The Fiscal DeskFiscal policy. Monetary plumbing. Public data.
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-Year2.15×2.67×25 Jan 2021: 2.67×23 Feb 2021: 2.44×3-Year2.15×2.67×9 Feb 2021: 2.39×5-Year2.15×2.67×26 Jan 2021: 2.34×7-Year2.15×2.67×28 Jan 2021: 2.30×10-Year2.15×2.67×10 Feb 2021: 2.37×20-Year2.15×2.67×17 Feb 2021: 2.15×30-Year2.15×2.67×11 Feb 2021: 2.18×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year20 %31 %25 Jan 2021: 28 %23 Feb 2021: 31 %3-Year20 %31 %9 Feb 2021: 31 %5-Year20 %31 %26 Jan 2021: 25 %7-Year20 %31 %28 Jan 2021: 20 %10-Year20 %31 %10 Feb 2021: 20 %20-Year20 %31 %17 Feb 2021: 29 %30-Year20 %31 %11 Feb 2021: 22 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
23 Feb 202152-Week Bill$34 B3.36×3.35×52.1 %44.5 %0.070 %not computed
23 Feb 20212-Year Note$60 B2.44×2.81×30.7 %57.3 %0.119 %not computed
22 Feb 202113-Week Bill · reopening$54 B2.88×2.81×51.5 %41.2 %0.030 %not computed
22 Feb 202126-Week Bill$51 B2.81×2.91×59.1 %34.2 %0.045 %not computed
18 Feb 20214-Week Bill · reopening$30 B3.65×2.77×54.6 %25.7 %0.025 %not computed
18 Feb 20218-Week Bill · reopening$35 B3.78×2.82×45.3 %39.1 %0.030 %not computed
18 Feb 202130-Year Bond (TIPS)$9 B2.31×2.43×17.2 %68.2 %−0.040 %not computed
17 Feb 202120-Year Bond$27 B2.15×2.47×29.1 %54.9 %1.920 %not computed
16 Feb 202113-Week Bill · reopening$54 B2.72×2.81×43.9 %51.7 %0.040 %not computed
16 Feb 2021119-Day Bill · reopening$30 B3.24×3.32×58.4 %32.2 %0.050 %not computed
16 Feb 202142-Day Bill · reopening$30 B3.10×2.76×55.8 %36.7 %0.040 %not computed
16 Feb 202126-Week Bill$51 B3.02×2.91×47.6 %48.9 %0.060 %not computed
11 Feb 20214-Week Bill · reopening$30 B4.10×2.77×41.5 %46.8 %0.030 %not computed
11 Feb 20218-Week Bill · reopening$35 B3.39×2.82×46.6 %41.0 %0.035 %not computed
11 Feb 202130-Year Bond$27 B2.18×2.43×22.2 %60.5 %1.933 %not computed
10 Feb 2021105-Day Bill · reopening$25 B3.61×3.86×53.5 %36.4 %0.045 %not computed
10 Feb 2021154-Day Bill$30 B3.23×3.46×60.3 %32.7 %0.055 %not computed
10 Feb 202110-Year Note$41 B2.37×2.44×20.5 %60.6 %1.155 %not computed
9 Feb 202142-Day Bill · reopening$30 B3.43×2.76×64.7 %14.6 %0.035 %not computed
9 Feb 2021119-Day Bill · reopening$30 B3.80×3.32×41.5 %45.4 %0.040 %not computed
9 Feb 20213-Year Note$58 B2.39×2.65×31.2 %52.7 %0.196 %not computed
8 Feb 202126-Week Bill · reopening$51 B2.99×2.91×55.1 %31.8 %0.050 %not computed
8 Feb 202113-Week Bill · reopening$54 B3.02×2.81×46.3 %37.9 %0.035 %not computed
4 Feb 20214-Week Bill · reopening$30 B3.86×2.77×57.8 %29.7 %0.030 %not computed
4 Feb 20218-Week Bill · reopening$35 B3.84×2.82×54.0 %39.5 %0.035 %not computed
3 Feb 2021105-Day Bill · reopening$25 B3.84×3.86×60.2 %18.3 %0.055 %not computed
3 Feb 2021154-Day Bill$30 B3.57×3.46×49.5 %35.7 %0.055 %not computed
2 Feb 202142-Day Bill · reopening$30 B4.05×2.76×57.4 %34.3 %0.050 %not computed
2 Feb 2021119-Day Bill · reopening$30 B3.97×3.32×52.9 %39.2 %0.060 %not computed
1 Feb 202113-Week Bill · reopening$54 B2.88×2.81×52.7 %38.4 %0.065 %not computed
1 Feb 202126-Week Bill$51 B3.41×2.91×41.3 %55.6 %0.070 %not computed
28 Jan 20214-Week Bill · reopening$30 B3.91×2.77×46.2 %45.8 %0.055 %not computed
28 Jan 20218-Week Bill · reopening$35 B3.83×2.82×41.2 %54.0 %0.065 %not computed
28 Jan 20217-Year Note$62 B2.30×2.48×19.6 %64.1 %0.754 %not computed
27 Jan 2021105-Day Bill · reopening$25 B4.07×3.86×57.7 %32.7 %0.075 %not computed
27 Jan 2021154-Day Bill$30 B3.59×3.46×55.5 %37.9 %0.080 %not computed
27 Jan 20212-Year Note (FRN)$28 B2.82×2.81×46.8 %52.1 %—not computed
26 Jan 202142-Day Bill · reopening$30 B3.94×2.76×59.3 %31.5 %0.070 %not computed
26 Jan 2021119-Day Bill · reopening$30 B3.95×3.32×58.7 %35.8 %0.075 %not computed
26 Jan 202152-Week Bill$34 B3.92×3.35×45.7 %46.4 %0.090 %not computed
26 Jan 20215-Year Note$61 B2.34×2.35×25.4 %60.5 %0.424 %not computed
25 Jan 202113-Week Bill · reopening$54 B2.92×2.81×55.6 %37.4 %0.080 %not computed
25 Jan 202126-Week Bill$51 B3.48×2.91×44.4 %50.0 %0.085 %not computed
25 Jan 20212-Year Note$60 B2.67×2.81×27.7 %56.6 %0.125 %not computed
21 Jan 20214-Week Bill · reopening$30 B3.95×2.77×45.7 %45.0 %0.070 %not computed
21 Jan 20218-Week Bill · reopening$35 B3.50×2.82×54.0 %31.0 %0.080 %not computed
21 Jan 202110-Year Note (TIPS)$15 B2.68×2.44×17.7 %62.8 %−0.987 %not computed
20 Jan 2021105-Day Bill · reopening$25 B4.21×3.86×43.2 %48.8 %0.085 %not computed
20 Jan 2021154-Day Bill$30 B3.63×3.46×41.2 %52.7 %0.090 %not computed
20 Jan 202119-Year 10-Month Bond · reopening$24 B2.28×2.69×25.8 %59.7 %1.657 %not computed
19 Jan 202113-Week Bill · reopening$54 B2.99×2.81×52.2 %44.6 %0.085 %not computed
19 Jan 2021119-Day Bill · reopening$30 B3.78×3.32×42.7 %51.4 %0.090 %not computed
19 Jan 202142-Day Bill · reopening$30 B3.34×2.76×63.7 %24.1 %0.085 %not computed
19 Jan 202126-Week Bill$51 B3.09×2.91×47.4 %49.7 %0.095 %not computed
14 Jan 20214-Week Bill · reopening$30 B3.62×2.77×57.7 %33.6 %0.075 %not computed
14 Jan 20218-Week Bill · reopening$35 B3.23×2.82×66.0 %26.8 %0.080 %not computed
13 Jan 2021105-Day Bill · reopening$25 B3.84×3.86×50.9 %40.9 %0.090 %not computed
13 Jan 2021154-Day Bill$30 B3.62×3.46×58.6 %34.7 %0.090 %not computed
13 Jan 202129-Year 10-Month Bond · reopening$24 B2.47×2.40×14.2 %68.6 %1.825 %not computed
12 Jan 2021119-Day Bill · reopening$30 B3.61×3.32×51.5 %42.1 %0.090 %not computed

Older auctions →

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