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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-Year2.25×2.94×24 Jan 2023: 2.94×21 Feb 2023: 2.61×3-Year2.25×2.94×7 Feb 2023: 2.33×7 Mar 2023: 2.73×5-Year2.25×2.94×25 Jan 2023: 2.64×22 Feb 2023: 2.48×7-Year2.25×2.94×26 Jan 2023: 2.69×23 Feb 2023: 2.49×10-Year2.25×2.94×8 Feb 2023: 2.66×20-Year2.25×2.94×15 Feb 2023: 2.54×30-Year2.25×2.94×9 Feb 2023: 2.25×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year5 %20 %24 Jan 2023: 16 %21 Feb 2023: 15 %3-Year5 %20 %7 Feb 2023: 20 %7 Mar 2023: 17 %5-Year5 %20 %25 Jan 2023: 9 %22 Feb 2023: 11 %7-Year5 %20 %26 Jan 2023: 6 %23 Feb 2023: 14 %10-Year5 %20 %8 Feb 2023: 5 %20-Year5 %20 %15 Feb 2023: 7 %30-Year5 %20 %9 Feb 2023: 16 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
9 Mar 202329-Year 11-Month Bond · reopening$18 B2.35×2.42×9.5 %70.7 %3.877 %not computed
8 Mar 202317-Week Bill$36 B2.62×3.02×48.4 %47.6 %5.045 %not computed
8 Mar 20239-Year 11-Month Note · reopening$32 B2.35×2.59×17.7 %62.3 %3.985 %not computed
7 Mar 20233-Year Note$40 B2.73×2.65×16.8 %62.5 %4.635 %not computed
6 Mar 202326-Week Bill · reopening$48 B2.80×2.91×40.9 %56.1 %4.970 %not computed
6 Mar 202313-Week Bill · reopening$57 B2.93×2.81×36.1 %60.4 %4.765 %not computed
2 Mar 20238-Week Bill · reopening$60 B2.79×2.81×41.4 %56.7 %4.655 %not computed
2 Mar 20234-Week Bill · reopening$75 B2.53×2.78×44.3 %53.5 %4.590 %not computed
1 Mar 202317-Week Bill$36 B2.92×3.02×43.3 %54.8 %4.885 %not computed
27 Feb 202326-Week Bill$48 B2.80×2.91×42.7 %55.0 %4.940 %not computed
27 Feb 202313-Week Bill · reopening$60 B2.59×2.81×44.5 %51.7 %4.750 %not computed
23 Feb 20238-Week Bill · reopening$60 B2.64×2.81×39.7 %58.7 %4.660 %not computed
23 Feb 202316-Day Bill · reopening$15 B2.93×3.21×83.3 %7.4 %4.460 %not computed
23 Feb 20234-Week Bill · reopening$75 B2.63×2.78×32.4 %65.6 %4.515 %not computed
23 Feb 20237-Year Note$35 B2.49×2.48×13.7 %65.5 %4.062 %not computed
22 Feb 202317-Week Bill$36 B2.93×3.02×42.2 %53.9 %4.830 %not computed
22 Feb 20231-Year 11-Month Note (FRN) · reopening$22 B3.29×3.02×30.8 %69.2 %—not computed
22 Feb 20235-Year Note$43 B2.48×2.36×11.0 %70.0 %4.109 %not computed
21 Feb 202352-Week Bill$34 B2.89×3.35×24.3 %74.7 %4.795 %not computed
21 Feb 202326-Week Bill$48 B2.71×2.91×42.1 %53.9 %4.915 %not computed
21 Feb 202313-Week Bill · reopening$60 B2.72×2.81×43.1 %52.8 %4.720 %not computed
21 Feb 20232-Year Note$42 B2.61×2.80×15.0 %62.0 %4.673 %not computed
16 Feb 20238-Week Bill · reopening$60 B2.51×2.81×39.4 %58.8 %4.650 %not computed
16 Feb 20234-Week Bill · reopening$75 B2.77×2.78×33.1 %65.5 %4.510 %not computed
16 Feb 202330-Year Bond (TIPS)$9 B2.38×2.43×9.9 %76.0 %1.550 %not computed
15 Feb 202317-Week Bill$36 B2.93×3.02×36.1 %61.5 %4.800 %not computed
15 Feb 202320-Year Bond$15 B2.54×2.47×6.7 %75.3 %3.977 %not computed
14 Feb 202312-Day Bill · reopening$25 B3.79×3.81×70.6 %26.2 %4.540 %not computed
13 Feb 202313-Week Bill · reopening$60 B2.60×2.81×46.9 %49.5 %4.680 %not computed
13 Feb 202326-Week Bill$48 B2.54×2.91×41.8 %55.8 %4.840 %not computed
9 Feb 20238-Week Bill · reopening$60 B2.32×2.81×41.4 %57.5 %4.600 %not computed
9 Feb 20234-Week Bill · reopening$75 B2.63×2.78×37.6 %61.6 %4.520 %not computed
9 Feb 202330-Year Bond$21 B2.25×2.43×15.8 %65.2 %3.686 %not computed
8 Feb 202317-Week Bill$36 B2.59×3.02×52.0 %45.1 %4.700 %not computed
8 Feb 202310-Year Note$35 B2.66×2.44×5.4 %79.5 %3.613 %not computed
7 Feb 20233-Year Note$40 B2.33×2.65×19.9 %59.1 %4.073 %not computed
6 Feb 202326-Week Bill · reopening$48 B2.63×2.91×47.9 %49.3 %4.755 %not computed
6 Feb 202313-Week Bill · reopening$60 B2.69×2.81×41.5 %54.5 %4.590 %not computed
2 Feb 20234-Week Bill · reopening$75 B2.47×2.78×40.8 %55.7 %4.490 %not computed
2 Feb 20238-Week Bill · reopening$60 B2.56×2.81×41.7 %55.9 %4.505 %not computed
1 Feb 202317-Week Bill$36 B2.86×3.02×49.3 %47.7 %4.625 %not computed
30 Jan 202326-Week Bill$48 B2.93×2.91×35.8 %60.6 %4.680 %not computed
30 Jan 202313-Week Bill · reopening$60 B2.47×2.81×46.6 %49.9 %4.595 %not computed
26 Jan 20234-Week Bill · reopening$75 B2.59×2.78×43.2 %54.4 %4.500 %not computed
26 Jan 20238-Week Bill · reopening$60 B2.57×2.81×41.9 %55.8 %4.525 %not computed
26 Jan 20237-Year Note$35 B2.69×2.48×6.1 %77.1 %3.517 %not computed
25 Jan 202317-Week Bill$36 B2.90×3.02×43.0 %53.5 %4.620 %not computed
25 Jan 20232-Year Note (FRN)$24 B2.80×2.80×32.5 %67.4 %—not computed
25 Jan 20235-Year Note$43 B2.64×2.36×8.8 %75.7 %3.530 %not computed
24 Jan 202352-Week Bill$34 B2.87×3.35×34.3 %65.0 %4.470 %not computed
24 Jan 20232-Year Note$42 B2.94×2.80×16.3 %65.0 %4.139 %not computed
23 Jan 202326-Week Bill$48 B2.76×2.91×34.0 %63.7 %4.685 %not computed
23 Jan 202313-Week Bill · reopening$60 B2.68×2.81×45.8 %41.2 %4.575 %not computed
19 Jan 20234-Week Bill · reopening$70 B2.41×2.78×44.0 %54.9 %4.480 %not computed
19 Jan 202344-Day Bill · reopening$60 B2.85×3.02×40.5 %58.6 %4.525 %not computed
19 Jan 20238-Week Bill · reopening$60 B2.53×2.81×46.2 %52.5 %4.520 %not computed
19 Jan 202310-Year Note (TIPS)$17 B2.79×2.44×7.6 %79.3 %1.220 %not computed
18 Jan 202317-Week Bill$36 B2.97×3.02×41.1 %53.1 %4.610 %not computed
18 Jan 202319-Year 10-Month Bond · reopening$12 B2.83×2.69×8.1 %76.3 %3.678 %not computed
17 Jan 202313-Week Bill · reopening$60 B2.69×2.81×39.2 %55.7 %4.560 %not computed

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