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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-Year2.24×2.71×27 Oct 2020: 2.41×23 Nov 2020: 2.71×3-Year2.24×2.71×9 Nov 2020: 2.40×5-Year2.24×2.71×28 Oct 2020: 2.38×23 Nov 2020: 2.38×7-Year2.24×2.71×29 Oct 2020: 2.24×24 Nov 2020: 2.37×10-Year2.24×2.71×10 Nov 2020: 2.32×20-Year2.24×2.71×18 Nov 2020: 2.27×30-Year2.24×2.71×12 Nov 2020: 2.29×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year19 %47 %27 Oct 2020: 32 %23 Nov 2020: 38 %3-Year19 %47 %9 Nov 2020: 47 %5-Year19 %47 %28 Oct 2020: 24 %23 Nov 2020: 29 %7-Year19 %47 %29 Oct 2020: 25 %24 Nov 2020: 19 %10-Year19 %47 %10 Nov 2020: 32 %20-Year19 %47 %18 Nov 2020: 23 %30-Year19 %47 %12 Nov 2020: 22 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
1 Dec 202042-Day Bill · reopening$30 B3.34×2.76×66.9 %25.5 %0.080 %not computed
1 Dec 2020119-Day Bill · reopening$30 B3.57×3.32×65.3 %31.9 %0.090 %not computed
1 Dec 202052-Week Bill$34 B3.73×3.35×48.3 %49.1 %0.110 %not computed
30 Nov 202013-Week Bill · reopening$54 B2.93×2.81×47.6 %46.3 %0.085 %not computed
30 Nov 202026-Week Bill$51 B3.20×2.91×41.4 %56.3 %0.090 %not computed
25 Nov 20204-Week Bill · reopening$30 B3.38×2.77×50.1 %43.2 %0.080 %not computed
25 Nov 20208-Week Bill · reopening$35 B3.47×2.82×43.5 %54.8 %0.080 %not computed
25 Nov 2020105-Day Bill · reopening$25 B4.35×3.86×38.0 %58.7 %0.085 %not computed
25 Nov 2020154-Day Bill$30 B3.65×3.46×40.5 %56.5 %0.090 %not computed
24 Nov 2020118-Day Bill · reopening$30 B3.48×3.48×54.9 %41.6 %0.090 %not computed
24 Nov 202041-Day Bill · reopening$30 B3.15×3.04×70.2 %21.3 %0.075 %not computed
24 Nov 20201-Year 11-Month Note (FRN) · reopening$24 B2.90×3.02×47.1 %47.5 %—not computed
24 Nov 20207-Year Note$56 B2.37×2.48×19.5 %65.4 %0.653 %not computed
23 Nov 202026-Week Bill$51 B3.57×2.91×39.1 %50.5 %0.090 %not computed
23 Nov 202013-Week Bill · reopening$54 B2.67×2.81×58.1 %31.2 %0.085 %not computed
23 Nov 20202-Year Note$56 B2.71×2.81×38.3 %46.1 %0.165 %not computed
23 Nov 20205-Year Note$57 B2.38×2.35×29.2 %56.5 %0.397 %not computed
19 Nov 20204-Week Bill · reopening$30 B3.53×2.77×56.7 %36.5 %0.070 %not computed
19 Nov 20208-Week Bill · reopening$35 B3.23×2.82×57.2 %35.0 %0.070 %not computed
19 Nov 20209-Year 8-Month Note (TIPS) · reopening$12 B2.71×2.39×14.1 %69.3 %−0.867 %not computed
18 Nov 2020105-Day Bill · reopening$25 B3.90×3.86×54.8 %36.3 %0.090 %not computed
18 Nov 2020154-Day Bill$30 B3.47×3.46×64.1 %25.6 %0.090 %not computed
18 Nov 202020-Year Bond$27 B2.27×2.47×23.5 %61.2 %1.422 %not computed
17 Nov 2020119-Day Bill · reopening$30 B3.82×3.32×58.2 %32.7 %0.095 %not computed
17 Nov 202042-Day Bill · reopening$30 B3.76×2.76×53.6 %38.9 %0.095 %not computed
16 Nov 202026-Week Bill · reopening$51 B3.18×2.91×51.5 %44.9 %0.100 %not computed
16 Nov 202013-Week Bill · reopening$54 B3.14×2.81×44.4 %51.3 %0.090 %not computed
12 Nov 20204-Week Bill · reopening$30 B3.40×2.77×66.6 %25.2 %0.085 %not computed
12 Nov 20208-Week Bill · reopening$35 B3.25×2.82×50.2 %42.3 %0.090 %not computed
12 Nov 2020105-Day Bill · reopening$25 B3.78×3.86×55.3 %39.5 %0.095 %not computed
12 Nov 2020154-Day Bill$30 B3.38×3.46×59.3 %36.6 %0.100 %not computed
12 Nov 202030-Year Bond$27 B2.29×2.43×21.6 %61.9 %1.680 %not computed
10 Nov 202010-Year Note$41 B2.32×2.44×32.0 %54.8 %0.960 %not computed
9 Nov 202042-Day Bill · reopening$30 B3.31×2.76×50.9 %40.2 %0.095 %not computed
9 Nov 202013-Week Bill · reopening$54 B2.65×2.81×63.1 %31.6 %0.100 %not computed
9 Nov 2020119-Day Bill · reopening$30 B3.77×3.32×52.0 %43.0 %0.100 %not computed
9 Nov 202026-Week Bill$51 B2.98×2.91×43.4 %52.6 %0.110 %not computed
9 Nov 20203-Year Note$54 B2.40×2.65×46.8 %38.9 %0.250 %not computed
5 Nov 20204-Week Bill · reopening$30 B3.32×2.77×54.3 %40.8 %0.080 %not computed
5 Nov 20208-Week Bill · reopening$35 B3.11×2.82×69.7 %23.4 %0.085 %not computed
4 Nov 2020105-Day Bill · reopening$25 B3.36×3.86×62.8 %31.2 %0.100 %not computed
4 Nov 2020154-Day Bill$30 B3.55×3.46×58.1 %37.7 %0.105 %not computed
3 Nov 202042-Day Bill · reopening$30 B3.21×2.76×58.0 %33.1 %0.085 %not computed
3 Nov 2020119-Day Bill · reopening$30 B3.20×3.32×70.7 %24.8 %0.105 %not computed
3 Nov 202052-Week Bill$34 B3.54×3.35×58.5 %38.5 %0.135 %not computed
2 Nov 202013-Week Bill · reopening$54 B2.79×2.81×51.5 %42.5 %0.095 %not computed
2 Nov 202026-Week Bill$51 B2.98×2.91×47.2 %47.9 %0.110 %not computed
29 Oct 20204-Week Bill · reopening$30 B3.30×2.77×68.2 %25.2 %0.080 %not computed
29 Oct 20208-Week Bill · reopening$35 B3.45×2.82×50.6 %45.2 %0.085 %not computed
29 Oct 20207-Year Note$53 B2.24×2.48×24.9 %60.9 %0.600 %not computed
28 Oct 2020105-Day Bill · reopening$25 B4.08×3.86×37.3 %53.2 %0.095 %not computed
28 Oct 2020154-Day Bill$30 B3.23×3.46×56.8 %40.7 %0.105 %not computed
28 Oct 20202-Year Note (FRN)$26 B3.22×2.81×42.1 %57.6 %—not computed
28 Oct 20205-Year Note$55 B2.38×2.35×24.1 %61.9 %0.330 %not computed
27 Oct 202042-Day Bill · reopening$30 B3.44×2.76×50.4 %40.2 %0.080 %not computed
27 Oct 2020119-Day Bill · reopening$30 B3.26×3.32×74.2 %20.9 %0.100 %not computed
27 Oct 20202-Year Note$54 B2.41×2.81×32.0 %52.4 %0.151 %not computed
26 Oct 202026-Week Bill$51 B3.49×2.91×35.8 %58.4 %0.110 %not computed
26 Oct 202013-Week Bill · reopening$54 B2.90×2.81×51.6 %39.8 %0.100 %not computed
22 Oct 20204-Week Bill · reopening$30 B3.56×2.77×58.9 %24.4 %0.085 %not computed

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