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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedData as of Tue 22 Sept 2026, 11:55 am ET

Treasury supply

Inside the auction

Who is buying, at what yield, and how much demand is showing up? Explore Treasury auction results and compare bidder participation.

All coupons2-Year3-Year5-Year7-Year10-Year20-Year30-Year
2-Year2.37×2.72×25 Aug 2026: 2.60×3-Year2.37×2.72×8 Sept 2026: 2.72×5-Year2.37×2.72×26 Aug 2026: 2.37×7-Year2.37×2.72×27 Aug 2026: 2.50×20-Year2.37×2.72×19 Aug 2026: 2.53×30-Year2.37×2.72×13 Aug 2026: 2.39×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year10 %12 %25 Aug 2026: 11 %3-Year10 %12 %8 Sept 2026: 11 %5-Year10 %12 %26 Aug 2026: 10 %7-Year10 %12 %27 Aug 2026: 12 %20-Year10 %12 %19 Aug 2026: 12 %30-Year10 %12 %13 Aug 2026: 12 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
29 Sept 20266-Week Bill · reopeningannounced——2.87×———not computed
29 Sept 202652-Week Billannounced——3.35×———not computed
28 Sept 202613-Week Bill · reopeningannounced——2.81×———not computed
28 Sept 202626-Week Billannounced——2.91×———not computed
24 Sept 20264-Week Bill · reopeningannounced——2.78×———not computed
24 Sept 20268-Week Bill · reopeningannounced——2.81×———not computed
24 Sept 20267-Year Noteannounced$44 B—2.48×———not computed
23 Sept 202617-Week Billannounced——3.02×———not computed
23 Sept 20261-Year 10-Month Note (FRN) · reopeningannounced$28 B—3.06×———not computed
23 Sept 20265-Year Noteannounced$70 B—2.36×———not computed
22 Sept 20266-Week Bill · reopeningannounced$75 B—2.87×———not computed
22 Sept 20262-Year Noteannounced$69 B—2.80×———not computed
21 Sept 202613-Week Bill · reopening$92 B2.77×2.81×37.6 %54.1 %4.015 %not computed
21 Sept 202626-Week Bill$79 B2.62×2.91×33.4 %54.9 %4.155 %not computed
17 Sept 20264-Week Bill · reopening$90 B3.02×2.78×27.0 %69.9 %3.820 %not computed
17 Sept 20268-Week Bill · reopening$85 B2.94×2.81×32.8 %62.4 %3.920 %not computed
17 Sept 20269-Year 10-Month Note (TIPS) · reopening$19 B2.24×2.47×12.2 %59.1 %2.653 %not computed
16 Sept 202617-Week Bill$72 B2.72×3.02×42.3 %52.4 %4.030 %not computed
15 Sept 20266-Week Bill · reopening$75 B3.16×2.87×28.1 %68.8 %3.850 %not computed
15 Sept 202619-Year 11-Month Bond · reopening$13 B2.57×2.67×16.9 %52.5 %5.420 %not computed
14 Sept 202626-Week Bill · reopening$79 B2.74×2.91×33.1 %60.8 %4.060 %not computed
14 Sept 202613-Week Bill · reopening$92 B2.64×2.81×38.1 %55.1 %3.970 %not computed
10 Sept 20264-Week Bill · reopening$90 B2.81×2.78×24.3 %71.8 %3.775 %not computed
10 Sept 20268-Week Bill · reopening$85 B2.82×2.81×27.7 %66.3 %3.845 %not computed
10 Sept 202629-Year 11-Month Bond · reopening$22 B2.61×2.42×2.2 %79.5 %5.308 %not computed
9 Sept 202617-Week Bill$72 B2.73×3.02×48.1 %43.7 %3.895 %not computed
9 Sept 20269-Year 11-Month Note · reopening$39 B2.71×2.59×4.3 %79.2 %4.834 %not computed
8 Sept 20266-Week Bill · reopening$75 B2.93×2.87×33.2 %63.0 %3.740 %not computed
8 Sept 202613-Week Bill · reopening$92 B2.61×2.81×40.0 %51.9 %3.800 %not computed
8 Sept 202626-Week Bill$79 B2.88×2.91×27.1 %64.4 %3.890 %not computed
8 Sept 20263-Year Note$58 B2.72×2.65×10.9 %62.2 %4.474 %not computed
3 Sept 20264-Week Bill · reopening$90 B2.97×2.78×29.0 %67.6 %3.700 %not computed
3 Sept 20268-Week Bill · reopening$85 B3.02×2.81×25.2 %70.2 %3.750 %not computed
2 Sept 202617-Week Bill$72 B2.78×3.02×42.1 %51.2 %3.855 %not computed
1 Sept 20266-Week Bill · reopening$85 B2.85×2.87×28.9 %67.7 %3.735 %not computed
1 Sept 202652-Week Bill$52 B3.61×3.35×21.4 %75.3 %3.980 %not computed
31 Aug 202613-Week Bill · reopening$92 B2.77×2.81×40.5 %52.0 %3.770 %not computed
31 Aug 202626-Week Bill$79 B2.63×2.91×43.4 %47.3 %3.885 %not computed
27 Aug 20264-Week Bill · reopening$100 B2.73×2.78×31.5 %66.0 %3.650 %not computed
27 Aug 20268-Week Bill · reopening$90 B2.77×2.81×39.3 %57.3 %3.670 %not computed
27 Aug 20267-Year Note$44 B2.50×2.48×12.3 %60.8 %4.512 %not computed
26 Aug 202617-Week Bill$72 B3.09×3.02×32.6 %60.3 %3.750 %not computed
26 Aug 20261-Year 11-Month Note (FRN) · reopening$28 B3.14×3.02×33.1 %66.6 %—not computed
26 Aug 20265-Year Note$70 B2.37×2.36×10.1 %61.5 %4.393 %not computed
25 Aug 20266-Week Bill · reopening$95 B2.71×2.87×33.1 %65.2 %3.650 %not computed
25 Aug 20262-Year Note$69 B2.60×2.80×10.9 %66.0 %4.204 %not computed
24 Aug 202613-Week Bill · reopening$92 B3.08×2.81×32.9 %59.2 %3.715 %not computed
24 Aug 202626-Week Bill$79 B3.05×2.91×28.6 %60.2 %3.790 %not computed
20 Aug 20264-Week Bill · reopening$110 B2.84×2.78×31.3 %65.5 %3.640 %not computed
20 Aug 20268-Week Bill · reopening$100 B3.06×2.81×30.7 %66.7 %3.655 %not computed
20 Aug 202629-Year 6-Month Bond (TIPS) · reopening$8 B2.82×2.58×2.1 %84.5 %2.973 %not computed
19 Aug 202617-Week Bill$72 B3.35×3.02×32.9 %60.8 %3.750 %not computed
19 Aug 202620-Year Bond$16 B2.53×2.47×12.5 %62.9 %5.204 %not computed
18 Aug 20266-Week Bill · reopening$95 B2.97×2.87×29.7 %65.5 %3.645 %not computed
17 Aug 202626-Week Bill · reopening$79 B2.97×2.91×24.7 %64.9 %3.780 %not computed
17 Aug 202613-Week Bill · reopening$92 B2.86×2.81×39.4 %53.8 %3.715 %not computed
13 Aug 20264-Week Bill · reopening$110 B2.77×2.78×35.0 %57.1 %3.625 %not computed
13 Aug 20268-Week Bill · reopening$100 B2.85×2.81×37.4 %56.5 %3.665 %not computed
13 Aug 202630-Year Bond$25 B2.39×2.43×11.5 %66.9 %5.216 %not computed
12 Aug 202617-Week Bill$72 B3.16×3.02×31.1 %62.3 %3.755 %not computed

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