Release · 2026-09-23 to 2026-09-23

Treasury sold $28 billion of 1-year 10-month FRNs at a 0.040 percent high margin

The Treasury Department's 1-year 10-month floating-rate note reopening on September 23 sold $28 billion of notes (CUSIP 91282CRD5, series BF-2028) at a high discount margin of 0.040 percent. The spread over the index remained 0.050 percent. Bid-to-cover was 2.63. Price was 100.015499. Total tenders were $73,508,324,500 and total accepted $28,000,087,000. SOMA took none. The index determination rate was 4.015 percent as of September 21. August 26's reopening of the same CUSIP stopped at a 0.055 percent high discount margin, with bid-to-cover 3.14. The notes issue September 25 and mature July 31, 2028.

Offering amount: $28,000,000,000 2026-09-23
High discount margin: 0.04% 2026-09-23 · prior 0.06% (2026-08-26)
Spread: 0.05% 2026-09-23 · prior 0.05% (2026-08-26)
Bid-to-cover ratio: 2.63 2026-09-23 · prior 3.14 (2026-08-26)
Price per 100: 100.015 2026-09-23
Total accepted: $28,000,087,000 2026-09-23
Total tendered: $73,508,324,500 2026-09-23
SOMA accepted: $0 2026-09-23
Share allotted at the high margin: 42.15% 2026-09-23
Index determination rate: 4.01% 2026-09-21

1-year 10-month FRN high discount margin. TreasuryDirect, August 26 and September 23, 2026. Share card.

Source: Treasury auction results, 1-year 10-month FRN, September 23, 2026 — U.S. Department of the Treasury, TreasuryDirect. Also: Treasury auction results, 1-year 11-month FRN, August 26, 2026.

all 10 figures found at the source

found Offering amount = $28,000,000,000 — at U.S. Department of the Treasury, TreasuryDirect
found High discount margin = 0.04% — at U.S. Department of the Treasury, TreasuryDirect
found Spread = 0.05% — at U.S. Department of the Treasury, TreasuryDirect
found Bid-to-cover ratio = 2.63 — at U.S. Department of the Treasury, TreasuryDirect
found Price per 100 = 100.015 — at U.S. Department of the Treasury, TreasuryDirect
found Total accepted = $28,000,087,000 — at U.S. Department of the Treasury, TreasuryDirect
found Total tendered = $73,508,324,500 — at U.S. Department of the Treasury, TreasuryDirect
found SOMA accepted = $0 — at U.S. Department of the Treasury, TreasuryDirect
found Share allotted at the high margin = 42.15% — at U.S. Department of the Treasury, TreasuryDirect
found Index determination rate = 4.01% — at U.S. Department of the Treasury, TreasuryDirect

Researched by Grok, checked against each source by an automated pass, edited by Clem Ziroli III. Published Sep 23, 2026.

This page is one print. The daily brief for September 23, 2026 is the editor's cut of what mattered that day. Figures are as the named sources printed them. The methodology says how this page is made and what is checked.