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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedLast data check Fri 25 Sept 2026, 3:55 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-Year2.21×2.65×24 Aug 2021: 2.65×3-Year2.21×2.65×10 Aug 2021: 2.54×7 Sept 2021: 2.45×5-Year2.21×2.65×27 Jul 2021: 2.36×25 Aug 2021: 2.35×7-Year2.21×2.65×29 Jul 2021: 2.23×26 Aug 2021: 2.34×10-Year2.21×2.65×11 Aug 2021: 2.65×20-Year2.21×2.65×18 Aug 2021: 2.44×30-Year2.21×2.65×12 Aug 2021: 2.21×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year10 %26 %24 Aug 2021: 18 %3-Year10 %26 %10 Aug 2021: 26 %7 Sept 2021: 24 %5-Year10 %26 %27 Jul 2021: 24 %25 Aug 2021: 20 %7-Year10 %26 %29 Jul 2021: 22 %26 Aug 2021: 20 %10-Year10 %26 %11 Aug 2021: 10 %20-Year10 %26 %18 Aug 2021: 19 %30-Year10 %26 %12 Aug 2021: 18 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
9 Sept 20214-Week Bill · reopening$20 B4.29×2.77×52.9 %37.5 %0.060 %not computed
9 Sept 20218-Week Bill · reopening$30 B3.21×2.82×52.5 %38.9 %0.065 %not computed
9 Sept 202129-Year 11-Month Bond · reopening$24 B2.49×2.42×13.1 %69.7 %1.910 %not computed
8 Sept 2021119-Day Bill$30 B4.38×3.32×44.5 %48.0 %0.045 %not computed
8 Sept 20219-Year 11-Month Note · reopening$38 B2.59×2.59×12.3 %71.1 %1.338 %not computed
7 Sept 202121-Day Bill · reopening$45 B3.39×2.72×61.2 %24.7 %0.050 %not computed
7 Sept 202113-Week Bill · reopening$51 B3.84×2.81×36.1 %58.6 %0.045 %not computed
7 Sept 202152-Week Bill$34 B3.75×3.35×45.2 %49.4 %0.075 %not computed
7 Sept 202126-Week Bill$48 B3.79×2.91×31.7 %63.5 %0.050 %not computed
7 Sept 20213-Year Note$58 B2.45×2.65×24.4 %56.7 %0.447 %not computed
2 Sept 20214-Week Bill · reopening$25 B3.85×2.77×48.5 %43.3 %0.035 %not computed
2 Sept 20218-Week Bill · reopening$30 B3.02×2.82×64.1 %30.0 %0.065 %not computed
1 Sept 2021119-Day Bill$30 B4.99×3.32×34.4 %62.1 %0.045 %not computed
31 Aug 202121-Day Bill · reopening$45 B2.88×2.72×65.4 %22.4 %0.040 %not computed
30 Aug 202113-Week Bill · reopening$51 B3.78×2.81×30.8 %65.4 %0.045 %not computed
30 Aug 202126-Week Bill$48 B3.16×2.91×46.3 %49.7 %0.055 %not computed
26 Aug 20214-Week Bill · reopening$30 B3.83×2.77×49.5 %41.5 %0.035 %not computed
26 Aug 20218-Week Bill · reopening$30 B3.45×2.82×47.2 %45.8 %0.060 %not computed
26 Aug 20217-Year Note$62 B2.34×2.48×20.1 %61.1 %1.155 %not computed
25 Aug 2021119-Day Bill$30 B3.88×3.32×47.0 %46.9 %0.050 %not computed
25 Aug 20211-Year 11-Month Note (FRN) · reopening$26 B3.17×3.02×29.6 %69.0 %—not computed
25 Aug 20215-Year Note$61 B2.35×2.35×19.8 %62.7 %0.831 %not computed
24 Aug 202167-Day Bill$40 B2.87×2.87×57.8 %33.6 %0.060 %not computed
24 Aug 20212-Year Note$60 B2.65×2.81×18.3 %60.5 %0.242 %not computed
23 Aug 202126-Week Bill · reopening$48 B3.02×2.91×41.9 %51.3 %0.050 %not computed
23 Aug 202113-Week Bill · reopening$51 B3.30×2.81×28.1 %66.4 %0.055 %not computed
19 Aug 20214-Week Bill · reopening$35 B3.46×2.77×51.4 %42.8 %0.040 %not computed
19 Aug 20218-Week Bill · reopening$30 B3.61×2.82×39.3 %58.2 %0.055 %not computed
19 Aug 202129-Year 6-Month Bond (TIPS) · reopening$8 B2.34×2.58×12.7 %74.9 %−0.292 %not computed
18 Aug 2021119-Day Bill$30 B3.93×3.32×44.2 %49.6 %0.045 %not computed
18 Aug 202120-Year Bond$27 B2.44×2.47×19.0 %62.3 %1.850 %not computed
17 Aug 202142-Day Bill · reopening$20 B4.24×2.76×54.3 %38.2 %0.040 %not computed
17 Aug 202157-Day Bill$50 B2.72×2.72×41.6 %54.1 %0.065 %not computed
16 Aug 202113-Week Bill · reopening$51 B2.59×2.81×43.4 %48.7 %0.070 %not computed
16 Aug 202126-Week Bill$48 B2.87×2.91×45.5 %49.9 %0.050 %not computed
12 Aug 20214-Week Bill · reopening$40 B3.30×2.77×50.4 %43.0 %0.045 %not computed
12 Aug 20218-Week Bill · reopening$35 B3.23×2.82×50.9 %37.3 %0.055 %not computed
12 Aug 202130-Year Bond$27 B2.21×2.43×18.4 %60.7 %2.040 %not computed
11 Aug 2021119-Day Bill$30 B4.45×3.32×29.0 %68.3 %0.045 %not computed
11 Aug 202110-Year Note$41 B2.65×2.44×9.6 %77.3 %1.340 %not computed
10 Aug 202142-Day Bill · reopening$20 B4.00×2.76×48.7 %41.2 %0.040 %not computed
10 Aug 202152-Week Bill$34 B3.62×3.35×43.5 %48.7 %0.080 %not computed
10 Aug 20213-Year Note$58 B2.54×2.65×26.2 %55.4 %0.465 %not computed
9 Aug 202113-Week Bill · reopening$54 B3.16×2.81×40.0 %54.5 %0.050 %not computed
9 Aug 202126-Week Bill$51 B3.59×2.91×36.0 %59.9 %0.050 %not computed
5 Aug 20214-Week Bill · reopening$40 B3.34×2.77×54.0 %40.1 %0.040 %not computed
5 Aug 20218-Week Bill · reopening$35 B3.42×2.82×61.9 %29.3 %0.050 %not computed
4 Aug 2021119-Day Bill$30 B4.11×3.32×44.8 %51.2 %0.050 %not computed
3 Aug 202142-Day Bill · reopening$20 B4.35×2.76×38.8 %51.5 %0.040 %not computed
2 Aug 202113-Week Bill · reopening$54 B3.03×2.81×44.5 %48.8 %0.050 %not computed
2 Aug 202126-Week Bill$51 B3.25×2.91×35.7 %59.8 %0.055 %not computed
29 Jul 20214-Week Bill · reopening$40 B3.45×2.77×43.3 %47.2 %0.045 %not computed
29 Jul 20218-Week Bill · reopening$35 B3.52×2.82×55.4 %35.0 %0.045 %not computed
29 Jul 20217-Year Note$62 B2.23×2.48×22.2 %58.4 %1.050 %not computed
28 Jul 2021119-Day Bill$30 B3.50×3.32×52.7 %39.0 %0.050 %not computed
28 Jul 20212-Year Note (FRN)$28 B3.04×2.81×27.1 %71.9 %—not computed
27 Jul 202142-Day Bill · reopening$20 B4.41×2.76×59.3 %29.5 %0.040 %not computed
27 Jul 20215-Year Note$61 B2.36×2.35×24.2 %58.1 %0.710 %not computed
26 Jul 202126-Week Bill · reopening$51 B3.18×2.91×49.5 %45.4 %0.050 %not computed
26 Jul 202113-Week Bill · reopening$54 B3.37×2.81×33.7 %61.6 %0.050 %not computed

Older auctions →

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