The Fiscal DeskFiscal policy. Monetary plumbing. Public data.
Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedLast data check Fri 25 Sept 2026, 2:25 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-Year2.20×2.43×22 Nov 2021: 2.36×3-Year2.20×2.43×8 Nov 2021: 2.33×7 Dec 2021: 2.43×5-Year2.20×2.43×22 Nov 2021: 2.34×7-Year2.20×2.43×23 Nov 2021: 2.42×10-Year2.20×2.43×9 Nov 2021: 2.35×20-Year2.20×2.43×17 Nov 2021: 2.34×30-Year2.20×2.43×10 Nov 2021: 2.20×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year15 %37 %22 Nov 2021: 37 %3-Year15 %37 %8 Nov 2021: 24 %7 Dec 2021: 30 %5-Year15 %37 %22 Nov 2021: 27 %7-Year15 %37 %23 Nov 2021: 17 %10-Year15 %37 %9 Nov 2021: 15 %20-Year15 %37 %17 Nov 2021: 20 %30-Year15 %37 %10 Nov 2021: 25 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
22 Dec 2021119-Day Bill$40 B3.44×3.32×39.7 %55.0 %0.110 %not computed
22 Dec 20214-Year 10-Month Note (TIPS) · reopening$17 B2.42×2.55×14.0 %71.2 %−1.508 %not computed
21 Dec 202119-Year 11-Month Bond · reopening$20 B2.59×2.67×14.3 %64.8 %1.942 %not computed
20 Dec 202113-Week Bill · reopening$60 B2.65×2.81×52.1 %41.9 %0.075 %not computed
20 Dec 202178-Day Bill · reopening$60 B2.87×2.87×37.1 %59.7 %0.070 %not computed
20 Dec 202126-Week Bill$51 B2.85×2.91×44.7 %50.6 %0.160 %not computed
17 Dec 202123-Day Bill · reopening$60 B2.71×2.71×56.0 %38.8 %0.050 %not computed
16 Dec 20214-Week Bill · reopening$30 B3.06×2.77×53.3 %37.7 %0.030 %not computed
16 Dec 20218-Week Bill · reopening$25 B3.10×2.82×63.4 %26.5 %0.050 %not computed
15 Dec 2021119-Day Bill$35 B2.96×3.32×46.2 %50.2 %0.090 %not computed
13 Dec 202126-Week Bill · reopening$51 B3.19×2.91×34.5 %63.8 %0.130 %not computed
13 Dec 202113-Week Bill · reopening$57 B2.78×2.81×44.2 %50.7 %0.055 %not computed
9 Dec 20214-Week Bill · reopening$10 B5.56×2.77×50.0 %48.4 %0.030 %not computed
9 Dec 20218-Week Bill · reopening$25 B3.70×2.82×40.0 %54.5 %0.050 %not computed
9 Dec 202129-Year 11-Month Bond · reopening$22 B2.22×2.42×20.7 %60.8 %1.895 %not computed
8 Dec 2021119-Day Bill$35 B3.28×3.32×38.5 %55.5 %0.090 %not computed
8 Dec 20219-Year 11-Month Note · reopening$36 B2.43×2.59×13.4 %68.8 %1.518 %not computed
7 Dec 20213-Year Note$54 B2.43×2.65×29.8 %52.2 %1.000 %not computed
6 Dec 202113-Week Bill · reopening$57 B2.82×2.81×49.6 %46.4 %0.055 %not computed
6 Dec 202126-Week Bill$51 B2.86×2.91×45.0 %51.3 %0.105 %not computed
2 Dec 20214-Week Bill · reopening$10 B4.83×2.77×57.3 %33.2 %0.040 %not computed
2 Dec 20218-Week Bill · reopening$25 B3.33×2.82×46.6 %45.6 %0.045 %not computed
2 Dec 202119-Year 11-Month Bond · reopening$25 M2.92×2.67×100.0 %0.0 %1.872 %not computed
1 Dec 2021119-Day Bill$40 B2.97×3.32×48.0 %47.1 %0.075 %not computed
1 Dec 20218-Day Bill · reopening$40 B2.55×4.03×71.9 %20.3 %0.160 %not computed
30 Nov 202121-Day Bill · reopening$30 B2.79×2.72×58.5 %11.7 %0.160 %not computed
30 Nov 202152-Week Bill$34 B3.01×3.35×31.6 %65.9 %0.240 %not computed
29 Nov 202113-Week Bill · reopening$57 B3.13×2.81×33.2 %63.1 %0.050 %not computed
29 Nov 202126-Week Bill$51 B2.99×2.91×42.5 %52.1 %0.090 %not computed
24 Nov 202114-Day Bill · reopening$60 B2.76×2.90×35.0 %59.4 %0.060 %not computed
24 Nov 20214-Week Bill · reopening$10 B3.78×2.77×62.2 %15.1 %0.125 %not computed
24 Nov 20218-Week Bill · reopening$25 B3.60×2.82×42.9 %52.1 %0.045 %not computed
24 Nov 2021119-Day Bill$40 B2.94×3.32×35.9 %59.4 %0.070 %not computed
23 Nov 202135-Day Bill$40 B3.02×2.73×38.6 %36.5 %0.150 %not computed
23 Nov 20211-Year 11-Month Note (FRN) · reopening$24 B2.80×3.02×21.2 %77.6 %—not computed
23 Nov 20217-Year Note$59 B2.42×2.48×17.4 %59.3 %1.588 %not computed
22 Nov 202113-Week Bill · reopening$57 B3.04×2.81×39.4 %54.5 %0.050 %not computed
22 Nov 202126-Week Bill$51 B2.93×2.91×48.3 %47.6 %0.070 %not computed
22 Nov 20215-Year Note$59 B2.34×2.35×26.9 %56.9 %1.319 %not computed
22 Nov 20212-Year Note$58 B2.36×2.81×37.2 %45.6 %0.623 %not computed
18 Nov 20214-Week Bill · reopening$10 B4.34×2.77×38.4 %19.7 %0.110 %not computed
18 Nov 20218-Week Bill · reopening$25 B4.43×2.82×33.2 %64.8 %0.045 %not computed
18 Nov 20219-Year 8-Month Note (TIPS) · reopening$14 B2.43×2.39×10.2 %76.8 %−1.145 %not computed
17 Nov 2021119-Day Bill$40 B3.11×3.32×49.7 %41.8 %0.055 %not computed
17 Nov 202122-Day Bill · reopening$40 B2.65×2.65×60.4 %25.6 %0.130 %not computed
17 Nov 202120-Year Bond$23 B2.34×2.47×20.4 %60.2 %2.065 %not computed
16 Nov 202114-Day Bill · reopening$60 B2.76×2.90×57.0 %31.4 %0.055 %not computed
15 Nov 202126-Week Bill · reopening$51 B3.41×2.91×38.5 %53.9 %0.065 %not computed
15 Nov 202113-Week Bill · reopening$57 B3.32×2.81×33.8 %55.7 %0.045 %not computed
10 Nov 20214-Week Bill · reopening$10 B5.21×2.77×54.4 %15.6 %0.050 %not computed
10 Nov 20218-Week Bill · reopening$25 B3.36×2.82×55.1 %36.3 %0.060 %not computed
10 Nov 2021119-Day Bill$40 B3.64×3.32×40.4 %56.6 %0.055 %not computed
10 Nov 202130-Year Bond$25 B2.20×2.43×25.2 %59.0 %1.940 %not computed
9 Nov 202110-Year Note$39 B2.35×2.44×15.2 %71.0 %1.444 %not computed
8 Nov 202113-Week Bill · reopening$54 B3.26×2.81×32.5 %57.4 %0.045 %not computed
8 Nov 202126-Week Bill$48 B3.31×2.91×38.1 %54.7 %0.065 %not computed
8 Nov 20213-Year Note$56 B2.33×2.65×24.3 %57.6 %0.750 %not computed
4 Nov 20214-Week Bill · reopening$10 B5.48×2.77×50.4 %31.4 %0.040 %not computed
4 Nov 20218-Week Bill · reopening$25 B3.53×2.82×51.8 %36.8 %0.055 %not computed
3 Nov 2021119-Day Bill$40 B3.45×3.32×33.7 %61.8 %0.055 %not computed

Older auctions →

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