--- title: "2-Year FRN Treasury Auction Results: Sep 23, 2026" description: "2-Year Floating Rate Note, Sep 23, 2026: $28B on offer, 2.63x cover, indirects 59.1%. Full bidder split, tails and 12-month averages." source: Helious canonical: "https://helious.io/auctions/2-year-frn" --- # 2-Year Floating Rate Note Auction: Results, Schedule & History High yield — Sep 23, 2026 Tail — no when-issued Bid to cover 2.63 12m avg 3.26 Indirects 59.1% 12m avg 64.3% [Ask Helious about the 2-Year Floating Rate Note auction](https://helious.io/?ask=How%20did%20the%20last%202-Year%20Floating%20Rate%20Note%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/2-year-frn) Human Agent Last result · Sep 23, 2026 — b/c 2.63 · indirects 59.1% WEAK { "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. NEXT AUCTION Auctioned monthly: new issues january/april/july/october, reopenings other months (typically wednesday); results cross ~11:30 ET. LATEST RESULT: SEP 23, 2026 —high yield $28Bon offer 2.63bid-to-cover-0.63 vs avg 59.1%indirects-5.21 vs avg 0%directs-0.43 vs avg 40.9%dealer take+5.65 vs avg WEAKdesk verdict [Full desk recap →](https://helious.io/news/auc-91282CRD5-2026-09-23/2-year-frn-auction-weak) 12-MONTH AVERAGES · 11 AUCTIONS 3.26bid-to-cover 64.31%indirects 0.43%directs 35.25%dealer take Read a new result against these numbers. When cover, indirects and directs come in above the average, that is solid investor demand. An above-average [dealer take](https://helious.io/learn/primary-dealers) means the street absorbed the balance. The shares are percentages of *competitive* accepted, so indirects, directs and dealers add up to 100. ## Recent auction results DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP Sep 23, 2026Sep 23 ’26 91282CRD5 Reopen $28B — — 2.63 59.1% 0.0% 40.9% [WEAK →](https://helious.io/news/auc-91282CRD5-2026-09-23/2-year-frn-auction-weak) Aug 26, 2026Aug 26 ’26 91282CRD5 Reopen $28B — — 3.14 66.6% 0.4% 33.1% [IN LINE →](https://helious.io/news/auc-91282CRD5-2026-08-26/2-year-frn-auction-in-line) Jul 29, 2026Jul 29 ’26 91282CRD5 New $30B — — 3.37 63.2% 0.0% 36.8% [IN LINE →](https://helious.io/news/auc-91282CRD5-2026-07-29/2-year-frn-auction-in-line) Jun 24, 2026Jun 24 ’26 91282CQM6 Reopen $28B — — 2.99 66.7% 0.0% 33.3% — May 27, 2026May 27 ’26 91282CQM6 Reopen $28B — — 3.49 72.4% 0.7% 26.8% — Apr 28, 2026Apr 28 ’26 91282CQM6 New $30B — — 3.52 65.7% 0.0% 34.3% — Mar 25, 2026Mar 25 ’26 91282CPX3 Reopen $28B — — 2.78 50.9% 0.0% 49.1% — Feb 25, 2026Feb 25 ’26 91282CPX3 Reopen $28B — — 3.01 57.8% 0.7% 41.5% — Jan 28, 2026Jan 28 ’26 91282CPX3 New $30B — — 3.16 65.7% 0.0% 34.3% — Dec 23, 2025Dec 23 ’25 91282CPG0 Reopen $28B — — 3.75 69.3% 0.7% 30.0% — Nov 25, 2025Nov 25 ’25 91282CPG0 Reopen $28B — — 3.03 65.5% 0.7% 33.7% — Oct 29, 2025Oct 29 ’25 91282CPG0 New $30B — — 3.63 63.6% 1.5% 34.9% — The **issue** column says which kind of auction it was. A [reopening](https://helious.io/learn/when-issued-yield) 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](https://helious.io/learn/when-issued-yield) 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)](https://helious.io/auctions/2-year-frn.csv). The full history comes through the [Helious API](https://helious.io/developers/) and MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan. Read [what a tail means](https://helious.io/learn/auction-tail) · [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) · [who indirect bidders are](https://helious.io/learn/indirect-bidders) · [who direct bidders are](https://helious.io/learn/direct-bidders). [Watch the next auction live →](https://helious.io/)