US sells USD 30bln of 2-year FRNs; High discount margin 0.103% (prev. 0.12%, six-auction average 0.14%)
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US sells USD 30bln of 2-year FRNs; High discount margin 0.103% (prev. 0.12%, six-auction average 0.14%)
European Closes: Euro Stoxx 50 -0.46% at 5,835, Dax 40 -0.18% at 24,040, FTSE 100 +0.11% at 10,333, CAC 40 -0.46% at 8,104, FTSE MIB +0.77% at 48,040, IBEX 35 +0.46% at 17,775, PSI +0.95% at 9,265, SMI -0.13% at 13,148, AEX -0.78% at 1,001
Newsquawk Daily US Conference Calendar - 29th April 2026: MCHP
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- High Discount Margin: 0.103% (prev. 0.12%, six-auction average 0.14%)
- B/C: 3.52x (prev. 2.78x, six-auction average 3.23x)
- Dealer: 34.29% (prev. 49.09%, six-auction average 37.25%)
- Direct: 0% (prev. 0.00%, six-auction average 0.61%)
- Indirect: 65.71% (prev. 50.91%, six-auction average 62.14%)
Context
The sale of USD 30 billion in 2-year FRNs at a high discount margin of 0.103% indicates strong demand, as evident from the bid-to-cover ratio of 3.52x, significantly above previous levels. However, dealer participation dropped sharply compared to the last auction, which could signal changing risk appetites or positioning dynamics in the fixed income market.
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