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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedLast data check Fri 25 Sept 2026, 1:35 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-Year2.21×2.81×27 Dec 2021: 2.55×24 Jan 2022: 2.81×3-Year2.21×2.81×11 Jan 2022: 2.47×8 Feb 2022: 2.45×5-Year2.21×2.81×28 Dec 2021: 2.41×25 Jan 2022: 2.50×7-Year2.21×2.81×29 Dec 2021: 2.21×27 Jan 2022: 2.36×10-Year2.21×2.81×9 Feb 2022: 2.68×20-Year2.21×2.81×16 Feb 2022: 2.44×30-Year2.21×2.81×10 Feb 2022: 2.30×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year7 %25 %27 Dec 2021: 24 %24 Jan 2022: 25 %3-Year7 %25 %11 Jan 2022: 23 %8 Feb 2022: 20 %5-Year7 %25 %28 Dec 2021: 20 %25 Jan 2022: 15 %7-Year7 %25 %29 Dec 2021: 21 %27 Jan 2022: 14 %10-Year7 %25 %9 Feb 2022: 7 %20-Year7 %25 %16 Feb 2022: 16 %30-Year7 %25 %10 Feb 2022: 14 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
17 Feb 202230-Year Bond (TIPS)$9 B2.17×2.43×20.3 %69.9 %0.195 %not computed
16 Feb 2022119-Day Bill$40 B2.99×3.32×59.9 %27.9 %0.550 %not computed
16 Feb 202220-Year Bond$19 B2.44×2.47×16.1 %62.9 %2.396 %not computed
14 Feb 202213-Week Bill · reopening$60 B3.06×2.81×37.3 %52.9 %0.440 %not computed
14 Feb 202226-Week Bill$51 B2.99×2.91×30.9 %56.1 %0.770 %not computed
10 Feb 20224-Week Bill · reopening$50 B3.18×2.77×33.2 %63.0 %0.020 %not computed
10 Feb 20228-Week Bill · reopening$40 B2.97×2.82×46.3 %47.3 %0.250 %not computed
10 Feb 202230-Year Bond$23 B2.30×2.43×14.3 %68.0 %2.340 %not computed
9 Feb 2022119-Day Bill$40 B3.17×3.32×51.7 %36.7 %0.430 %not computed
9 Feb 202210-Year Note$37 B2.68×2.44×7.4 %77.6 %1.904 %not computed
8 Feb 20223-Year Note$50 B2.45×2.65×20.3 %68.6 %1.592 %not computed
7 Feb 202226-Week Bill · reopening$51 B3.13×2.91×44.4 %44.6 %0.580 %not computed
7 Feb 202213-Week Bill · reopening$60 B3.00×2.81×45.0 %42.8 %0.290 %not computed
3 Feb 20224-Week Bill · reopening$50 B3.18×2.77×36.6 %59.5 %0.035 %not computed
3 Feb 20228-Week Bill · reopening$40 B3.26×2.82×43.0 %50.2 %0.140 %not computed
2 Feb 2022119-Day Bill$40 B3.21×3.32×41.2 %46.5 %0.340 %not computed
31 Jan 202213-Week Bill · reopening$60 B2.84×2.81×54.8 %37.3 %0.240 %not computed
31 Jan 202226-Week Bill$51 B2.74×2.91×54.7 %34.0 %0.500 %not computed
27 Jan 20224-Week Bill · reopening$50 B3.09×2.77×40.2 %53.9 %0.035 %not computed
27 Jan 20228-Week Bill · reopening$40 B2.89×2.82×53.0 %40.1 %0.140 %not computed
27 Jan 20227-Year Note$53 B2.36×2.48×14.5 %62.7 %1.769 %not computed
26 Jan 2022119-Day Bill$40 B3.20×3.32×51.0 %39.7 %0.280 %not computed
26 Jan 20222-Year Note (FRN)$26 B3.34×2.81×24.5 %75.5 %—not computed
25 Jan 202252-Week Bill$34 B2.98×3.35×46.9 %43.8 %0.630 %not computed
25 Jan 20225-Year Note · reopening$55 B2.50×2.35×14.8 %68.7 %1.533 %not computed
24 Jan 202213-Week Bill · reopening$60 B2.81×2.81×39.5 %54.9 %0.190 %not computed
24 Jan 202226-Week Bill$51 B3.07×2.91×43.1 %47.0 %0.380 %not computed
24 Jan 20222-Year Note$54 B2.81×2.81×24.6 %66.0 %0.990 %not computed
20 Jan 20224-Week Bill · reopening$50 B3.16×2.77×39.7 %54.4 %0.040 %not computed
20 Jan 20228-Week Bill · reopening$40 B2.75×2.82×52.6 %39.4 %0.085 %not computed
20 Jan 202210-Year Note (TIPS)$16 B2.30×2.44×15.0 %69.3 %−0.540 %not computed
19 Jan 2022119-Day Bill$40 B3.08×3.32×51.5 %39.1 %0.275 %not computed
19 Jan 202219-Year 10-Month Bond · reopening$20 B2.48×2.69×16.8 %66.2 %2.210 %not computed
18 Jan 202213-Week Bill · reopening$60 B2.56×2.81×50.4 %43.9 %0.170 %not computed
18 Jan 202226-Week Bill$51 B2.70×2.91×50.4 %43.6 %0.365 %not computed
13 Jan 20224-Week Bill · reopening$50 B3.17×2.77×36.8 %57.6 %0.040 %not computed
13 Jan 20228-Week Bill · reopening$40 B3.39×2.82×54.3 %37.7 %0.050 %not computed
13 Jan 202229-Year 10-Month Bond · reopening$22 B2.35×2.40×18.0 %65.0 %2.075 %not computed
12 Jan 2022119-Day Bill$40 B3.02×3.32×51.3 %43.1 %0.200 %not computed
12 Jan 20229-Year 10-Month Note · reopening$36 B2.51×2.47×16.6 %65.5 %1.723 %not computed
11 Jan 20223-Year Note$52 B2.47×2.65×22.8 %61.7 %1.237 %not computed
10 Jan 202226-Week Bill · reopening$51 B2.90×2.91×54.0 %40.3 %0.275 %not computed
10 Jan 202213-Week Bill · reopening$60 B2.96×2.81×41.6 %54.0 %0.120 %not computed
6 Jan 20224-Week Bill · reopening$50 B3.53×2.77×42.9 %43.7 %0.050 %not computed
6 Jan 20228-Week Bill · reopening$40 B3.24×2.82×51.1 %27.7 %0.055 %not computed
5 Jan 2022119-Day Bill$40 B3.06×3.32×48.3 %45.7 %0.150 %not computed
3 Jan 202213-Week Bill · reopening$60 B2.86×2.81×44.2 %36.4 %0.090 %not computed
3 Jan 202226-Week Bill$51 B3.21×2.91×39.2 %44.8 %0.220 %not computed
30 Dec 20214-Week Bill · reopening$50 B2.67×2.77×61.1 %33.4 %0.055 %not computed
30 Dec 20218-Week Bill · reopening$40 B3.14×2.82×46.5 %46.2 %0.055 %not computed
29 Dec 2021119-Day Bill$40 B3.35×3.32×33.4 %64.8 %0.125 %not computed
29 Dec 20211-Year 10-Month Note (FRN) · reopening$24 B4.03×2.99×33.3 %54.5 %—not computed
29 Dec 20217-Year Note$56 B2.21×2.48×21.3 %59.3 %1.480 %not computed
28 Dec 202152-Week Bill$34 B3.15×3.35×48.7 %48.1 %0.390 %not computed
28 Dec 20215-Year Note$57 B2.41×2.35×20.0 %65.7 %1.263 %not computed
27 Dec 202113-Week Bill · reopening$60 B3.02×2.81×36.8 %59.3 %0.085 %not computed
27 Dec 202126-Week Bill$51 B2.91×2.91×43.0 %53.8 %0.210 %not computed
27 Dec 20212-Year Note$56 B2.55×2.81×24.2 %61.4 %0.769 %not computed
23 Dec 20214-Week Bill · reopening$50 B2.95×2.77×54.9 %39.0 %0.040 %not computed
23 Dec 20218-Week Bill · reopening$40 B3.41×2.82×42.4 %50.4 %0.050 %not computed

Older auctions →

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