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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-Year2.39×2.68×27 Mar 2023: 2.44×25 Apr 2023: 2.68×3-Year2.39×2.68×11 Apr 2023: 2.59×5-Year2.39×2.68×28 Mar 2023: 2.48×26 Apr 2023: 2.54×7-Year2.39×2.68×29 Mar 2023: 2.39×27 Apr 2023: 2.41×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year13 %23 %27 Mar 2023: 23 %25 Apr 2023: 19 %3-Year13 %23 %11 Apr 2023: 18 %5-Year13 %23 %28 Mar 2023: 13 %26 Apr 2023: 14 %7-Year13 %23 %29 Mar 2023: 15 %27 Apr 2023: 15 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
2 May 202321-Day Bill · reopening$40 B2.59×2.72×41.2 %54.6 %4.490 %not computed
1 May 202313-Week Bill · reopening$57 B2.44×2.81×44.9 %48.5 %5.120 %not computed
1 May 202326-Week Bill · reopening$48 B2.60×2.91×42.9 %55.1 %4.900 %not computed
27 Apr 202317-Day Bill · reopening$45 B2.44×2.24×44.2 %53.5 %4.350 %not computed
27 Apr 20234-Week Bill · reopening$50 B2.50×2.78×35.8 %59.4 %3.830 %not computed
27 Apr 20238-Week Bill · reopening$45 B2.70×2.81×39.6 %57.4 %4.940 %not computed
27 Apr 20237-Year Note$35 B2.41×2.48×14.8 %64.1 %3.563 %not computed
26 Apr 202317-Week Bill$36 B2.85×3.02×39.9 %57.0 %4.975 %not computed
26 Apr 20232-Year Note (FRN)$24 B3.04×2.80×29.2 %69.4 %—not computed
26 Apr 20235-Year Note$43 B2.54×2.36×13.6 %69.1 %3.500 %not computed
25 Apr 20232-Year Note$42 B2.68×2.80×18.9 %61.2 %3.969 %not computed
24 Apr 202313-Week Bill · reopening$57 B2.74×2.81×36.1 %61.3 %5.065 %not computed
24 Apr 202326-Week Bill$48 B2.77×2.91×33.6 %63.5 %4.840 %not computed
20 Apr 20234-Week Bill · reopening$50 B3.01×2.78×27.2 %71.2 %3.190 %not computed
20 Apr 20238-Week Bill · reopening$45 B2.47×2.81×52.4 %45.6 %4.850 %not computed
20 Apr 20235-Year Note (TIPS)$21 B2.34×2.36×10.2 %72.6 %1.320 %not computed
19 Apr 202317-Week Bill$36 B2.91×3.02×44.3 %52.8 %5.060 %not computed
19 Apr 202319-Year 10-Month Bond · reopening$12 B2.66×2.69×12.1 %68.7 %3.920 %not computed
18 Apr 202352-Week Bill$34 B2.97×3.35×28.2 %69.9 %4.530 %not computed
17 Apr 202313-Week Bill · reopening$57 B2.59×2.81×35.5 %60.3 %5.080 %not computed
17 Apr 202326-Week Bill$48 B2.78×2.91×30.5 %67.0 %4.870 %not computed
13 Apr 20234-Week Bill · reopening$60 B3.08×2.78×25.2 %72.3 %4.030 %not computed
13 Apr 20238-Week Bill · reopening$50 B2.52×2.81×51.9 %44.8 %4.790 %not computed
13 Apr 202329-Year 10-Month Bond · reopening$18 B2.36×2.40×11.1 %69.1 %3.661 %not computed
12 Apr 202317-Week Bill$36 B2.70×3.02×42.3 %53.5 %4.980 %not computed
12 Apr 20239-Year 10-Month Note · reopening$32 B2.36×2.47×17.1 %63.0 %3.455 %not computed
11 Apr 20233-Year Note$40 B2.59×2.65×17.7 %61.3 %3.810 %not computed
10 Apr 202313-Week Bill · reopening$57 B2.28×2.81×55.1 %40.8 %4.980 %not computed
10 Apr 202326-Week Bill$48 B2.70×2.91×44.7 %52.3 %4.795 %not computed
6 Apr 20234-Week Bill · reopening$60 B2.81×2.78×35.7 %62.1 %4.440 %not computed
6 Apr 20238-Week Bill · reopening$50 B2.50×2.81×44.7 %52.2 %4.650 %not computed
5 Apr 202317-Week Bill$36 B2.81×3.02×43.6 %50.7 %4.750 %not computed
3 Apr 202326-Week Bill · reopening$48 B2.79×2.91×36.7 %61.1 %4.705 %not computed
3 Apr 202313-Week Bill · reopening$57 B2.49×2.81×44.5 %52.9 %4.780 %not computed
30 Mar 20234-Week Bill · reopening$60 B2.63×2.78×36.8 %62.0 %4.600 %not computed
30 Mar 20238-Week Bill · reopening$50 B2.47×2.81×37.7 %61.6 %4.600 %not computed
29 Mar 202317-Week Bill$36 B2.63×3.02×41.7 %55.3 %4.780 %not computed
29 Mar 20231-Year 10-Month Note (FRN) · reopening$22 B3.51×3.06×31.7 %68.3 %—not computed
29 Mar 20237-Year Note$35 B2.39×2.48×15.4 %63.2 %3.626 %not computed
28 Mar 20237-Day Bill · reopening$30 B2.39×3.87×83.6 %14.6 %4.050 %not computed
28 Mar 202317-Day Bill$45 B2.04×2.24×75.0 %22.1 %4.700 %not computed
28 Mar 20235-Year Note$43 B2.48×2.36×13.3 %68.5 %3.665 %not computed
27 Mar 202326-Week Bill$48 B2.85×2.91×33.3 %65.0 %4.650 %not computed
27 Mar 202313-Week Bill · reopening$57 B2.51×2.81×47.8 %42.8 %4.675 %not computed
27 Mar 20232-Year Note$42 B2.44×2.80×23.0 %52.8 %3.954 %not computed
23 Mar 20234-Week Bill · reopening$60 B2.54×2.78×36.3 %61.5 %4.150 %not computed
23 Mar 20238-Week Bill · reopening$50 B2.97×2.81×26.8 %71.6 %4.400 %not computed
23 Mar 20239-Year 10-Month Note (TIPS) · reopening$15 B2.28×2.47×10.9 %73.1 %1.182 %not computed
22 Mar 202317-Week Bill$36 B2.61×3.02×39.1 %48.8 %4.805 %not computed
21 Mar 202352-Week Bill$34 B2.85×3.35×40.6 %57.4 %4.390 %not computed
21 Mar 202319-Year 11-Month Bond · reopening$12 B2.53×2.67×11.9 %67.0 %3.909 %not computed
20 Mar 202326-Week Bill$48 B2.87×2.91×40.7 %57.1 %4.620 %not computed
20 Mar 202313-Week Bill · reopening$57 B2.41×2.81×38.2 %53.7 %4.675 %not computed
17 Mar 20234-Week Bill · reopening$60 B2.43×2.78×42.9 %55.6 %4.220 %not computed
17 Mar 20238-Week Bill · reopening$50 B2.85×2.81×28.6 %71.2 %4.450 %not computed
15 Mar 202317-Week Bill$36 B2.74×3.02×41.9 %41.4 %4.750 %not computed
13 Mar 202326-Week Bill$48 B2.29×2.91×61.6 %33.9 %4.700 %not computed
13 Mar 202313-Week Bill · reopening$57 B2.15×2.81×62.4 %34.2 %4.750 %not computed
9 Mar 20234-Week Bill · reopening$65 B2.75×2.78×34.4 %65.6 %4.640 %not computed
9 Mar 20238-Week Bill · reopening$55 B2.30×2.81×62.8 %34.5 %4.820 %not computed

Older auctions →

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