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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-Year2.20×2.76×25 Feb 2020: 2.45×24 Mar 2020: 2.36×3-Year2.20×2.76×10 Mar 2020: 2.20×6 Apr 2020: 2.27×5-Year2.20×2.76×26 Feb 2020: 2.46×25 Mar 2020: 2.53×7-Year2.20×2.76×27 Feb 2020: 2.49×26 Mar 2020: 2.76×30-Year2.20×2.76×13 Feb 2020: 2.43×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year19 %45 %25 Feb 2020: 45 %24 Mar 2020: 36 %3-Year19 %45 %10 Mar 2020: 44 %6 Apr 2020: 41 %5-Year19 %45 %26 Feb 2020: 29 %25 Mar 2020: 35 %7-Year19 %45 %27 Feb 2020: 24 %26 Mar 2020: 29 %30-Year19 %45 %13 Feb 2020: 19 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
7 Apr 20209-Year 10-Month Note · reopening$25 B2.43×2.47×27.6 %59.2 %0.782 %not computed
6 Apr 202043-Day Bill · reopening$60 B3.15×3.03×37.4 %62.1 %0.095 %not computed
6 Apr 202026-Week Bill · reopening$45 B3.08×2.91×42.1 %56.6 %0.160 %not computed
6 Apr 202013-Week Bill · reopening$54 B2.82×2.81×41.6 %57.1 %0.125 %not computed
6 Apr 20203-Year Note$40 B2.27×2.65×40.5 %55.4 %0.348 %not computed
2 Apr 20204-Week Bill · reopening$80 B3.00×2.77×43.6 %54.7 %0.090 %not computed
2 Apr 20208-Week Bill$60 B2.85×2.82×43.6 %55.0 %0.095 %not computed
2 Apr 2020102-Day Bill$40 B3.06×3.06×45.0 %54.5 %0.125 %not computed
2 Apr 2020154-Day Bill$40 B2.90×3.46×49.2 %49.6 %0.150 %not computed
1 Apr 202039-Day Bill · reopening$45 B3.07×3.04×49.9 %48.2 %0.080 %not computed
1 Apr 2020119-Day Bill · reopening$40 B2.99×3.32×42.0 %56.4 %0.130 %not computed
31 Mar 202069-Day Bill$45 B2.87×2.93×33.0 %65.9 %0.070 %not computed
31 Mar 202042-Day Bill · reopening$60 B2.79×2.76×37.8 %61.5 %0.080 %not computed
30 Mar 202026-Week Bill$42 B2.72×2.91×50.4 %47.4 %0.100 %not computed
30 Mar 202037-Day Bill · reopening$60 B2.88×3.08×38.5 %60.6 %0.025 %not computed
30 Mar 202013-Week Bill · reopening$51 B2.52×2.81×61.9 %34.1 %0.085 %not computed
26 Mar 20204-Week Bill · reopening$60 B4.74×2.77×44.3 %51.3 %0.000 %not computed
26 Mar 20208-Week Bill$50 B3.77×2.82×46.5 %47.3 %0.000 %not computed
26 Mar 20207-Year Note$32 B2.76×2.48×28.6 %62.4 %0.680 %not computed
25 Mar 20201-Year 10-Month Note (FRN) · reopening$18 B2.91×2.99×36.2 %62.3 %—not computed
25 Mar 20205-Year Note$41 B2.53×2.35×35.3 %52.1 %0.535 %not computed
24 Mar 202052-Week Bill$26 B2.53×3.35×64.9 %31.8 %0.260 %not computed
24 Mar 20202-Year Note$40 B2.36×2.81×36.3 %55.2 %0.398 %not computed
23 Mar 202026-Week Bill$39 B2.50×2.91×66.2 %21.0 %0.080 %not computed
23 Mar 202013-Week Bill · reopening$45 B3.11×2.81×20.7 %66.4 %0.000 %not computed
19 Mar 20204-Week Bill · reopening$50 B2.91×2.77×41.8 %46.4 %0.030 %not computed
19 Mar 20208-Week Bill$40 B2.99×2.82×38.5 %45.0 %0.030 %not computed
19 Mar 202079-Day Bill · reopening$20 B3.03×3.03×72.1 %11.4 %0.050 %not computed
19 Mar 20209-Year 10-Month Note (TIPS) · reopening$12 B2.32×2.47×19.7 %63.3 %0.680 %not computed
16 Mar 202026-Week Bill$36 B2.78×2.91×47.9 %49.2 %0.300 %not computed
16 Mar 202013-Week Bill · reopening$42 B2.58×2.81×51.0 %45.8 %0.290 %not computed
12 Mar 20204-Week Bill · reopening$50 B2.51×2.77×54.0 %41.4 %0.395 %not computed
12 Mar 20208-Week Bill$40 B2.97×2.82×34.4 %63.3 %0.290 %not computed
12 Mar 202029-Year 11-Month Bond · reopening$16 B2.36×2.42×21.6 %69.6 %1.320 %not computed
11 Mar 20209-Year 11-Month Note · reopening$24 B2.36×2.59×29.8 %61.0 %0.849 %not computed
10 Mar 20203-Year Note$38 B2.20×2.65×44.0 %52.3 %0.563 %not computed
9 Mar 202026-Week Bill · reopening$36 B2.60×2.91×72.5 %21.6 %0.400 %not computed
9 Mar 202013-Week Bill · reopening$42 B2.74×2.81×42.1 %43.4 %0.390 %not computed
5 Mar 20204-Week Bill · reopening$50 B2.66×2.77×63.8 %30.0 %0.925 %not computed
5 Mar 20208-Week Bill$45 B2.73×2.82×58.2 %37.8 %0.820 %not computed
2 Mar 202013-Week Bill · reopening$45 B3.02×2.81×35.2 %58.7 %1.155 %not computed
2 Mar 202026-Week Bill$39 B3.11×2.91×43.3 %53.5 %1.010 %not computed
27 Feb 20208-Week Bill$45 B2.71×2.82×58.0 %36.8 %1.500 %not computed
27 Feb 20204-Week Bill · reopening$50 B2.59×2.77×63.6 %29.2 %1.530 %not computed
27 Feb 20207-Year Note$32 B2.49×2.48×23.9 %63.0 %1.247 %not computed
26 Feb 20201-Year 11-Month Note (FRN) · reopening$18 B2.49×3.02×70.1 %28.6 %—not computed
26 Feb 20205-Year Note$41 B2.46×2.35×28.7 %61.5 %1.150 %not computed
25 Feb 202052-Week Bill$26 B3.56×3.35×55.2 %42.6 %1.270 %not computed
25 Feb 20202-Year Note$40 B2.45×2.81×44.5 %46.2 %1.188 %not computed
24 Feb 202013-Week Bill · reopening$45 B2.88×2.81×47.2 %48.1 %1.505 %not computed
24 Feb 202026-Week Bill$39 B3.02×2.91×48.5 %45.9 %1.440 %not computed
20 Feb 20208-Week Bill$45 B2.77×2.82×47.7 %49.6 %1.570 %not computed
20 Feb 20204-Week Bill · reopening$50 B2.69×2.77×54.4 %42.7 %1.575 %not computed
20 Feb 202030-Year Bond (TIPS)$8 B2.40×2.43×14.8 %73.7 %0.261 %not computed
18 Feb 202013-Week Bill · reopening$45 B2.91×2.81×51.9 %43.6 %1.545 %not computed
18 Feb 202021-Day Bill · reopening$40 B2.71×2.72×63.0 %32.4 %1.585 %not computed
18 Feb 202026-Week Bill$39 B3.09×2.91×45.9 %49.9 %1.510 %not computed
13 Feb 20208-Week Bill$45 B2.93×2.82×51.4 %45.2 %1.565 %not computed
13 Feb 20204-Week Bill · reopening$50 B2.75×2.77×55.3 %41.8 %1.560 %not computed
13 Feb 202030-Year Bond$19 B2.43×2.43×19.1 %61.5 %2.061 %not computed

Older auctions →

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