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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedLast data check Fri 25 Sept 2026, 5:16 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-Year2.22×2.74×26 Apr 2021: 2.34×25 May 2021: 2.74×3-Year2.22×2.74×11 May 2021: 2.42×5-Year2.22×2.74×26 Apr 2021: 2.31×26 May 2021: 2.49×7-Year2.22×2.74×27 Apr 2021: 2.31×27 May 2021: 2.41×10-Year2.22×2.74×12 May 2021: 2.45×20-Year2.22×2.74×19 May 2021: 2.24×30-Year2.22×2.74×13 May 2021: 2.22×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year19 %38 %26 Apr 2021: 38 %25 May 2021: 25 %3-Year19 %38 %11 May 2021: 32 %5-Year19 %38 %26 Apr 2021: 25 %26 May 2021: 21 %7-Year19 %38 %27 Apr 2021: 22 %27 May 2021: 20 %10-Year19 %38 %12 May 2021: 19 %20-Year19 %38 %19 May 2021: 24 %30-Year19 %38 %13 May 2021: 20 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
3 Jun 20218-Week Bill · reopening$40 B2.97×2.82×63.9 %26.9 %0.015 %not computed
2 Jun 2021119-Day Bill$35 B3.29×3.32×59.0 %33.0 %0.030 %not computed
1 Jun 202142-Day Bill · reopening$40 B3.46×2.76×27.0 %69.1 %0.005 %not computed
1 Jun 202126-Week Bill · reopening$54 B3.10×2.91×43.0 %42.8 %0.035 %not computed
1 Jun 202113-Week Bill · reopening$57 B2.74×2.81×53.2 %31.6 %0.020 %not computed
27 May 20214-Week Bill · reopening$40 B4.06×2.77×53.8 %43.1 %0.000 %not computed
27 May 20218-Week Bill · reopening$40 B3.23×2.82×62.6 %25.7 %0.005 %not computed
27 May 20217-Year Note$62 B2.41×2.48×19.7 %59.6 %1.285 %not computed
26 May 2021119-Day Bill$35 B3.12×3.32×55.1 %36.7 %0.020 %not computed
26 May 20211-Year 11-Month Note (FRN) · reopening$26 B3.03×3.02×39.5 %59.2 %—not computed
26 May 20215-Year Note$61 B2.49×2.35×20.8 %64.4 %0.788 %not computed
25 May 202142-Day Bill · reopening$40 B3.60×2.76×46.1 %49.5 %0.005 %not computed
25 May 20212-Year Note$60 B2.74×2.81×24.9 %57.1 %0.152 %not computed
24 May 202113-Week Bill · reopening$57 B2.88×2.81×49.4 %42.6 %0.015 %not computed
24 May 202126-Week Bill$54 B2.78×2.91×56.3 %36.4 %0.030 %not computed
20 May 20214-Week Bill · reopening$40 B3.98×2.77×52.6 %38.4 %0.000 %not computed
20 May 20218-Week Bill · reopening$40 B3.38×2.82×66.1 %26.1 %0.005 %not computed
20 May 20219-Year 8-Month Note (TIPS) · reopening$13 B2.50×2.39×15.6 %68.6 %−0.805 %not computed
19 May 2021119-Day Bill$35 B3.51×3.32×50.1 %40.1 %0.015 %not computed
19 May 202120-Year Bond$27 B2.24×2.47×23.8 %56.7 %2.286 %not computed
18 May 202142-Day Bill · reopening$40 B3.86×2.76×60.7 %33.4 %0.005 %not computed
18 May 202152-Week Bill$34 B3.32×3.35×57.4 %35.7 %0.055 %not computed
17 May 202113-Week Bill · reopening$57 B2.94×2.81×47.9 %42.4 %0.015 %not computed
17 May 202126-Week Bill$54 B3.28×2.91×41.6 %52.7 %0.030 %not computed
13 May 20214-Week Bill · reopening$40 B4.17×2.77×44.0 %52.3 %0.000 %not computed
13 May 20218-Week Bill · reopening$40 B3.47×2.82×67.7 %22.5 %0.010 %not computed
13 May 202130-Year Bond$27 B2.22×2.43×20.1 %59.9 %2.395 %not computed
12 May 2021119-Day Bill$35 B3.24×3.32×58.9 %32.9 %0.020 %not computed
12 May 202110-Year Note$41 B2.45×2.44×19.5 %63.4 %1.684 %not computed
11 May 202142-Day Bill · reopening$40 B3.95×2.76×40.0 %51.0 %0.005 %not computed
11 May 20213-Year Note$58 B2.42×2.65×32.3 %49.6 %0.329 %not computed
10 May 202113-Week Bill · reopening$57 B2.72×2.81×47.6 %43.3 %0.015 %not computed
10 May 202126-Week Bill$54 B3.28×2.91×32.4 %64.2 %0.035 %not computed
6 May 20214-Week Bill · reopening$40 B3.48×2.77×49.0 %46.2 %0.010 %not computed
6 May 20218-Week Bill · reopening$40 B3.59×2.82×53.1 %43.0 %0.010 %not computed
5 May 2021119-Day Bill$35 B3.62×3.32×40.9 %54.4 %0.025 %not computed
4 May 202142-Day Bill · reopening$40 B3.58×2.76×41.0 %54.8 %0.010 %not computed
3 May 202126-Week Bill · reopening$54 B2.72×2.91×62.8 %31.4 %0.035 %not computed
3 May 202113-Week Bill · reopening$57 B3.05×2.81×42.1 %49.9 %0.015 %not computed
29 Apr 20214-Week Bill · reopening$40 B3.75×2.77×39.5 %54.2 %0.000 %not computed
29 Apr 20218-Week Bill · reopening$40 B3.40×2.82×43.8 %49.6 %0.010 %not computed
28 Apr 2021119-Day Bill$35 B3.56×3.32×53.1 %39.3 %0.025 %not computed
27 Apr 202142-Day Bill · reopening$40 B3.41×2.76×44.7 %46.7 %0.010 %not computed
27 Apr 20212-Year Note (FRN)$28 B2.91×2.81×36.8 %59.7 %—not computed
27 Apr 20217-Year Note$62 B2.31×2.48×22.3 %57.1 %1.306 %not computed
26 Apr 202113-Week Bill · reopening$57 B2.99×2.81×47.7 %46.1 %0.020 %not computed
26 Apr 202126-Week Bill$54 B3.32×2.91×37.3 %60.0 %0.035 %not computed
26 Apr 20215-Year Note$61 B2.31×2.35×24.6 %57.9 %0.849 %not computed
26 Apr 20212-Year Note$60 B2.34×2.81×37.9 %43.6 %0.175 %not computed
22 Apr 20214-Week Bill · reopening$40 B3.73×2.77×41.4 %54.0 %0.005 %not computed
22 Apr 20218-Week Bill · reopening$40 B3.14×2.82×48.4 %41.1 %0.015 %not computed
22 Apr 20215-Year Note (TIPS)$18 B2.50×2.35×13.1 %69.0 %−1.631 %not computed
21 Apr 2021119-Day Bill$35 B3.55×3.32×46.0 %41.5 %0.025 %not computed
21 Apr 202119-Year 10-Month Bond · reopening$24 B2.42×2.69×21.1 %58.7 %2.144 %not computed
20 Apr 202142-Day Bill · reopening$40 B3.56×2.76×34.0 %57.3 %0.010 %not computed
20 Apr 202152-Week Bill$34 B3.69×3.35×46.8 %50.4 %0.065 %not computed
19 Apr 202113-Week Bill · reopening$57 B2.64×2.81×52.3 %40.5 %0.025 %not computed
19 Apr 202126-Week Bill$54 B3.23×2.91×41.4 %55.7 %0.040 %not computed
15 Apr 20214-Week Bill · reopening$40 B3.64×2.77×45.5 %48.2 %0.010 %not computed
15 Apr 20218-Week Bill · reopening$40 B2.99×2.82×70.8 %17.7 %0.015 %not computed

Older auctions →

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