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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-Year2.33×2.84×21 Nov 2022: 2.64×27 Dec 2022: 2.71×3-Year2.33×2.84×12 Dec 2022: 2.55×10 Jan 2023: 2.84×5-Year2.33×2.84×21 Nov 2022: 2.39×28 Dec 2022: 2.46×7-Year2.33×2.84×22 Nov 2022: 2.33×29 Dec 2022: 2.45×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year15 %21 %21 Nov 2022: 21 %27 Dec 2022: 19 %3-Year15 %21 %12 Dec 2022: 18 %10 Jan 2023: 17 %5-Year15 %21 %21 Nov 2022: 15 %28 Dec 2022: 17 %7-Year15 %21 %22 Nov 2022: 21 %29 Dec 2022: 16 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
17 Jan 202326-Week Bill$48 B2.68×2.91×46.3 %46.8 %4.685 %not computed
12 Jan 202335-Day Bill · reopening$60 B2.45×2.73×51.9 %42.7 %4.490 %not computed
12 Jan 20238-Week Bill · reopening$55 B2.73×2.81×42.6 %54.6 %4.465 %not computed
12 Jan 20234-Week Bill · reopening$60 B2.76×2.78×43.9 %53.5 %4.370 %not computed
12 Jan 202329-Year 10-Month Bond · reopening$18 B2.45×2.40×9.0 %74.6 %3.585 %not computed
11 Jan 202317-Week Bill$36 B2.79×3.02×42.4 %45.8 %4.680 %not computed
11 Jan 20239-Year 10-Month Note · reopening$32 B2.53×2.47×15.1 %67.0 %3.575 %not computed
10 Jan 20233-Year Note$40 B2.84×2.65×17.3 %69.5 %3.977 %not computed
9 Jan 202326-Week Bill · reopening$48 B2.48×2.91×55.2 %39.1 %4.710 %not computed
9 Jan 202313-Week Bill · reopening$57 B2.61×2.81×41.6 %54.6 %4.560 %not computed
5 Jan 20238-Week Bill · reopening$45 B2.29×2.81×62.4 %34.5 %4.430 %not computed
5 Jan 20234-Week Bill · reopening$45 B2.79×2.78×29.6 %68.6 %4.100 %not computed
4 Jan 202317-Week Bill$33 B3.10×3.02×32.4 %64.7 %4.570 %not computed
3 Jan 202313-Week Bill · reopening$54 B2.50×2.81×44.0 %51.8 %4.410 %not computed
3 Jan 202326-Week Bill$45 B2.78×2.91×39.5 %58.1 %4.635 %not computed
29 Dec 20228-Week Bill · reopening$45 B2.41×2.81×52.6 %45.5 %4.250 %not computed
29 Dec 20224-Week Bill · reopening$45 B2.64×2.78×46.2 %52.2 %3.830 %not computed
29 Dec 20227-Year Note$35 B2.45×2.48×15.8 %68.1 %3.921 %not computed
28 Dec 202217-Week Bill$33 B2.88×3.02×43.0 %55.1 %4.550 %not computed
28 Dec 20221-Year 10-Month Note (FRN) · reopening$22 B3.40×3.06×38.4 %60.7 %—not computed
28 Dec 20225-Year Note$43 B2.46×2.36×16.9 %64.5 %3.973 %not computed
27 Dec 202213-Week Bill · reopening$54 B2.38×2.81×59.4 %37.6 %4.350 %not computed
27 Dec 202252-Week Bill$34 B3.24×3.35×35.8 %64.2 %4.515 %not computed
27 Dec 202226-Week Bill$45 B2.56×2.91×56.1 %40.6 %4.600 %not computed
27 Dec 20222-Year Note$42 B2.71×2.80×19.1 %62.2 %4.373 %not computed
22 Dec 20228-Week Bill · reopening$45 B2.68×2.81×34.4 %64.2 %3.985 %not computed
22 Dec 20224-Week Bill · reopening$45 B2.88×2.78×29.5 %69.7 %3.610 %not computed
22 Dec 20224-Year 10-Month Note (TIPS) · reopening$19 B2.51×2.55×8.1 %74.1 %1.504 %not computed
21 Dec 202217-Week Bill$33 B3.00×3.02×29.5 %68.6 %4.425 %not computed
21 Dec 202219-Year 11-Month Bond · reopening$12 B2.68×2.67×8.7 %72.3 %3.935 %not computed
19 Dec 202213-Week Bill · reopening$54 B2.57×2.81×38.6 %58.7 %4.290 %not computed
19 Dec 202226-Week Bill$45 B2.86×2.91×34.9 %61.9 %4.550 %not computed
15 Dec 20224-Week Bill · reopening$45 B3.16×2.78×24.7 %73.5 %3.780 %not computed
15 Dec 20228-Week Bill · reopening$45 B2.72×2.81×38.5 %58.9 %4.060 %not computed
14 Dec 202217-Week Bill$33 B2.96×3.02×33.1 %65.1 %4.440 %not computed
13 Dec 202229-Year 11-Month Bond · reopening$18 B2.25×2.42×15.3 %61.6 %3.513 %not computed
12 Dec 202226-Week Bill · reopening$45 B2.66×2.91×46.2 %45.9 %4.630 %not computed
12 Dec 202213-Week Bill · reopening$54 B2.51×2.81×49.9 %45.9 %4.270 %not computed
12 Dec 20229-Year 11-Month Note · reopening$32 B2.31×2.59×21.9 %59.5 %3.625 %not computed
12 Dec 20223-Year Note$40 B2.55×2.65×17.9 %61.7 %4.093 %not computed
8 Dec 20224-Week Bill · reopening$45 B3.19×2.78×29.6 %70.4 %3.650 %not computed
8 Dec 20228-Week Bill · reopening$45 B2.94×2.81×27.0 %73.0 %3.940 %not computed
7 Dec 202217-Week Bill$33 B2.66×3.02×48.6 %49.8 %4.400 %not computed
5 Dec 202213-Week Bill · reopening$54 B2.67×2.81×38.5 %56.5 %4.270 %not computed
5 Dec 202226-Week Bill$45 B2.57×2.91×51.2 %44.9 %4.570 %not computed
1 Dec 20224-Week Bill · reopening$45 B3.43×2.78×41.8 %55.8 %3.950 %not computed
1 Dec 20228-Week Bill · reopening$45 B2.76×2.81×36.2 %62.1 %4.080 %not computed
30 Nov 202217-Week Bill$33 B3.10×3.02×40.5 %57.7 %4.430 %not computed
29 Nov 202252-Week Bill$34 B2.83×3.35×34.4 %65.3 %4.555 %not computed
28 Nov 202213-Week Bill · reopening$54 B2.56×2.81×50.7 %47.1 %4.285 %not computed
28 Nov 202226-Week Bill$45 B2.90×2.91×38.8 %51.7 %4.550 %not computed
23 Nov 202217-Week Bill$33 B3.24×3.02×34.1 %63.6 %4.400 %not computed
23 Nov 20224-Week Bill · reopening$55 B2.55×2.78×39.9 %55.4 %3.970 %not computed
23 Nov 20228-Week Bill · reopening$50 B2.81×2.81×32.1 %66.1 %4.120 %not computed
22 Nov 20221-Year 11-Month Note (FRN) · reopening$22 B2.45×3.02×51.7 %43.6 %—not computed
22 Nov 20227-Year Note$35 B2.33×2.48×21.4 %61.9 %3.890 %not computed
21 Nov 202213-Week Bill · reopening$54 B2.64×2.81×42.6 %52.7 %4.220 %not computed
21 Nov 202226-Week Bill$45 B3.03×2.91×30.6 %66.8 %4.520 %not computed
21 Nov 20222-Year Note$42 B2.64×2.80×20.6 %57.0 %4.505 %not computed
21 Nov 20225-Year Note$43 B2.39×2.36×15.1 %66.2 %3.974 %not computed

Older auctions →

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