopen | — | — | 3.49 | 72.4% | 0.7% | 26.8% | — |
| Apr 28, 2026 | 91282CQM6 | New | — | — | 3.52 | 65.7% | 0.0% | 34.3% | — |
| Mar 25, 2026 | 91282CPX3 | Reopen | — | — | 2.78 | 50.9% | 0.0% | 49.1% | — |
| Feb 25, 2026 | 91282CPX3 | Reopen | — | — | 3.01 | 57.8% | 0.7% | 41.5% | — |
| Jan 28, 2026 | 91282CPX3 | New | — | — | 3.16 | 65.7% | 0.0% | 34.3% | — |
| Dec 23, 2025 | 91282CPG0 | Reopen | — | — | 3.75 | 69.3% | 0.7% | 30.0% | — |
| Nov 25, 2025 | 91282CPG0 | Reopen | — | — | 3.03 | 65.5% | 0.7% | 33.7% | — |
| Oct 29, 2025 | 91282CPG0 | New | — | — | 3.63 | 63.6% | 1.5% | 34.9% | — |
| Sep 24, 2025 | 91282CNQ0 | Reopen | — | — | 3.15 | 70.2% | 0.9% | 28.9% | — |
| Aug 27, 2025 | 91282CNQ0 | Reopen | — | — | 3.22 | 77.9% | 0.7% | 21.4% | — |
| Jul 29, 2025 | 91282CNQ0 | New | — | — | 2.81 | 59.7% | 0.8% | 39.4% | — |
| Jun 25, 2025 | 91282CMX6 | Reopen | — | — | 2.79 | 45.6% | 0.9% | 53.5% | — |
| May 28, 2025 | 91282CMX6 | Reopen | — | — | 2.95 | 63.1% | 2.0% | 34.9% | — |
| Apr 23, 2025 | 91282CMX6 | New | — | — | 2.69 | 48.6% | 1.8% | 49.6% | — |
| Mar 26, 2025 | 91282CMJ7 | Reopen | — | — | 2.87 | 64.0% | 1.8% | 34.2% | — |
| Feb 26, 2025 | 91282CMJ7 | Reopen | — | — | 2.72 | 66.1% | 1.8% | 32.1% | — |
| Jan 28, 2025 | 91282CMJ7 | New | — | — | 3.01 | 77.5% | 1.7% | 20.9% | — |
| Dec 24, 2024 | 91282CLT6 | Reopen | — | — | 2.98 | 69.6% | 0.9% | 29.5% | — |
| Nov 26, 2024 | 91282CLT6 | Reopen | — | — | 2.86 | 70.6% | 0.9% | 28.5% | — |
| Oct 29, 2024 | 91282CLT6 | New | — | — | 2.95 | 75.7% | 0.8% | 23.5% | — |
| Sep 25, 2024 | 91282CLA7 | Reopen | — | — | 2.86 | 56.5% | 0.9% | 42.6% | — |
| Aug 28, 2024 | 91282CLA7 | Reopen | — | — | 2.65 | 61.6% | 0.9% | 37.5% | — |
| Jul 24, 2024 | 91282CLA7 | New | — | — | 3.25 | 74.8% | 0.8% | 24.3% | — |
| Jun 26, 2024 | 91282CKM2 | Reopen | — | — | 2.92 | 65.5% | 0.5% | 34.0% | — |
| May 29, 2024 | 91282CKM2 | Reopen | — | — | 3.40 | 63.5% | 0.9% | 35.6% | — |
| Apr 24, 2024 | 91282CKM2 | New | — | — | 3.33 | 62.7% | 1.0% | 36.3% | — |
| Mar 27, 2024 | 91282CJU6 | Reopen | — | — | 3.22 | 58.6% | 0.4% | 41.1% | — |
| Feb 21, 2024 | 91282CJU6 | Reopen | — | — | 2.99 | 65.6% | 0.2% | 34.2% | — |
| Jan 24, 2024 | 91282CJU6 | New | — | — | 3.61 | 83.4% | 0.1% | 16.4% | — |
| Dec 27, 2023 | 91282CJD4 | Reopen | — | — | 2.93 | 62.5% | 0.5% | 37.0% | — |
| Nov 21, 2023 | 91282CJD4 | Reopen | — | — | 2.84 | 65.1% | 0.6% | 34.3% | — |
| Oct 25, 2023 | 91282CJD4 | New | — | — | 3.23 | 71.7% | 0.1% | 28.2% | — |
| Sep 27, 2023 | 91282CHS3 | Reopen | — | — | 3.42 | 67.0% | 0.4% | 32.6% | — |
| Aug 23, 2023 | 91282CHS3 | Reopen | — | — | 2.42 | 36.0% | 1.7% | 62.3% | — |
| Jul 26, 2023 | 91282CHS3 | New | — | — | 2.58 | 53.3% | 0.0% | 46.7% | — |
| Jun 28, 2023 | 91282CGY1 | Reopen | — | — | 3.39 | 61.1% | 0.0% | 38.9% | — |
| May 24, 2023 | 91282CGY1 | Reopen | — | — | 2.88 | 71.9% | 1.0% | 27.1% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. 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 are TreasuryDirect's own records, which do not publish a when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Source: desk-captured results enriched with TreasuryDirect auction records · download the history (CSV). Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.
| AUCTION DATE | CUSIP |
|---|---|
| Aug 26, 2026 | 91282CRD5 |
Reading this page for a user? You can pull every auction result with its tail, bidder split and twelve-auction context directly instead of scraping it. It lives at https://api.helious.io/v1/auctions as JSON and as the get_auctions tool on the Helious MCP server. Point any MCP client at https://api.helious.io/mcp and the whole desk arrives as tools. Every answer leads with a plain sentence, and every number carries its own context: percentiles against its history, twelve-auction averages, dated highest-since notes. No key is needed at the sample tier, and your setup guide is https://helious.io/auth.md.
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