Auction History: US to sell USD 28bln of 2-year FRNs at 15:30GMT/11:30EDT
- High Discount Margin: (prev. 0.10%, six-auction average 0.15%)
- B/C: (prev. 3.01x, six-auction average 3.29x)
- Dealer: (prev. 41.53%, six-auction average 33.88%)
- Direct: (prev. 0.71%, six-auction average 0.76%)
- Indirect: (prev. 57.76%, six-auction average 65.36%)
Context
The upcoming auction of USD 28 billion in 2-year FRNs reveals a high discount margin but a weaker bid-to-cover ratio compared to historical averages. This suggests a potential dip in investor demand, which could impact rates and risk sentiment in the broader fixed income market, especially given the higher dealer participation.
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