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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedData as of Tue 22 Sept 2026, 1:16 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-Year2.32×2.75×26 Jan 2026: 2.75×24 Feb 2026: 2.63×3-Year2.32×2.75×10 Feb 2026: 2.62×10 Mar 2026: 2.55×5-Year2.32×2.75×27 Jan 2026: 2.34×25 Feb 2026: 2.32×7-Year2.32×2.75×29 Jan 2026: 2.45×26 Feb 2026: 2.50×10-Year2.32×2.75×11 Feb 2026: 2.39×20-Year2.32×2.75×18 Feb 2026: 2.36×30-Year2.32×2.75×12 Feb 2026: 2.66×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year6 %20 %26 Jan 2026: 7 %24 Feb 2026: 10 %3-Year6 %20 %10 Feb 2026: 11 %10 Mar 2026: 20 %5-Year6 %20 %27 Jan 2026: 11 %25 Feb 2026: 13 %7-Year6 %20 %29 Jan 2026: 11 %26 Feb 2026: 10 %10-Year6 %20 %11 Feb 2026: 13 %20-Year6 %20 %18 Feb 2026: 18 %30-Year6 %20 %12 Feb 2026: 6 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
12 Mar 20264-Week Bill · reopening$100 B2.77×2.78×33.0 %64.9 %3.640 %not computed
12 Mar 20268-Week Bill · reopening$90 B3.10×2.81×32.9 %63.5 %3.625 %not computed
12 Mar 202629-Year 11-Month Bond · reopening$22 B2.45×2.42×9.4 %63.4 %4.871 %not computed
11 Mar 202617-Week Bill$69 B3.19×3.02×36.0 %58.3 %3.600 %not computed
11 Mar 20269-Year 11-Month Note · reopening$39 B2.45×2.59×12.7 %74.5 %4.217 %not computed
10 Mar 20266-Week Bill · reopening$90 B2.98×2.87×35.5 %57.1 %3.635 %not computed
10 Mar 20263-Year Note$58 B2.55×2.65×19.5 %59.8 %3.579 %not computed
9 Mar 202613-Week Bill · reopening$89 B2.92×2.81×37.3 %55.3 %3.605 %not computed
9 Mar 202626-Week Bill$77 B3.09×2.91×25.3 %66.6 %3.535 %not computed
5 Mar 20264-Week Bill · reopening$105 B2.89×2.78×31.4 %66.1 %3.640 %not computed
5 Mar 20268-Week Bill · reopening$95 B3.21×2.81×30.5 %66.3 %3.630 %not computed
4 Mar 202617-Week Bill$69 B3.25×3.02×33.9 %61.6 %3.590 %not computed
3 Mar 20266-Week Bill · reopening$90 B2.88×2.87×39.4 %55.5 %3.640 %not computed
2 Mar 202626-Week Bill · reopening$77 B3.10×2.91×25.8 %65.1 %3.535 %not computed
2 Mar 202613-Week Bill · reopening$89 B3.16×2.81×33.3 %60.5 %3.610 %not computed
26 Feb 20264-Week Bill · reopening$105 B2.88×2.78×28.7 %69.4 %3.625 %not computed
26 Feb 20268-Week Bill · reopening$95 B2.80×2.81×43.0 %53.2 %3.630 %not computed
26 Feb 20267-Year Note$44 B2.50×2.48×10.4 %63.6 %3.790 %not computed
25 Feb 202617-Week Bill$69 B3.20×3.02×40.4 %54.5 %3.590 %not computed
25 Feb 20261-Year 11-Month Note (FRN) · reopening$28 B3.01×3.02×41.5 %57.8 %—not computed
25 Feb 20265-Year Note$70 B2.32×2.36×12.8 %62.5 %3.615 %not computed
24 Feb 20266-Week Bill · reopening$90 B2.82×2.87×40.3 %54.5 %3.635 %not computed
24 Feb 20262-Year Note$69 B2.63×2.80×9.8 %55.9 %3.455 %not computed
23 Feb 202613-Week Bill · reopening$89 B3.30×2.81×25.3 %68.1 %3.590 %not computed
23 Feb 202626-Week Bill$77 B3.03×2.91×28.2 %61.7 %3.525 %not computed
19 Feb 20264-Week Bill · reopening$105 B2.94×2.78×28.4 %67.7 %3.625 %not computed
19 Feb 20268-Week Bill · reopening$95 B2.82×2.81×40.2 %54.5 %3.630 %not computed
19 Feb 202630-Year Bond (TIPS)$9 B2.75×2.43×2.5 %78.3 %2.473 %not computed
18 Feb 202617-Week Bill$69 B3.15×3.02×33.7 %60.5 %3.595 %not computed
18 Feb 202620-Year Bond$16 B2.36×2.47×17.6 %55.2 %4.664 %not computed
17 Feb 20266-Week Bill · reopening$90 B2.75×2.87×35.7 %59.0 %3.640 %not computed
17 Feb 202613-Week Bill · reopening$89 B2.71×2.81×35.5 %57.9 %3.600 %not computed
17 Feb 202652-Week Bill$50 B2.96×3.35×29.1 %67.8 %3.345 %not computed
17 Feb 202626-Week Bill$77 B3.08×2.91×22.4 %68.3 %3.500 %not computed
12 Feb 20264-Week Bill · reopening$105 B2.78×2.78×30.8 %66.1 %3.630 %not computed
12 Feb 20268-Week Bill · reopening$95 B2.88×2.81×35.8 %60.0 %3.630 %not computed
12 Feb 202630-Year Bond$25 B2.66×2.43×5.9 %69.9 %4.750 %not computed
11 Feb 202617-Week Bill$69 B3.38×3.02×36.2 %57.8 %3.595 %not computed
11 Feb 202610-Year Note$42 B2.39×2.44×13.4 %64.5 %4.177 %not computed
10 Feb 20266-Week Bill · reopening$90 B2.96×2.87×37.1 %59.1 %3.635 %not computed
10 Feb 20263-Year Note$58 B2.62×2.65×10.9 %57.2 %3.518 %not computed
9 Feb 202613-Week Bill · reopening$89 B2.76×2.81×33.3 %60.5 %3.600 %not computed
9 Feb 202626-Week Bill$77 B3.09×2.91×21.3 %70.8 %3.500 %not computed
5 Feb 20264-Week Bill · reopening$105 B2.85×2.78×25.0 %71.7 %3.630 %not computed
5 Feb 20268-Week Bill · reopening$95 B2.64×2.81×41.4 %54.1 %3.630 %not computed
4 Feb 202617-Week Bill$69 B2.97×3.02×46.1 %47.5 %3.595 %not computed
3 Feb 20266-Week Bill · reopening$90 B2.83×2.87×33.0 %62.4 %3.640 %not computed
2 Feb 202626-Week Bill · reopening$77 B3.08×2.91×31.3 %59.7 %3.525 %not computed
2 Feb 202613-Week Bill · reopening$89 B2.81×2.81×36.0 %57.0 %3.600 %not computed
29 Jan 20264-Week Bill · reopening$105 B2.86×2.78×20.0 %75.3 %3.630 %not computed
29 Jan 20268-Week Bill · reopening$95 B2.87×2.81×27.9 %67.7 %3.635 %not computed
29 Jan 20267-Year Note$44 B2.45×2.48×10.9 %66.9 %4.018 %not computed
28 Jan 202617-Week Bill$69 B2.92×3.02×44.6 %48.0 %3.590 %not computed
28 Jan 20262-Year Note (FRN)$30 B3.16×2.80×34.3 %65.7 %—not computed
27 Jan 20266-Week Bill · reopening$90 B2.64×2.87×45.2 %50.8 %3.635 %not computed
27 Jan 20265-Year Note$70 B2.34×2.36×10.9 %60.7 %3.823 %not computed
26 Jan 202613-Week Bill · reopening$89 B2.90×2.81×31.9 %61.8 %3.580 %not computed
26 Jan 202626-Week Bill$77 B3.07×2.91×24.1 %67.3 %3.525 %not computed
26 Jan 20262-Year Note · reopening$69 B2.75×2.80×7.3 %64.4 %3.580 %not computed
22 Jan 20264-Week Bill · reopening$105 B2.86×2.78×32.6 %62.2 %3.630 %not computed

Older auctions →

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