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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-Year2.42×2.94×28 Aug 2023: 2.94×26 Sept 2023: 2.73×3-Year2.42×2.94×11 Sept 2023: 2.75×5-Year2.42×2.94×28 Aug 2023: 2.54×27 Sept 2023: 2.52×7-Year2.42×2.94×29 Aug 2023: 2.66×10-Year2.42×2.94×9 Aug 2023: 2.56×20-Year2.42×2.94×23 Aug 2023: 2.56×30-Year2.42×2.94×10 Aug 2023: 2.42×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year10 %20 %28 Aug 2023: 15 %26 Sept 2023: 14 %3-Year10 %20 %11 Sept 2023: 20 %5-Year10 %20 %28 Aug 2023: 14 %27 Sept 2023: 11 %7-Year10 %20 %29 Aug 2023: 10 %10-Year10 %20 %9 Aug 2023: 10 %20-Year10 %20 %23 Aug 2023: 11 %30-Year10 %20 %10 Aug 2023: 13 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
27 Sept 20231-Year 10-Month Note (FRN) · reopening$24 B3.42×3.06×32.6 %67.0 %—not computed
27 Sept 20235-Year Note$49 B2.52×2.36×11.2 %71.2 %4.659 %not computed
26 Sept 202342-Day Bill · reopening$60 B2.89×2.76×30.4 %65.6 %5.290 %not computed
26 Sept 20232-Year Note$48 B2.73×2.80×14.0 %65.0 %5.085 %not computed
25 Sept 202313-Week Bill · reopening$69 B2.77×2.81×42.6 %51.8 %5.330 %not computed
25 Sept 202326-Week Bill$62 B2.91×2.91×36.0 %58.9 %5.315 %not computed
21 Sept 20234-Week Bill · reopening$80 B2.80×2.78×42.1 %53.1 %5.280 %not computed
21 Sept 20238-Week Bill · reopening$70 B2.58×2.81×48.8 %45.9 %5.300 %not computed
21 Sept 20239-Year 10-Month Note (TIPS) · reopening$15 B2.44×2.47×6.8 %71.4 %2.094 %not computed
20 Sept 202317-Week Bill$50 B2.83×3.02×46.6 %48.7 %5.340 %not computed
19 Sept 202342-Day Bill · reopening$60 B3.10×2.76×43.6 %53.3 %5.285 %not computed
19 Sept 202319-Year 11-Month Bond · reopening$13 B2.74×2.67×9.3 %65.4 %4.592 %not computed
18 Sept 202313-Week Bill · reopening$69 B2.86×2.81×42.0 %52.4 %5.315 %not computed
18 Sept 202326-Week Bill · reopening$62 B3.05×2.91×34.4 %60.5 %5.300 %not computed
14 Sept 20234-Week Bill · reopening$80 B2.66×2.78×50.6 %45.9 %5.285 %not computed
14 Sept 20238-Week Bill · reopening$70 B2.77×2.81×41.6 %54.9 %5.295 %not computed
13 Sept 202317-Week Bill$50 B2.95×3.02×47.6 %48.5 %5.330 %not computed
13 Sept 202329-Year 11-Month Bond · reopening$20 B2.46×2.42×15.8 %64.5 %4.345 %not computed
12 Sept 202342-Day Bill · reopening$60 B3.04×2.76×37.2 %60.3 %5.285 %not computed
12 Sept 20239-Year 11-Month Note · reopening$35 B2.52×2.59×13.8 %66.3 %4.289 %not computed
11 Sept 202313-Week Bill · reopening$69 B2.98×2.81×36.8 %59.5 %5.315 %not computed
11 Sept 202326-Week Bill$62 B3.15×2.91×27.0 %70.5 %5.300 %not computed
11 Sept 20233-Year Note$44 B2.75×2.65×20.3 %57.7 %4.660 %not computed
7 Sept 20234-Week Bill · reopening$80 B2.70×2.78×40.1 %57.5 %5.280 %not computed
7 Sept 20238-Week Bill · reopening$70 B2.79×2.81×45.6 %51.5 %5.290 %not computed
6 Sept 202317-Week Bill$50 B2.98×3.02×38.8 %57.6 %5.335 %not computed
5 Sept 202342-Day Bill · reopening$60 B3.04×2.76×41.1 %57.1 %5.285 %not computed
5 Sept 202313-Week Bill · reopening$69 B2.94×2.81×45.1 %50.3 %5.315 %not computed
5 Sept 202352-Week Bill$42 B3.14×3.35×30.7 %67.3 %5.120 %not computed
5 Sept 202326-Week Bill$62 B3.02×2.91×34.3 %63.1 %5.300 %not computed
31 Aug 20234-Week Bill · reopening$80 B2.95×2.78×37.2 %61.1 %5.280 %not computed
31 Aug 20238-Week Bill · reopening$70 B2.77×2.81×37.6 %60.1 %5.290 %not computed
30 Aug 202317-Week Bill$50 B3.12×3.02×40.3 %54.0 %5.330 %not computed
29 Aug 202342-Day Bill · reopening$60 B2.81×2.76×41.2 %56.3 %5.290 %not computed
29 Aug 20237-Year Note$36 B2.66×2.48×9.8 %75.3 %4.212 %not computed
28 Aug 202313-Week Bill · reopening$69 B3.04×2.81×46.0 %51.1 %5.340 %not computed
28 Aug 202326-Week Bill$62 B3.17×2.91×32.2 %65.6 %5.350 %not computed
28 Aug 20232-Year Note$45 B2.94×2.80×15.0 %65.0 %5.024 %not computed
28 Aug 20235-Year Note$46 B2.54×2.36×13.8 %67.9 %4.400 %not computed
24 Aug 20234-Week Bill · reopening$80 B2.89×2.78×36.1 %61.5 %5.285 %not computed
24 Aug 20238-Week Bill · reopening$70 B2.82×2.81×37.2 %60.7 %5.290 %not computed
24 Aug 202329-Year 6-Month Bond (TIPS) · reopening$8 B2.42×2.58×4.3 %76.2 %1.970 %not computed
23 Aug 202317-Week Bill$50 B3.01×3.02×41.8 %54.0 %5.315 %not computed
23 Aug 202320-Year Bond$16 B2.56×2.47×11.4 %68.5 %4.499 %not computed
23 Aug 20231-Year 11-Month Note (FRN) · reopening$24 B2.42×3.02×62.3 %36.0 %—not computed
22 Aug 202342-Day Bill · reopening$60 B3.27×2.76×37.0 %60.5 %5.280 %not computed
21 Aug 202326-Week Bill · reopening$62 B2.95×2.91×35.1 %62.1 %5.295 %not computed
21 Aug 202313-Week Bill · reopening$69 B2.96×2.81×38.9 %57.2 %5.300 %not computed
17 Aug 20237-Day Bill · reopening$0 B5.34×3.87×100.0 %0.0 %5.220 %not computed
17 Aug 20234-Week Bill · reopening$80 B2.67×2.78×42.3 %54.5 %5.280 %not computed
17 Aug 20238-Week Bill · reopening$70 B2.89×2.81×38.0 %52.1 %5.280 %not computed
16 Aug 202317-Week Bill$50 B3.02×3.02×48.5 %48.1 %5.305 %not computed
15 Aug 202342-Day Bill · reopening$60 B3.01×2.76×41.2 %54.9 %5.285 %not computed
14 Aug 202313-Week Bill · reopening$69 B3.12×2.81×38.1 %57.3 %5.295 %not computed
14 Aug 202326-Week Bill$62 B2.78×2.91×36.1 %59.0 %5.290 %not computed
10 Aug 20234-Week Bill · reopening$75 B2.62×2.78×44.1 %49.5 %5.280 %not computed
10 Aug 20238-Week Bill · reopening$65 B2.96×2.81×39.6 %57.9 %5.280 %not computed
10 Aug 202330-Year Bond$23 B2.42×2.43×12.5 %67.8 %4.189 %not computed
9 Aug 202317-Week Bill$48 B3.19×3.02×40.1 %54.7 %5.310 %not computed
9 Aug 202310-Year Note$38 B2.56×2.44×9.5 %72.2 %3.999 %not computed

Older auctions →

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