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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedData as of Thu 24 Sept 2026, 9:20 am 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-Year2.30×2.65×23 Aug 2022: 2.49×26 Sept 2022: 2.51×3-Year2.30×2.65×9 Aug 2022: 2.50×12 Sept 2022: 2.49×5-Year2.30×2.65×24 Aug 2022: 2.30×7-Year2.30×2.65×25 Aug 2022: 2.65×10-Year2.30×2.65×10 Aug 2022: 2.53×20-Year2.30×2.65×17 Aug 2022: 2.30×30-Year2.30×2.65×11 Aug 2022: 2.31×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year9 %24 %23 Aug 2022: 23 %26 Sept 2022: 22 %3-Year9 %24 %9 Aug 2022: 20 %12 Sept 2022: 24 %5-Year9 %24 %24 Aug 2022: 21 %7-Year9 %24 %25 Aug 2022: 9 %10-Year9 %24 %10 Aug 2022: 10 %20-Year9 %24 %17 Aug 2022: 15 %30-Year9 %24 %11 Aug 2022: 11 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
26 Sept 20222-Year Note$43 B2.51×2.80×22.2 %53.0 %4.290 %not computed
22 Sept 20224-Week Bill · reopening$50 B2.82×2.78×41.0 %56.8 %2.660 %not computed
22 Sept 20228-Week Bill · reopening$45 B2.60×2.81×45.8 %51.9 %2.990 %not computed
22 Sept 20229-Year 10-Month Note (TIPS) · reopening$15 B2.54×2.47×7.9 %70.8 %1.248 %not computed
21 Sept 2022119-Day Bill$30 B3.76×3.32×39.7 %60.3 %3.590 %not computed
20 Sept 202219-Year 11-Month Bond · reopening$12 B2.65×2.67×8.1 %75.3 %3.820 %not computed
19 Sept 202226-Week Bill · reopening$42 B2.75×2.91×57.7 %36.6 %3.780 %not computed
19 Sept 202213-Week Bill · reopening$54 B2.57×2.81×42.2 %53.3 %3.270 %not computed
15 Sept 20224-Week Bill · reopening$50 B2.70×2.78×42.3 %54.7 %2.670 %not computed
15 Sept 20228-Week Bill · reopening$45 B2.64×2.81×41.0 %56.6 %2.925 %not computed
14 Sept 2022119-Day Bill$30 B3.14×3.32×48.9 %47.4 %3.550 %not computed
13 Sept 202229-Year 11-Month Bond · reopening$18 B2.42×2.42×10.9 %72.1 %3.511 %not computed
12 Sept 202213-Week Bill · reopening$54 B2.74×2.81×42.3 %54.7 %3.075 %not computed
12 Sept 202226-Week Bill$42 B3.03×2.91×42.4 %42.6 %3.465 %not computed
12 Sept 20229-Year 11-Month Note · reopening$32 B2.37×2.59×19.8 %62.3 %3.330 %not computed
12 Sept 20223-Year Note$41 B2.49×2.65×23.6 %54.6 %3.564 %not computed
8 Sept 20224-Week Bill · reopening$50 B3.03×2.78×39.6 %59.2 %2.500 %not computed
8 Sept 20228-Week Bill · reopening$45 B2.93×2.81×43.1 %54.8 %2.765 %not computed
7 Sept 2022119-Day Bill$30 B3.63×3.32×41.0 %56.6 %3.195 %not computed
6 Sept 202213-Week Bill · reopening$54 B3.06×2.81×35.9 %60.7 %2.965 %not computed
6 Sept 202252-Week Bill$34 B2.75×3.35×41.9 %56.6 %3.460 %not computed
6 Sept 202226-Week Bill$42 B3.14×2.91×51.3 %44.9 %3.320 %not computed
1 Sept 20224-Week Bill · reopening$50 B2.65×2.78×43.2 %54.6 %2.470 %not computed
1 Sept 20228-Week Bill · reopening$45 B3.02×2.81×43.4 %55.8 %2.730 %not computed
31 Aug 2022119-Day Bill$30 B3.54×3.32×57.3 %40.3 %3.100 %not computed
29 Aug 202213-Week Bill · reopening$54 B3.03×2.81×45.2 %52.5 %2.880 %not computed
29 Aug 202226-Week Bill$42 B2.88×2.91×45.5 %49.6 %3.235 %not computed
25 Aug 20224-Week Bill · reopening$55 B2.37×2.78×50.0 %47.6 %2.310 %not computed
25 Aug 20228-Week Bill · reopening$50 B2.73×2.81×40.0 %58.3 %2.610 %not computed
25 Aug 20227-Year Note$37 B2.65×2.48×8.6 %75.7 %3.130 %not computed
24 Aug 2022119-Day Bill$30 B3.40×3.32×43.7 %51.6 %2.970 %not computed
24 Aug 20221-Year 11-Month Note (FRN) · reopening$22 B2.57×3.02×42.1 %57.1 %—not computed
24 Aug 20225-Year Note$45 B2.30×2.36×20.6 %61.2 %3.230 %not computed
23 Aug 202221-Day Bill · reopening$60 B2.45×2.72×58.1 %38.0 %2.200 %not computed
23 Aug 20222-Year Note$44 B2.49×2.80×23.0 %59.7 %3.307 %not computed
22 Aug 202226-Week Bill · reopening$42 B2.93×2.91×38.2 %58.3 %3.110 %not computed
22 Aug 202213-Week Bill · reopening$54 B2.69×2.81×35.0 %60.4 %2.740 %not computed
18 Aug 20224-Week Bill · reopening$55 B2.53×2.78×47.1 %50.1 %2.150 %not computed
18 Aug 20228-Week Bill · reopening$50 B2.77×2.81×42.6 %55.1 %2.490 %not computed
18 Aug 202229-Year 6-Month Bond (TIPS) · reopening$8 B2.69×2.58×11.1 %76.9 %0.920 %not computed
17 Aug 2022119-Day Bill$30 B3.06×3.32×53.9 %35.1 %2.890 %not computed
17 Aug 202220-Year Bond$15 B2.30×2.47×14.7 %67.0 %3.380 %not computed
15 Aug 202213-Week Bill · reopening$54 B2.64×2.81×43.8 %51.8 %2.610 %not computed
15 Aug 202226-Week Bill$42 B2.75×2.91×45.1 %51.6 %3.020 %not computed
11 Aug 20224-Week Bill · reopening$55 B2.44×2.78×47.4 %50.2 %2.150 %not computed
11 Aug 20228-Week Bill · reopening$50 B2.35×2.81×57.0 %39.0 %2.430 %not computed
11 Aug 202230-Year Bond$21 B2.31×2.43×10.8 %70.7 %3.106 %not computed
10 Aug 2022119-Day Bill$30 B2.82×3.32×45.9 %52.0 %2.780 %not computed
10 Aug 202210-Year Note$35 B2.53×2.44×9.9 %74.5 %2.755 %not computed
9 Aug 202252-Week Bill$34 B3.05×3.35×34.7 %62.9 %3.200 %not computed
9 Aug 20223-Year Note$42 B2.50×2.65×19.6 %63.1 %3.202 %not computed
8 Aug 202213-Week Bill · reopening$54 B2.84×2.81×32.5 %63.1 %2.580 %not computed
8 Aug 202226-Week Bill$42 B3.09×2.91×49.5 %45.9 %3.040 %not computed
4 Aug 20224-Week Bill · reopening$55 B2.80×2.78×39.2 %58.0 %2.110 %not computed
4 Aug 20228-Week Bill · reopening$50 B2.54×2.81×49.3 %49.0 %2.280 %not computed
3 Aug 2022119-Day Bill$30 B3.35×3.32×51.1 %46.5 %2.730 %not computed
1 Aug 202213-Week Bill · reopening$54 B2.63×2.81×48.1 %48.0 %2.490 %not computed
1 Aug 202226-Week Bill$42 B2.91×2.91×43.6 %45.7 %2.850 %not computed
28 Jul 20224-Week Bill · reopening$55 B2.66×2.78×44.9 %53.2 %2.140 %not computed
28 Jul 20228-Week Bill · reopening$50 B2.79×2.81×37.3 %59.5 %2.210 %not computed

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