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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedData as of Wed 23 Sept 2026, 4:30 pm 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-Year2.24×2.70×24 Oct 2023: 2.64×3-Year2.24×2.70×10 Oct 2023: 2.56×7 Nov 2023: 2.67×5-Year2.24×2.70×25 Oct 2023: 2.36×7-Year2.24×2.70×28 Sept 2023: 2.47×26 Oct 2023: 2.70×10-Year2.24×2.70×8 Nov 2023: 2.45×30-Year2.24×2.70×9 Nov 2023: 2.24×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year11 %25 %24 Oct 2023: 18 %3-Year11 %25 %10 Oct 2023: 22 %7 Nov 2023: 16 %5-Year11 %25 %25 Oct 2023: 19 %7-Year11 %25 %28 Sept 2023: 15 %26 Oct 2023: 11 %10-Year11 %25 %8 Nov 2023: 15 %30-Year11 %25 %9 Nov 2023: 25 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
16 Nov 20234-Week Bill · reopening$95 B2.75×2.78×32.5 %63.3 %5.290 %not computed
16 Nov 20238-Week Bill · reopening$85 B2.63×2.81×41.1 %54.9 %5.280 %not computed
15 Nov 202317-Week Bill$56 B3.17×3.02×42.2 %55.1 %5.255 %not computed
14 Nov 202342-Day Bill · reopening$75 B2.64×2.76×37.2 %59.2 %5.290 %not computed
13 Nov 202326-Week Bill · reopening$68 B2.75×2.91×38.6 %57.7 %5.270 %not computed
13 Nov 202313-Week Bill · reopening$75 B2.76×2.81×33.8 %62.1 %5.285 %not computed
9 Nov 20234-Week Bill · reopening$95 B2.57×2.78×47.6 %48.0 %5.290 %not computed
9 Nov 20238-Week Bill · reopening$85 B2.70×2.81×41.0 %55.5 %5.285 %not computed
9 Nov 202330-Year Bond$24 B2.24×2.43×24.7 %60.1 %4.769 %not computed
8 Nov 202317-Week Bill$56 B3.06×3.02×40.3 %56.7 %5.285 %not computed
8 Nov 202310-Year Note$40 B2.45×2.44×15.1 %69.7 %4.519 %not computed
7 Nov 202342-Day Bill · reopening$75 B2.84×2.76×33.6 %63.4 %5.290 %not computed
7 Nov 20233-Year Note$48 B2.67×2.65×16.3 %64.6 %4.701 %not computed
6 Nov 202313-Week Bill · reopening$75 B2.91×2.81×32.1 %61.8 %5.285 %not computed
6 Nov 202326-Week Bill$68 B2.92×2.91×33.5 %58.8 %5.260 %not computed
2 Nov 20234-Week Bill · reopening$95 B2.91×2.78×31.6 %65.3 %5.290 %not computed
2 Nov 20238-Week Bill · reopening$85 B2.70×2.81×34.6 %60.2 %5.300 %not computed
1 Nov 202317-Week Bill$56 B2.89×3.02×36.5 %57.7 %5.340 %not computed
31 Oct 202342-Day Bill · reopening$75 B2.81×2.76×33.8 %63.8 %5.295 %not computed
31 Oct 202352-Week Bill$44 B2.89×3.35×33.9 %64.3 %5.135 %not computed
30 Oct 202313-Week Bill · reopening$75 B2.78×2.81×33.7 %61.2 %5.325 %not computed
30 Oct 202326-Week Bill$68 B2.90×2.91×34.8 %58.0 %5.320 %not computed
26 Oct 20234-Week Bill · reopening$95 B2.94×2.78×26.7 %69.6 %5.295 %not computed
26 Oct 20238-Week Bill · reopening$85 B2.52×2.81×40.5 %55.9 %5.330 %not computed
26 Oct 20237-Year Note$38 B2.70×2.48×11.0 %70.6 %4.908 %not computed
25 Oct 202317-Week Bill$56 B2.96×3.02×40.0 %56.5 %5.335 %not computed
25 Oct 20232-Year Note (FRN)$26 B3.23×2.80×28.2 %71.7 %—not computed
25 Oct 20235-Year Note$52 B2.36×2.36×19.4 %61.5 %4.899 %not computed
24 Oct 202342-Day Bill · reopening$75 B3.01×2.76×31.7 %65.3 %5.300 %not computed
24 Oct 20232-Year Note$51 B2.64×2.80×17.6 %62.1 %5.055 %not computed
23 Oct 202313-Week Bill · reopening$75 B2.85×2.81×29.3 %64.3 %5.310 %not computed
23 Oct 202326-Week Bill$68 B2.70×2.91×40.3 %51.1 %5.325 %not computed
19 Oct 20234-Week Bill · reopening$95 B2.98×2.78×28.4 %66.9 %5.305 %not computed
19 Oct 20238-Week Bill · reopening$85 B2.63×2.81×36.1 %59.9 %5.325 %not computed
19 Oct 20235-Year Note (TIPS)$22 B2.36×2.36×9.2 %73.2 %2.440 %not computed
18 Oct 202317-Week Bill$56 B3.27×3.02×27.8 %67.8 %5.355 %not computed
18 Oct 202319-Year 10-Month Bond · reopening$13 B2.59×2.69×11.9 %72.9 %5.245 %not computed
17 Oct 202342-Day Bill · reopening$75 B3.12×2.76×31.7 %65.3 %5.325 %not computed
16 Oct 202326-Week Bill · reopening$68 B2.91×2.91×32.7 %64.5 %5.335 %not computed
16 Oct 202313-Week Bill · reopening$75 B3.16×2.81×27.7 %68.1 %5.340 %not computed
12 Oct 20234-Week Bill · reopening$95 B2.79×2.78×27.2 %70.4 %5.325 %not computed
12 Oct 20238-Week Bill · reopening$85 B2.88×2.81×32.9 %64.2 %5.345 %not computed
12 Oct 202329-Year 10-Month Bond · reopening$20 B2.35×2.40×18.2 %65.1 %4.837 %not computed
11 Oct 202317-Week Bill$56 B3.37×3.02×35.8 %61.5 %5.355 %not computed
11 Oct 20239-Year 10-Month Note · reopening$35 B2.50×2.47×18.8 %60.3 %4.610 %not computed
10 Oct 202343-Day Bill · reopening$70 B2.74×3.03×36.0 %61.7 %5.360 %not computed
10 Oct 202313-Week Bill · reopening$73 B2.79×2.81×32.5 %62.6 %5.340 %not computed
10 Oct 202326-Week Bill$66 B2.79×2.91×35.7 %59.2 %5.320 %not computed
10 Oct 20233-Year Note$46 B2.56×2.65×22.1 %56.0 %4.740 %not computed
5 Oct 20234-Week Bill · reopening$90 B2.95×2.78×33.2 %64.1 %5.310 %not computed
5 Oct 20238-Week Bill · reopening$80 B2.46×2.81×43.9 %50.3 %5.355 %not computed
4 Oct 202317-Week Bill$54 B2.96×3.02×41.6 %55.0 %5.350 %not computed
3 Oct 202342-Day Bill · reopening$65 B2.46×2.76×62.6 %29.9 %5.330 %not computed
3 Oct 202352-Week Bill$44 B3.21×3.35×23.5 %76.4 %5.185 %not computed
2 Oct 202313-Week Bill · reopening$71 B2.77×2.81×40.6 %54.7 %5.345 %not computed
2 Oct 202326-Week Bill$64 B2.88×2.91×30.3 %66.9 %5.340 %not computed
28 Sept 20234-Week Bill · reopening$85 B2.95×2.78×38.8 %57.1 %5.290 %not computed
28 Sept 20238-Week Bill · reopening$75 B2.59×2.81×37.6 %58.0 %5.330 %not computed
28 Sept 20237-Year Note$37 B2.47×2.48×14.6 %65.5 %4.673 %not computed
27 Sept 202317-Week Bill$52 B3.18×3.02×38.7 %57.9 %5.345 %not computed

Older auctions →

* entered by the editor from a press source with a citation. JSON