What is Reopening Auction of US Treasury FRN?

Reopening Auction of US Treasury FRN is a subsequent auction of a previously issued FRN.

Original FRN generally has 2 reopening auctions:

• 1st Reopening - One month after the original FRN auction.
• 2nd Reopening - Two months after the original FRN auction.

Here is an example of auction schedule of FRN original and reopening auctions:

CUSIP: 91282CLT6

Oct 24, 2024 (Thu) - Original announcement date 
Oct 29, 2024 (Wed) - Original auction date 
Oct 31, 2024 (Thu) - Original issue date 
Nov 21, 2024 (Thu) - 1st reopening announcement date 
Nov 26, 2024 (Tue) - 1st reopening auction date 
Nov 29, 2024 (Fri) - 1st reopening issue date 
Dec 19, 2024 (Thu) - 2nd reopening announcement date 
Dec 24, 2024 (Tue) - 2nd reopening auction date 
Dec 27, 2024 (Fri) - 2nd reopening issue date 
Oct 31, 2026 (Thu) - Maturity date 

Here is the result of the 2nd reopening auction of FRN 91282CLT6:

⇒ Accrued Interest of US Treasury FRN

⇐ Issue Date of Original US Treasury FRN

⇑ US Treasury FRN

⇑⇑ US Treasury Securities