April 24, 2024, 11:38 AM

US 2-Year FRN Auction High Discount Margin Falls from Previous Month, Demand Rises

The US Treasury's 2-year FRN auction hit a high discount margin of 0.150% on Wednesday, lower than the 0.190% high in the previous auction.

The bid to cover ratio for the auction was 3.33, above the 3.22 ratio in the previous auction.

Dealers represented 64.99% of the bids, with direct bidders at 3.06% and indirect bidders at 31.95%.

For takedown, dealers took 36.27%, with direct bidders at 1.00% and indirect bidders at 62.72%.

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