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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-Year2.16×2.64×27 Aug 2019: 2.60×24 Sept 2019: 2.64×3-Year2.16×2.64×6 Aug 2019: 2.41×10 Sept 2019: 2.42×5-Year2.16×2.64×24 Jul 2019: 2.26×28 Aug 2019: 2.48×25 Sept 2019: 2.32×7-Year2.16×2.64×25 Jul 2019: 2.27×29 Aug 2019: 2.16×26 Sept 2019: 2.49×10-Year2.16×2.64×7 Aug 2019: 2.20×30-Year2.16×2.64×8 Aug 2019: 2.24×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year20 %37 %27 Aug 2019: 33 %24 Sept 2019: 27 %3-Year20 %37 %6 Aug 2019: 34 %10 Sept 2019: 37 %5-Year20 %37 %24 Jul 2019: 33 %28 Aug 2019: 22 %25 Sept 2019: 27 %7-Year20 %37 %25 Jul 2019: 25 %29 Aug 2019: 34 %26 Sept 2019: 20 %10-Year20 %37 %7 Aug 2019: 31 %30-Year20 %37 %8 Aug 2019: 26 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
26 Sept 20194-Week Bill · reopening$45 B2.70×2.77×58.3 %37.4 %1.880 %not computed
26 Sept 20198-Week Bill$40 B3.09×2.82×48.5 %49.1 %1.860 %not computed
26 Sept 20197-Year Note$32 B2.49×2.48×20.2 %65.2 %1.633 %not computed
25 Sept 20191-Year 10-Month Note (FRN) · reopening$18 B2.66×2.99×50.5 %47.9 %—not computed
25 Sept 20195-Year Note$41 B2.32×2.35×27.0 %58.8 %1.600 %not computed
24 Sept 20192-Year Note$40 B2.64×2.81×27.1 %57.0 %1.612 %not computed
23 Sept 201926-Week Bill · reopening$42 B2.77×2.91×50.1 %42.5 %1.860 %not computed
23 Sept 201913-Week Bill · reopening$45 B3.04×2.81×42.1 %52.3 %1.905 %not computed
19 Sept 20194-Week Bill · reopening$45 B2.66×2.77×63.5 %33.3 %1.950 %not computed
19 Sept 20198-Week Bill$40 B2.59×2.82×67.6 %29.9 %1.950 %not computed
19 Sept 20199-Year 10-Month Note (TIPS) · reopening$12 B2.41×2.47×17.3 %66.4 %0.174 %not computed
16 Sept 201913-Week Bill · reopening$45 B2.68×2.81×51.1 %44.7 %1.945 %not computed
16 Sept 201926-Week Bill$42 B2.74×2.91×47.2 %50.7 %1.870 %not computed
12 Sept 20194-Week Bill · reopening$50 B2.81×2.77×55.8 %40.0 %1.940 %not computed
12 Sept 20198-Week Bill$40 B2.87×2.82×51.8 %45.7 %1.920 %not computed
12 Sept 201929-Year 11-Month Bond · reopening$16 B2.22×2.42×26.4 %60.3 %2.270 %not computed
11 Sept 20199-Year 11-Month Note · reopening$24 B2.46×2.59×24.7 %62.6 %1.739 %not computed
10 Sept 201952-Week Bill$28 B2.81×3.35×60.1 %37.5 %1.740 %not computed
10 Sept 20193-Year Note$38 B2.42×2.65×37.3 %46.2 %1.573 %not computed
9 Sept 201913-Week Bill · reopening$45 B3.05×2.81×44.7 %52.1 %1.920 %not computed
9 Sept 201926-Week Bill$42 B2.98×2.91×43.8 %54.5 %1.825 %not computed
5 Sept 20194-Week Bill · reopening$55 B2.69×2.77×54.8 %40.5 %2.025 %not computed
5 Sept 20198-Week Bill$40 B3.18×2.82×39.3 %57.0 %1.960 %not computed
3 Sept 201913-Week Bill · reopening$45 B2.95×2.81×44.1 %52.6 %1.930 %not computed
3 Sept 201926-Week Bill$42 B3.10×2.91×40.2 %49.7 %1.825 %not computed
29 Aug 20194-Week Bill · reopening$55 B2.53×2.77×66.2 %29.8 %2.060 %not computed
29 Aug 20198-Week Bill$40 B3.18×2.82×46.0 %51.1 %1.990 %not computed
29 Aug 20197-Year Note$32 B2.16×2.48×33.8 %50.2 %1.489 %not computed
28 Aug 20191-Year 11-Month Note (FRN) · reopening$18 B2.92×3.02×43.6 %56.3 %—not computed
28 Aug 20195-Year Note$41 B2.48×2.35×21.6 %59.7 %1.365 %not computed
27 Aug 20192-Year Note$40 B2.60×2.81×32.5 %47.1 %1.516 %not computed
26 Aug 201926-Week Bill · reopening$42 B3.05×2.91×36.2 %62.8 %1.840 %not computed
26 Aug 201913-Week Bill · reopening$45 B2.74×2.81×51.7 %46.2 %1.950 %not computed
22 Aug 20194-Week Bill · reopening$55 B2.59×2.77×56.3 %39.2 %2.060 %not computed
22 Aug 20198-Week Bill$40 B2.86×2.82×47.8 %50.2 %1.985 %not computed
22 Aug 201929-Year 6-Month Bond (TIPS) · reopening$7 B2.70×2.58×10.6 %81.6 %0.501 %not computed
19 Aug 201913-Week Bill · reopening$45 B2.51×2.81×74.1 %21.6 %1.900 %not computed
19 Aug 201926-Week Bill$42 B2.86×2.91×47.4 %50.5 %1.840 %not computed
15 Aug 20194-Week Bill · reopening$55 B2.47×2.77×63.3 %32.5 %2.040 %not computed
15 Aug 20198-Week Bill$40 B3.05×2.82×42.5 %55.9 %1.950 %not computed
13 Aug 201952-Week Bill$28 B2.66×3.35×63.1 %33.4 %1.800 %not computed
12 Aug 201913-Week Bill · reopening$42 B2.99×2.81×49.9 %47.0 %1.960 %not computed
12 Aug 201926-Week Bill$42 B3.06×2.91×45.9 %51.8 %1.890 %not computed
8 Aug 20194-Week Bill · reopening$50 B2.64×2.77×56.1 %40.1 %2.065 %not computed
8 Aug 20198-Week Bill$40 B3.24×2.82×51.6 %45.1 %2.050 %not computed
8 Aug 201930-Year Bond$19 B2.24×2.43×26.1 %61.3 %2.335 %not computed
7 Aug 201910-Year Note$27 B2.20×2.44×30.7 %55.7 %1.670 %not computed
6 Aug 20193-Year Note$38 B2.41×2.65×34.0 %46.7 %1.562 %not computed
5 Aug 201913-Week Bill · reopening$39 B2.88×2.81×41.1 %55.2 %1.990 %not computed
5 Aug 201926-Week Bill$39 B2.31×2.91×80.8 %17.3 %1.950 %not computed
1 Aug 20194-Week Bill · reopening$35 B3.18×2.77×51.3 %44.1 %2.080 %not computed
1 Aug 20198-Week Bill$35 B2.67×2.82×74.1 %21.7 %2.100 %not computed
1 Aug 201945-Day Bill$35 B2.58×2.58×70.7 %28.2 %2.110 %not computed
29 Jul 201926-Week Bill · reopening$36 B3.04×2.91×46.0 %52.4 %2.035 %not computed
29 Jul 201913-Week Bill · reopening$36 B3.02×2.81×41.3 %55.7 %2.070 %not computed
25 Jul 20194-Week Bill · reopening$35 B2.91×2.77×47.3 %49.3 %2.110 %not computed
25 Jul 20198-Week Bill$35 B2.77×2.82×52.7 %44.8 %2.140 %not computed
25 Jul 20197-Year Note$32 B2.27×2.48×24.8 %59.4 %1.967 %not computed
24 Jul 20192-Year Note (FRN)$20 B2.73×2.81×51.1 %48.7 %—not computed
24 Jul 20195-Year Note$41 B2.26×2.35×32.9 %53.4 %1.824 %not computed

Older auctions →

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