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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedLast data check Fri 25 Sept 2026, 3:10 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-Year2.24×2.69×27 Sept 2021: 2.28×26 Oct 2021: 2.69×3-Year2.24×2.69×12 Oct 2021: 2.36×5-Year2.24×2.69×27 Sept 2021: 2.37×27 Oct 2021: 2.55×7-Year2.24×2.69×28 Sept 2021: 2.24×28 Oct 2021: 2.25×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year17 %37 %27 Sept 2021: 33 %26 Oct 2021: 20 %3-Year17 %37 %12 Oct 2021: 37 %5-Year17 %37 %27 Sept 2021: 25 %27 Oct 2021: 18 %7-Year17 %37 %28 Sept 2021: 19 %28 Oct 2021: 17 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
2 Nov 202152-Week Bill$34 B3.25×3.35×53.3 %42.1 %0.160 %not computed
1 Nov 202113-Week Bill · reopening$54 B3.72×2.81×29.1 %60.2 %0.050 %not computed
1 Nov 202126-Week Bill$48 B2.90×2.91×47.1 %42.0 %0.065 %not computed
28 Oct 20214-Week Bill · reopening$60 B3.44×2.77×40.3 %56.1 %0.055 %not computed
28 Oct 20218-Week Bill · reopening$25 B3.45×2.82×40.0 %18.9 %0.095 %not computed
28 Oct 20217-Year Note$62 B2.25×2.48×16.6 %63.9 %1.461 %not computed
27 Oct 2021119-Day Bill$40 B3.62×3.32×42.7 %52.0 %0.055 %not computed
27 Oct 20212-Year Note (FRN)$28 B2.99×2.81×34.1 %65.0 %—not computed
27 Oct 20215-Year Note$61 B2.55×2.35×17.9 %64.8 %1.157 %not computed
26 Oct 202148-Day Bill$40 B2.72×2.72×59.8 %18.5 %0.100 %not computed
26 Oct 20212-Year Note$60 B2.69×2.81×19.6 %58.1 %0.481 %not computed
25 Oct 202113-Week Bill · reopening$54 B3.34×2.81×35.3 %60.0 %0.055 %not computed
25 Oct 202126-Week Bill$48 B3.34×2.91×41.4 %55.1 %0.060 %not computed
21 Oct 20214-Week Bill · reopening$60 B3.52×2.77×42.1 %53.0 %0.050 %not computed
21 Oct 20218-Week Bill · reopening$25 B3.23×2.82×52.8 %28.6 %0.100 %not computed
21 Oct 20215-Year Note (TIPS)$19 B2.45×2.35×6.1 %78.4 %−1.685 %not computed
20 Oct 202127-Day Bill · reopening$60 B3.39×4.00×42.8 %46.3 %0.055 %not computed
20 Oct 2021119-Day Bill$40 B3.65×3.32×38.8 %55.6 %0.055 %not computed
20 Oct 202119-Year 10-Month Bond · reopening$24 B2.25×2.69×19.6 %64.8 %2.100 %not computed
19 Oct 202140-Day Bill · reopening$60 B3.11×3.21×31.4 %64.4 %0.055 %not computed
18 Oct 202126-Week Bill · reopening$45 B3.12×2.91×49.5 %44.6 %0.060 %not computed
18 Oct 202113-Week Bill · reopening$48 B3.06×2.81×41.5 %50.2 %0.055 %not computed
14 Oct 202139-Day Bill · reopening$60 B3.00×3.04×47.3 %44.0 %0.055 %not computed
14 Oct 20214-Week Bill · reopening$25 B3.58×2.77×54.2 %34.6 %0.035 %not computed
14 Oct 20218-Week Bill · reopening$25 B3.11×2.82×59.9 %21.1 %0.080 %not computed
13 Oct 2021119-Day Bill$35 B3.93×3.32×32.5 %65.9 %0.050 %not computed
13 Oct 202129-Year 10-Month Bond · reopening$24 B2.36×2.40×12.3 %70.6 %2.049 %not computed
12 Oct 202113-Week Bill · reopening$42 B3.46×2.81×38.5 %58.8 %0.050 %not computed
12 Oct 202126-Week Bill$42 B3.99×2.91×28.3 %67.0 %0.055 %not computed
12 Oct 20219-Year 10-Month Note · reopening$38 B2.58×2.47×11.2 %71.1 %1.584 %not computed
12 Oct 20213-Year Note$58 B2.36×2.65×36.9 %44.2 %0.635 %not computed
7 Oct 20214-Week Bill · reopening$10 B5.81×2.77×59.1 %39.8 %0.035 %not computed
7 Oct 20218-Week Bill · reopening$25 B3.05×2.82×51.5 %33.7 %0.110 %not computed
6 Oct 202164-Day Bill · reopening$40 B3.26×3.26×47.9 %43.5 %0.050 %not computed
6 Oct 2021119-Day Bill$30 B3.60×3.32×44.7 %45.8 %0.055 %not computed
5 Oct 202152-Week Bill$34 B3.37×3.35×53.9 %40.8 %0.090 %not computed
5 Oct 20218-Day Bill · reopening$25 B3.00×4.03×56.8 %35.2 %0.140 %not computed
4 Oct 202113-Week Bill · reopening$42 B3.45×2.81×40.4 %54.5 %0.040 %not computed
4 Oct 202126-Week Bill$42 B3.30×2.91×49.1 %44.4 %0.055 %not computed
30 Sept 20214-Week Bill · reopening$10 B4.59×2.77×83.0 %5.5 %0.045 %not computed
30 Sept 20218-Week Bill · reopening$25 B3.71×2.82×42.0 %56.4 %0.040 %not computed
29 Sept 2021119-Day Bill$30 B2.92×3.32×72.9 %16.4 %0.050 %not computed
28 Sept 20217-Year Note$62 B2.24×2.48×19.0 %60.1 %1.332 %not computed
27 Sept 202113-Week Bill · reopening$42 B3.36×2.81×44.4 %50.7 %0.035 %not computed
27 Sept 202126-Week Bill$42 B3.24×2.91×46.2 %47.7 %0.050 %not computed
27 Sept 20215-Year Note$61 B2.37×2.35×25.5 %54.3 %0.990 %not computed
27 Sept 20212-Year Note$60 B2.28×2.81×33.0 %45.3 %0.310 %not computed
23 Sept 20214-Week Bill · reopening$10 B4.74×2.77×71.3 %21.3 %0.050 %not computed
23 Sept 20218-Week Bill · reopening$25 B3.90×2.82×30.7 %67.3 %0.035 %not computed
23 Sept 20219-Year 10-Month Note (TIPS) · reopening$14 B2.55×2.47×12.7 %71.5 %−0.939 %not computed
22 Sept 2021119-Day Bill$30 B3.37×3.32×51.5 %38.6 %0.035 %not computed
22 Sept 20211-Year 10-Month Note (FRN) · reopening$26 B2.84×2.99×42.7 %57.3 %—not computed
21 Sept 202119-Year 11-Month Bond · reopening$24 B2.36×2.67×16.9 %64.2 %1.795 %not computed
20 Sept 202126-Week Bill · reopening$45 B3.62×2.91×39.7 %53.5 %0.045 %not computed
20 Sept 202113-Week Bill · reopening$45 B3.74×2.81×29.5 %67.6 %0.035 %not computed
16 Sept 20214-Week Bill · reopening$15 B3.96×2.77×71.2 %18.6 %0.055 %not computed
16 Sept 20218-Week Bill · reopening$30 B3.45×2.82×43.7 %48.6 %0.055 %not computed
15 Sept 2021119-Day Bill$30 B4.35×3.32×42.3 %46.1 %0.045 %not computed
13 Sept 202113-Week Bill · reopening$48 B3.55×2.81×39.2 %55.2 %0.040 %not computed
13 Sept 202126-Week Bill$45 B3.78×2.91×36.4 %59.9 %0.050 %not computed

Older auctions →

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