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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedData as of Thu 24 Sept 2026, 9:50 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-Year2.28×2.60×27 Jun 2022: 2.51×25 Jul 2022: 2.58×3-Year2.28×2.60×7 Jun 2022: 2.45×11 Jul 2022: 2.43×5-Year2.28×2.60×27 Jun 2022: 2.28×26 Jul 2022: 2.46×7-Year2.28×2.60×28 Jun 2022: 2.48×28 Jul 2022: 2.60×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year11 %25 %27 Jun 2022: 23 %25 Jul 2022: 18 %3-Year11 %25 %7 Jun 2022: 25 %11 Jul 2022: 20 %5-Year11 %25 %27 Jun 2022: 24 %26 Jul 2022: 17 %7-Year11 %25 %28 Jun 2022: 18 %28 Jul 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
28 Jul 20227-Year Note$38 B2.60×2.48×10.6 %70.9 %2.730 %not computed
27 Jul 2022119-Day Bill$30 B3.69×3.32×36.7 %59.4 %2.690 %not computed
27 Jul 20222-Year Note (FRN)$24 B3.13×2.80×29.5 %69.4 %—not computed
26 Jul 20225-Year Note$46 B2.46×2.36×16.8 %66.4 %2.860 %not computed
25 Jul 202226-Week Bill · reopening$42 B3.16×2.91×42.6 %56.0 %2.920 %not computed
25 Jul 202213-Week Bill · reopening$54 B2.95×2.81×40.9 %56.4 %2.520 %not computed
25 Jul 20222-Year Note$45 B2.58×2.80×18.0 %62.0 %3.015 %not computed
21 Jul 20224-Week Bill · reopening$55 B2.44×2.78×49.7 %48.7 %2.120 %not computed
21 Jul 20228-Week Bill · reopening$50 B2.71×2.81×45.3 %52.4 %2.230 %not computed
21 Jul 202210-Year Note (TIPS)$17 B2.18×2.44×15.8 %67.1 %0.630 %not computed
20 Jul 2022119-Day Bill$30 B3.87×3.32×46.3 %53.2 %2.720 %not computed
20 Jul 202219-Year 10-Month Bond · reopening$14 B2.65×2.69×7.9 %78.0 %3.420 %not computed
18 Jul 202213-Week Bill · reopening$54 B2.97×2.81×41.9 %47.7 %2.470 %not computed
18 Jul 202226-Week Bill$42 B2.65×2.91×47.2 %41.0 %2.910 %not computed
14 Jul 20224-Week Bill · reopening$45 B2.75×2.78×43.7 %55.1 %1.980 %not computed
14 Jul 20228-Week Bill · reopening$40 B2.47×2.81×62.7 %33.0 %2.270 %not computed
14 Jul 20221-Year 10-Month Note (FRN) · reopening$0 B5.32×3.06×100.0 %0.0 %—not computed
13 Jul 2022119-Day Bill$30 B2.95×3.32×62.3 %33.2 %2.600 %not computed
13 Jul 202229-Year 10-Month Bond · reopening$19 B2.44×2.40×10.5 %73.2 %3.115 %not computed
12 Jul 202252-Week Bill$34 B3.17×3.35×45.4 %50.8 %2.960 %not computed
12 Jul 20229-Year 10-Month Note · reopening$33 B2.34×2.47×20.7 %61.3 %2.960 %not computed
11 Jul 202213-Week Bill · reopening$51 B2.49×2.81×49.6 %47.0 %2.110 %not computed
11 Jul 202226-Week Bill$42 B2.67×2.91×53.5 %42.0 %2.685 %not computed
11 Jul 20223-Year Note$43 B2.43×2.65×20.3 %60.4 %3.093 %not computed
7 Jul 20224-Week Bill · reopening$35 B2.87×2.78×47.1 %51.9 %1.530 %not computed
7 Jul 20228-Week Bill · reopening$30 B2.77×2.81×57.4 %38.7 %1.840 %not computed
6 Jul 2022119-Day Bill$30 B3.40×3.32×41.9 %56.4 %2.230 %not computed
5 Jul 202213-Week Bill · reopening$45 B2.53×2.81×57.4 %37.1 %1.850 %not computed
5 Jul 202226-Week Bill$42 B2.57×2.91×54.3 %42.0 %2.500 %not computed
30 Jun 20224-Week Bill · reopening$35 B2.97×2.78×43.4 %52.2 %1.240 %not computed
30 Jun 20228-Week Bill · reopening$30 B2.89×2.81×50.1 %47.1 %1.650 %not computed
29 Jun 2022119-Day Bill$30 B3.72×3.32×40.9 %56.3 %2.185 %not computed
28 Jun 20227-Year Note$40 B2.48×2.48×17.7 %61.9 %3.280 %not computed
27 Jun 202226-Week Bill · reopening$42 B2.79×2.91×43.7 %54.2 %2.500 %not computed
27 Jun 202213-Week Bill · reopening$45 B2.84×2.81×39.5 %55.5 %1.750 %not computed
27 Jun 20225-Year Note$47 B2.28×2.36×23.8 %56.5 %3.271 %not computed
27 Jun 20222-Year Note$46 B2.51×2.80×23.2 %51.5 %3.084 %not computed
23 Jun 20224-Week Bill · reopening$35 B2.90×2.78×44.5 %53.0 %1.100 %not computed
23 Jun 20228-Week Bill · reopening$30 B2.97×2.81×42.8 %55.3 %1.500 %not computed
23 Jun 20224-Year 10-Month Note (TIPS) · reopening$18 B2.61×2.55×6.8 %83.9 %0.362 %not computed
22 Jun 2022119-Day Bill$30 B3.00×3.32×54.9 %42.5 %2.060 %not computed
22 Jun 202219-Year 11-Month Bond · reopening$14 B2.60×2.67×12.4 %67.4 %3.488 %not computed
22 Jun 20221-Year 10-Month Note (FRN) · reopening$22 B3.49×3.06×25.9 %67.2 %—not computed
21 Jun 202213-Week Bill · reopening$45 B2.83×2.81×41.7 %52.0 %1.670 %not computed
21 Jun 202226-Week Bill$42 B2.44×2.91×66.1 %30.2 %2.390 %not computed
16 Jun 20224-Week Bill · reopening$35 B3.17×2.78×50.2 %45.8 %1.180 %not computed
16 Jun 20228-Week Bill · reopening$30 B3.28×2.81×40.7 %56.9 %1.470 %not computed
15 Jun 2022119-Day Bill$30 B3.20×3.32×53.3 %45.1 %2.090 %not computed
14 Jun 202252-Week Bill$34 B3.14×3.35×32.4 %65.2 %3.020 %not computed
13 Jun 202213-Week Bill · reopening$45 B2.27×2.81×76.8 %19.2 %1.640 %not computed
13 Jun 202226-Week Bill$42 B3.26×2.91×28.3 %68.1 %2.160 %not computed
9 Jun 20224-Week Bill · reopening$35 B2.82×2.78×51.7 %45.4 %1.040 %not computed
9 Jun 20228-Week Bill · reopening$30 B3.06×2.81×49.8 %48.3 %1.150 %not computed
9 Jun 202229-Year 11-Month Bond · reopening$19 B2.35×2.42×14.1 %69.0 %3.185 %not computed
8 Jun 2022119-Day Bill$30 B3.14×3.32×38.2 %59.7 %1.510 %not computed
8 Jun 20229-Year 11-Month Note · reopening$33 B2.41×2.59×17.0 %63.6 %3.030 %not computed
7 Jun 20223-Year Note$44 B2.45×2.65×24.9 %51.5 %2.927 %not computed
6 Jun 202213-Week Bill · reopening$45 B2.98×2.81×29.8 %67.6 %1.230 %not computed
6 Jun 202226-Week Bill$42 B2.87×2.91×42.5 %55.5 %1.710 %not computed
2 Jun 20224-Week Bill · reopening$35 B3.07×2.78×47.9 %51.2 %0.860 %not computed

Older auctions →

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