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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-Year2.43×2.93×23 May 2023: 2.90×3-Year2.43×2.93×9 May 2023: 2.93×12 Jun 2023: 2.70×5-Year2.43×2.93×24 May 2023: 2.58×7-Year2.43×2.93×25 May 2023: 2.61×10-Year2.43×2.93×10 May 2023: 2.45×20-Year2.43×2.93×17 May 2023: 2.56×30-Year2.43×2.93×11 May 2023: 2.43×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year9 %17 %23 May 2023: 16 %3-Year9 %17 %9 May 2023: 13 %12 Jun 2023: 17 %5-Year9 %17 %24 May 2023: 9 %7-Year9 %17 %25 May 2023: 10 %10-Year9 %17 %10 May 2023: 13 %20-Year9 %17 %17 May 2023: 11 %30-Year9 %17 %11 May 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
20 Jun 202313-Week Bill · reopening$65 B2.58×2.81×44.7 %51.9 %5.130 %not computed
20 Jun 202342-Day Bill · reopening$50 B2.77×2.76×53.0 %45.0 %5.070 %not computed
20 Jun 202326-Week Bill$58 B2.65×2.91×40.8 %55.0 %5.170 %not computed
15 Jun 20234-Week Bill · reopening$65 B3.03×2.78×39.6 %58.6 %5.010 %not computed
15 Jun 20238-Week Bill · reopening$55 B3.06×2.81×44.2 %53.3 %5.080 %not computed
14 Jun 202317-Week Bill$46 B3.18×3.02×39.7 %57.4 %5.150 %not computed
13 Jun 202342-Day Bill · reopening$45 B3.38×2.76×53.2 %42.0 %5.020 %not computed
13 Jun 202352-Week Bill$38 B2.83×3.35×36.2 %61.4 %4.930 %not computed
13 Jun 202329-Year 11-Month Bond · reopening$18 B2.52×2.42×9.0 %72.9 %3.908 %not computed
12 Jun 202313-Week Bill · reopening$65 B2.99×2.81×31.9 %63.9 %5.150 %not computed
12 Jun 202326-Week Bill$58 B3.02×2.91×32.4 %65.2 %5.155 %not computed
12 Jun 20239-Year 11-Month Note · reopening$32 B2.36×2.59×17.8 %62.3 %3.791 %not computed
12 Jun 20233-Year Note$40 B2.70×2.65×16.7 %61.5 %4.202 %not computed
8 Jun 20234-Week Bill · reopening$60 B2.49×2.78×54.7 %39.0 %5.090 %not computed
8 Jun 20238-Week Bill · reopening$50 B2.86×2.81×43.5 %53.8 %5.120 %not computed
7 Jun 202317-Week Bill$46 B3.36×3.02×33.5 %63.0 %5.200 %not computed
5 Jun 202313-Week Bill · reopening$65 B3.15×2.81×27.8 %67.3 %5.220 %not computed
5 Jun 202344-Day Bill · reopening$50 B3.19×3.02×33.3 %66.5 %5.150 %not computed
5 Jun 202326-Week Bill$58 B3.14×2.91×35.2 %61.7 %5.250 %not computed
2 Jun 202338-Day Bill · reopening$50 B3.40×3.40×37.3 %59.9 %5.250 %not computed
2 Jun 20231-Day Bill · reopening$15 B4.11×4.11×43.1 %50.9 %5.060 %not computed
1 Jun 20234-Week Bill · reopening$35 B2.85×2.78×52.8 %44.0 %5.130 %not computed
1 Jun 20238-Week Bill · reopening$35 B2.83×2.81×57.7 %39.2 %5.220 %not computed
1 Jun 20233-Day Bill$25 B2.38×2.38×71.4 %25.6 %6.150 %not computed
31 May 202317-Week Bill$44 B2.97×3.02×38.3 %58.9 %5.325 %not computed
30 May 202313-Week Bill · reopening$63 B2.38×2.81×54.9 %42.1 %5.300 %not computed
30 May 202326-Week Bill · reopening$56 B2.58×2.91×47.9 %50.0 %5.290 %not computed
30 May 2023161-Day Bill · reopening$50 B2.89×2.89×32.1 %65.5 %5.340 %not computed
25 May 20234-Week Bill · reopening$35 B2.79×2.78×43.4 %54.0 %5.750 %not computed
25 May 20238-Week Bill · reopening$35 B2.82×2.81×41.1 %56.0 %5.350 %not computed
25 May 20237-Year Note$35 B2.61×2.48×10.4 %72.3 %3.827 %not computed
24 May 202317-Week Bill$42 B2.73×3.02×54.2 %40.0 %5.260 %not computed
24 May 20231-Year 11-Month Note (FRN) · reopening$22 B2.88×3.02×27.1 %71.9 %—not computed
24 May 20235-Year Note$43 B2.58×2.36×9.3 %72.7 %3.749 %not computed
23 May 202321-Day Bill · reopening$35 B2.21×2.72×77.7 %18.9 %6.200 %not computed
23 May 20232-Year Note$42 B2.90×2.80×16.2 %68.2 %4.300 %not computed
22 May 202313-Week Bill · reopening$57 B2.56×2.81×32.8 %64.2 %5.250 %not computed
22 May 202326-Week Bill$54 B2.96×2.91×32.1 %64.7 %5.170 %not computed
18 May 2023156-Day Bill · reopening$45 B2.40×2.40×56.7 %40.4 %5.230 %not computed
18 May 20234-Week Bill · reopening$35 B3.15×2.78×41.3 %55.6 %5.370 %not computed
18 May 20238-Week Bill · reopening$35 B2.39×2.81×62.3 %34.3 %5.020 %not computed
18 May 20239-Year 8-Month Note (TIPS) · reopening$15 B2.31×2.39×7.7 %76.4 %1.395 %not computed
17 May 202317-Week Bill$39 B2.57×3.02×55.4 %41.0 %5.100 %not computed
17 May 202320-Year Bond$15 B2.56×2.47×11.3 %70.6 %3.954 %not computed
16 May 2023154-Day Bill · reopening$45 B2.68×3.46×49.1 %49.7 %5.075 %not computed
16 May 202352-Week Bill$36 B2.49×3.35×46.3 %51.4 %4.645 %not computed
15 May 202313-Week Bill · reopening$57 B2.79×2.81×29.2 %66.9 %5.060 %not computed
15 May 202326-Week Bill$51 B2.61×2.91×44.7 %52.3 %4.980 %not computed
11 May 2023149-Day Bill · reopening$45 B2.33×2.33×55.5 %42.4 %5.040 %not computed
11 May 20234-Week Bill · reopening$35 B3.18×2.78×51.5 %43.3 %5.605 %not computed
11 May 20238-Week Bill · reopening$35 B3.04×2.81×18.7 %81.3 %4.680 %not computed
11 May 202330-Year Bond$21 B2.43×2.43×10.2 %72.4 %3.741 %not computed
10 May 202317-Week Bill$36 B2.98×3.02×41.5 %56.2 %5.000 %not computed
10 May 202310-Year Note$35 B2.45×2.44×13.0 %67.5 %3.448 %not computed
9 May 20233-Year Note$40 B2.93×2.65×13.0 %73.4 %3.695 %not computed
8 May 202313-Week Bill · reopening$57 B2.66×2.81×41.2 %54.7 %5.140 %not computed
8 May 202326-Week Bill$48 B2.83×2.91×37.7 %60.5 %4.890 %not computed
4 May 20234-Week Bill · reopening$50 B2.51×2.78×47.9 %42.1 %5.840 %not computed
4 May 20238-Week Bill · reopening$45 B2.93×2.81×16.2 %82.7 %5.400 %not computed
3 May 202317-Week Bill$36 B2.95×3.02×30.6 %66.5 %4.980 %not computed

Older auctions →

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