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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-Year2.30×2.65×23 Dec 2019: 2.30×27 Jan 2020: 2.65×3-Year2.30×2.65×9 Dec 2019: 2.56×7 Jan 2020: 2.45×11 Feb 2020: 2.56×5-Year2.30×2.65×24 Dec 2019: 2.49×27 Jan 2020: 2.33×7-Year2.30×2.65×26 Dec 2019: 2.47×28 Jan 2020: 2.37×10-Year2.30×2.65×12 Feb 2020: 2.58×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year17 %38 %23 Dec 2019: 32 %27 Jan 2020: 30 %3-Year17 %38 %9 Dec 2019: 27 %7 Jan 2020: 36 %11 Feb 2020: 38 %5-Year17 %38 %24 Dec 2019: 21 %27 Jan 2020: 26 %7-Year17 %38 %26 Dec 2019: 17 %28 Jan 2020: 25 %10-Year17 %38 %12 Feb 2020: 24 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
12 Feb 202010-Year Note$27 B2.58×2.44×23.9 %61.3 %1.622 %not computed
11 Feb 202056-Day Bill · reopening$30 B3.45×3.45×62.6 %35.1 %1.555 %not computed
11 Feb 20203-Year Note$38 B2.56×2.65×38.0 %43.9 %1.394 %not computed
10 Feb 202026-Week Bill · reopening$39 B3.56×2.91×39.3 %59.1 %1.510 %not computed
10 Feb 202013-Week Bill · reopening$45 B3.01×2.81×52.8 %43.3 %1.550 %not computed
6 Feb 20208-Week Bill$45 B3.06×2.82×54.4 %41.5 %1.550 %not computed
6 Feb 20204-Week Bill · reopening$50 B3.04×2.77×44.2 %54.0 %1.540 %not computed
3 Feb 202013-Week Bill · reopening$45 B2.57×2.81×57.8 %36.4 %1.550 %not computed
3 Feb 202026-Week Bill$39 B2.77×2.91×60.3 %33.0 %1.520 %not computed
30 Jan 20204-Week Bill · reopening$45 B2.69×2.77×63.0 %31.4 %1.545 %not computed
30 Jan 20208-Week Bill$45 B3.01×2.82×49.3 %47.8 %1.550 %not computed
28 Jan 202052-Week Bill$26 B3.36×3.35×56.4 %40.5 %1.490 %not computed
28 Jan 20202-Year Note (FRN)$20 B3.23×2.81×48.6 %49.6 %—not computed
28 Jan 20207-Year Note$32 B2.37×2.48×24.7 %58.1 %1.570 %not computed
27 Jan 202013-Week Bill · reopening$45 B2.66×2.81×58.0 %35.9 %1.530 %not computed
27 Jan 202026-Week Bill$39 B2.76×2.91×70.3 %24.0 %1.535 %not computed
27 Jan 20205-Year Note$41 B2.33×2.35×26.1 %60.0 %1.448 %not computed
27 Jan 20202-Year Note$40 B2.65×2.81×30.2 %49.1 %1.440 %not computed
23 Jan 20204-Week Bill · reopening$40 B3.10×2.77×37.7 %60.3 %1.500 %not computed
23 Jan 20208-Week Bill$40 B2.82×2.82×56.1 %39.1 %1.540 %not computed
23 Jan 202010-Year Note (TIPS)$14 B2.33×2.44×15.4 %73.2 %0.036 %not computed
21 Jan 202013-Week Bill · reopening$42 B3.00×2.81×46.6 %41.7 %1.530 %not computed
21 Jan 202026-Week Bill$36 B3.20×2.91×44.1 %44.7 %1.520 %not computed
16 Jan 20204-Week Bill · reopening$35 B3.21×2.77×43.3 %54.3 %1.505 %not computed
16 Jan 20208-Week Bill$35 B3.20×2.82×49.0 %47.6 %1.530 %not computed
13 Jan 202026-Week Bill · reopening$36 B2.98×2.91×52.9 %41.5 %1.530 %not computed
13 Jan 202013-Week Bill · reopening$42 B2.87×2.81×52.0 %43.2 %1.530 %not computed
9 Jan 20204-Week Bill · reopening$35 B3.38×2.77×37.5 %59.8 %1.490 %not computed
9 Jan 20208-Week Bill$35 B2.99×2.82×61.8 %35.0 %1.515 %not computed
9 Jan 202029-Year 10-Month Bond · reopening$16 B2.54×2.40×19.1 %63.0 %2.341 %not computed
8 Jan 20209-Year 10-Month Note · reopening$24 B2.45×2.47×28.7 %55.2 %1.869 %not computed
7 Jan 20203-Year Note$38 B2.45×2.65×35.8 %47.5 %1.567 %not computed
6 Jan 202013-Week Bill · reopening$42 B2.94×2.81×48.0 %47.6 %1.520 %not computed
6 Jan 202026-Week Bill$36 B3.09×2.91×42.3 %53.2 %1.520 %not computed
2 Jan 20204-Week Bill · reopening$35 B3.31×2.77×36.1 %61.8 %1.500 %not computed
2 Jan 20208-Week Bill$35 B3.15×2.82×47.8 %49.8 %1.515 %not computed
30 Dec 201913-Week Bill · reopening$42 B3.21×2.81×39.7 %57.6 %1.520 %not computed
30 Dec 201952-Week Bill$26 B2.95×3.35×69.5 %28.7 %1.550 %not computed
30 Dec 201926-Week Bill$36 B2.81×2.91×68.3 %29.1 %1.560 %not computed
26 Dec 20194-Week Bill · reopening$35 B3.31×2.77×44.4 %53.9 %1.555 %not computed
26 Dec 20198-Week Bill$35 B3.24×2.82×42.1 %56.3 %1.565 %not computed
26 Dec 20197-Year Note$32 B2.47×2.48×17.2 %59.4 %1.835 %not computed
24 Dec 20195-Year Note$41 B2.49×2.35×21.5 %62.4 %1.756 %not computed
23 Dec 201913-Week Bill · reopening$42 B2.94×2.81×37.9 %60.6 %1.555 %not computed
23 Dec 201926-Week Bill$36 B3.03×2.91×47.9 %49.9 %1.570 %not computed
23 Dec 20192-Year Note$40 B2.30×2.81×32.3 %46.3 %1.653 %not computed
19 Dec 20194-Week Bill · reopening$35 B3.19×2.77×36.1 %60.8 %1.510 %not computed
19 Dec 20198-Week Bill$35 B2.78×2.82×49.7 %46.0 %1.555 %not computed
19 Dec 20194-Year 10-Month Note (TIPS) · reopening$15 B2.69×2.55×13.1 %55.1 %0.020 %not computed
18 Dec 20191-Year 10-Month Note (FRN) · reopening$18 B4.17×2.99×46.3 %52.9 %—not computed
16 Dec 201926-Week Bill · reopening$36 B2.63×2.91×69.0 %27.4 %1.550 %not computed
16 Dec 201913-Week Bill · reopening$42 B2.70×2.81×43.3 %52.7 %1.540 %not computed
12 Dec 20194-Week Bill · reopening$40 B2.59×2.77×42.0 %46.6 %1.540 %not computed
12 Dec 20198-Week Bill$35 B2.69×2.82×43.4 %53.9 %1.540 %not computed
12 Dec 201929-Year 11-Month Bond · reopening$16 B2.46×2.42×15.5 %63.4 %2.307 %not computed
10 Dec 20199-Year 11-Month Note · reopening$24 B2.43×2.59×24.5 %56.1 %1.842 %not computed
9 Dec 201913-Week Bill · reopening$42 B2.77×2.81×56.7 %36.4 %1.520 %not computed
9 Dec 201926-Week Bill$36 B2.98×2.91×46.8 %49.2 %1.520 %not computed
9 Dec 20193-Year Note$38 B2.56×2.65×27.1 %49.1 %1.632 %not computed
6 Dec 20191-Year 11-Month Note (FRN) · reopening$25 M5.40×3.02×100.0 %0.0 %—not computed

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