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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-Year2.42×2.68×27 Nov 2023: 2.54×26 Dec 2023: 2.68×3-Year2.42×2.68×11 Dec 2023: 2.42×5-Year2.42×2.68×27 Nov 2023: 2.46×27 Dec 2023: 2.50×7-Year2.42×2.68×28 Nov 2023: 2.44×28 Dec 2023: 2.50×20-Year2.42×2.68×20 Nov 2023: 2.58×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year10 %26 %27 Nov 2023: 19 %26 Dec 2023: 19 %3-Year10 %26 %11 Dec 2023: 26 %5-Year10 %26 %27 Nov 2023: 17 %27 Dec 2023: 14 %7-Year10 %26 %28 Nov 2023: 20 %28 Dec 2023: 17 %20-Year10 %26 %20 Nov 2023: 10 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
8 Jan 202413-Week Bill · reopening$75 B2.95×2.81×42.5 %51.3 %5.235 %not computed
4 Jan 20244-Week Bill · reopening$80 B2.96×2.78×39.1 %56.3 %5.290 %not computed
4 Jan 20248-Week Bill · reopening$80 B2.80×2.81×36.1 %60.6 %5.285 %not computed
3 Jan 202417-Week Bill$56 B3.09×3.02×43.0 %53.8 %5.200 %not computed
2 Jan 202426-Week Bill$68 B3.06×2.91×29.4 %62.9 %5.045 %not computed
2 Jan 202442-Day Bill · reopening$70 B2.72×2.76×37.6 %59.5 %5.290 %not computed
2 Jan 202413-Week Bill · reopening$75 B2.71×2.81×39.9 %56.4 %5.245 %not computed
28 Dec 20234-Week Bill · reopening$80 B2.35×2.78×58.2 %38.3 %5.325 %not computed
28 Dec 20238-Week Bill · reopening$80 B2.59×2.81×33.8 %64.5 %5.285 %not computed
28 Dec 20237-Year Note$40 B2.50×2.48×16.9 %63.7 %3.859 %not computed
27 Dec 202342-Day Bill · reopening$70 B2.85×2.76×37.4 %56.5 %5.280 %not computed
27 Dec 202317-Week Bill$56 B3.15×3.02×39.9 %56.3 %5.210 %not computed
27 Dec 20231-Year 10-Month Note (FRN) · reopening$26 B2.93×3.06×37.0 %62.5 %—not computed
27 Dec 20235-Year Note$58 B2.50×2.36×14.0 %70.6 %3.801 %not computed
26 Dec 202326-Week Bill$68 B3.23×2.91×27.9 %71.6 %5.080 %not computed
26 Dec 202352-Week Bill$44 B3.27×3.35×21.0 %77.6 %4.595 %not computed
26 Dec 202313-Week Bill · reopening$75 B3.07×2.81×33.0 %63.3 %5.260 %not computed
26 Dec 20232-Year Note$57 B2.68×2.80×18.6 %61.9 %4.314 %not computed
21 Dec 20234-Week Bill · reopening$80 B2.68×2.78×36.2 %56.0 %5.265 %not computed
21 Dec 20238-Week Bill · reopening$80 B2.74×2.81×41.1 %57.7 %5.270 %not computed
21 Dec 20234-Year 10-Month Note (TIPS) · reopening$20 B2.55×2.55×6.1 %75.7 %1.710 %not computed
20 Dec 202317-Week Bill$56 B2.99×3.02×41.9 %54.6 %5.220 %not computed
20 Dec 202319-Year 11-Month Bond · reopening$13 B2.55×2.67×12.9 %66.4 %4.213 %not computed
19 Dec 202342-Day Bill · reopening$70 B3.02×2.76×43.2 %52.5 %5.270 %not computed
18 Dec 202326-Week Bill$68 B3.10×2.91×30.7 %66.6 %5.130 %not computed
18 Dec 202313-Week Bill · reopening$75 B2.89×2.81×42.7 %54.4 %5.260 %not computed
14 Dec 20234-Week Bill · reopening$80 B2.86×2.78×31.2 %63.5 %5.270 %not computed
14 Dec 20238-Week Bill · reopening$80 B2.83×2.81×46.0 %51.2 %5.275 %not computed
13 Dec 202317-Week Bill$56 B2.84×3.02×49.9 %45.9 %5.250 %not computed
12 Dec 202342-Day Bill · reopening$70 B2.85×2.76×43.8 %52.3 %5.285 %not computed
12 Dec 202329-Year 11-Month Bond · reopening$21 B2.43×2.42×14.2 %68.5 %4.344 %not computed
11 Dec 202326-Week Bill · reopening$68 B3.03×2.91×46.1 %49.5 %5.190 %not computed
11 Dec 202313-Week Bill · reopening$75 B2.99×2.81×37.6 %55.6 %5.260 %not computed
11 Dec 20239-Year 11-Month Note · reopening$37 B2.53×2.59×17.3 %63.8 %4.296 %not computed
11 Dec 20233-Year Note$50 B2.42×2.65×26.2 %52.1 %4.490 %not computed
7 Dec 20234-Week Bill · reopening$80 B3.08×2.78×36.0 %59.5 %5.285 %not computed
7 Dec 20238-Week Bill · reopening$80 B2.82×2.81×40.2 %56.5 %5.275 %not computed
6 Dec 202317-Week Bill$56 B2.97×3.02×47.5 %49.3 %5.240 %not computed
5 Dec 202342-Day Bill · reopening$70 B3.04×2.76×41.8 %53.5 %5.285 %not computed
4 Dec 202313-Week Bill · reopening$75 B2.98×2.81×32.4 %62.3 %5.250 %not computed
4 Dec 202326-Week Bill$68 B2.66×2.91×46.2 %43.6 %5.190 %not computed
30 Nov 20234-Week Bill · reopening$80 B2.75×2.78×39.5 %54.4 %5.290 %not computed
30 Nov 20238-Week Bill · reopening$80 B2.75×2.81×39.2 %57.5 %5.280 %not computed
29 Nov 202317-Week Bill$56 B2.92×3.02×47.3 %48.0 %5.240 %not computed
28 Nov 202342-Day Bill · reopening$70 B2.92×2.76×41.9 %53.6 %5.285 %not computed
28 Nov 202352-Week Bill$44 B3.56×3.35×27.3 %72.5 %4.935 %not computed
28 Nov 20237-Year Note$39 B2.44×2.48×20.3 %63.9 %4.399 %not computed
27 Nov 202313-Week Bill · reopening$75 B2.87×2.81×40.3 %55.8 %5.280 %not computed
27 Nov 202326-Week Bill$68 B3.01×2.91×37.1 %59.1 %5.240 %not computed
27 Nov 20232-Year Note$54 B2.54×2.80×18.8 %57.4 %4.887 %not computed
27 Nov 20235-Year Note$55 B2.46×2.36×16.9 %65.5 %4.420 %not computed
22 Nov 20234-Week Bill · reopening$85 B2.58×2.78×41.2 %54.8 %5.300 %not computed
22 Nov 20238-Week Bill · reopening$80 B2.73×2.81×34.4 %60.6 %5.280 %not computed
22 Nov 202317-Week Bill$56 B3.08×3.02×35.0 %62.7 %5.260 %not computed
21 Nov 202341-Day Bill · reopening$75 B2.96×3.04×41.3 %54.2 %5.285 %not computed
21 Nov 20239-Year 8-Month Note (TIPS) · reopening$15 B2.32×2.39×13.6 %70.2 %2.180 %not computed
21 Nov 20231-Year 11-Month Note (FRN) · reopening$26 B2.84×3.02×34.3 %65.1 %—not computed
20 Nov 202313-Week Bill · reopening$75 B2.90×2.81×33.1 %62.2 %5.270 %not computed
20 Nov 202326-Week Bill$68 B2.55×2.91×49.1 %45.4 %5.230 %not computed
20 Nov 202320-Year Bond$16 B2.58×2.47×9.5 %74.0 %4.780 %not computed

Older auctions →

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