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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedData as of Tue 22 Sept 2026, 4:30 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-Year2.35×2.65×22 Dec 2025: 2.54×3-Year2.35×2.65×8 Dec 2025: 2.64×12 Jan 2026: 2.65×5-Year2.35×2.65×23 Dec 2025: 2.35×7-Year2.35×2.65×24 Dec 2025: 2.51×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year9 %14 %22 Dec 2025: 13 %3-Year9 %14 %8 Dec 2025: 9 %12 Jan 2026: 14 %5-Year9 %14 %23 Dec 2025: 9 %7-Year9 %14 %24 Dec 2025: 9 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
22 Jan 20268-Week Bill · reopening$95 B2.84×2.81×34.6 %60.6 %3.630 %not computed
22 Jan 202610-Year Note (TIPS)$21 B2.38×2.44×12.2 %67.4 %1.940 %not computed
21 Jan 202617-Week Bill$69 B2.99×3.02×33.7 %61.6 %3.580 %not computed
21 Jan 202619-Year 10-Month Bond · reopening$13 B2.86×2.69×6.2 %64.7 %4.846 %not computed
20 Jan 20266-Week Bill · reopening$85 B2.42×2.87×51.0 %44.2 %3.630 %not computed
20 Jan 202613-Week Bill · reopening$89 B2.70×2.81×36.2 %57.4 %3.590 %not computed
20 Jan 202652-Week Bill$50 B3.42×3.35×25.4 %72.3 %3.390 %not computed
20 Jan 202626-Week Bill$77 B2.95×2.91×32.2 %61.6 %3.520 %not computed
15 Jan 20264-Week Bill · reopening$95 B2.92×2.78×27.3 %68.7 %3.595 %not computed
15 Jan 20268-Week Bill · reopening$90 B2.71×2.81×35.8 %59.9 %3.600 %not computed
14 Jan 202617-Week Bill$69 B3.00×3.02×41.8 %52.6 %3.560 %not computed
13 Jan 20266-Week Bill · reopening$75 B2.97×2.87×39.0 %55.1 %3.585 %not computed
13 Jan 202629-Year 10-Month Bond · reopening$22 B2.42×2.40×12.0 %66.8 %4.825 %not computed
12 Jan 202613-Week Bill · reopening$86 B2.79×2.81×41.8 %49.3 %3.570 %not computed
12 Jan 202626-Week Bill$77 B3.17×2.91×21.0 %69.1 %3.490 %not computed
12 Jan 20269-Year 10-Month Note · reopening$39 B2.55×2.47×5.9 %69.7 %4.173 %not computed
12 Jan 20263-Year Note$58 B2.65×2.65×14.0 %56.5 %3.609 %not computed
8 Jan 20264-Week Bill · reopening$80 B3.18×2.78×32.0 %62.4 %3.550 %not computed
8 Jan 20268-Week Bill · reopening$80 B2.85×2.81×37.7 %56.5 %3.540 %not computed
7 Jan 202617-Week Bill$69 B3.02×3.02×40.1 %53.6 %3.510 %not computed
6 Jan 20266-Week Bill · reopening$75 B2.89×2.87×47.1 %48.8 %3.560 %not computed
5 Jan 202626-Week Bill · reopening$77 B3.28×2.91×25.3 %62.9 %3.475 %not computed
5 Jan 202613-Week Bill · reopening$86 B2.84×2.81×39.5 %52.6 %3.540 %not computed
31 Dec 20254-Week Bill · reopening$80 B2.90×2.78×37.5 %57.4 %3.590 %not computed
31 Dec 20258-Week Bill · reopening$80 B2.83×2.81×33.7 %61.6 %3.580 %not computed
31 Dec 202517-Week Bill$69 B3.11×3.02×30.9 %64.5 %3.540 %not computed
30 Dec 20256-Week Bill · reopening$75 B2.96×2.87×36.2 %56.2 %3.575 %not computed
29 Dec 202513-Week Bill · reopening$86 B2.66×2.81×36.7 %56.8 %3.570 %not computed
29 Dec 202526-Week Bill$77 B2.52×2.91×49.0 %42.3 %3.500 %not computed
24 Dec 20254-Week Bill · reopening$80 B3.14×2.78×21.7 %74.1 %3.570 %not computed
24 Dec 20258-Week Bill · reopening$80 B2.92×2.81×29.6 %65.7 %3.585 %not computed
24 Dec 202517-Week Bill$69 B2.95×3.02×32.5 %63.7 %3.555 %not computed
24 Dec 20257-Year Note$44 B2.51×2.48×9.3 %59.0 %3.930 %not computed
23 Dec 20256-Week Bill · reopening$75 B2.87×2.87×35.8 %58.1 %3.580 %not computed
23 Dec 202552-Week Bill$50 B3.74×3.35×32.8 %64.2 %3.380 %not computed
23 Dec 20251-Year 10-Month Note (FRN) · reopening$28 B3.75×3.06×30.0 %69.3 %—not computed
23 Dec 20255-Year Note$70 B2.35×2.36×8.8 %59.5 %3.747 %not computed
22 Dec 202513-Week Bill · reopening$86 B2.86×2.81×32.2 %59.9 %3.560 %not computed
22 Dec 202526-Week Bill$77 B3.18×2.91×20.8 %72.9 %3.485 %not computed
22 Dec 20252-Year Note$69 B2.54×2.80×12.7 %53.2 %3.499 %not computed
18 Dec 20254-Week Bill · reopening$80 B3.28×2.78×23.3 %71.8 %3.580 %not computed
18 Dec 20258-Week Bill · reopening$80 B3.01×2.81×33.0 %61.9 %3.585 %not computed
18 Dec 20254-Year 10-Month Note (TIPS) · reopening$24 B2.62×2.55×5.4 %72.6 %1.433 %not computed
17 Dec 202517-Week Bill$69 B3.27×3.02×26.0 %67.5 %3.540 %not computed
17 Dec 202519-Year 11-Month Bond · reopening$13 B2.67×2.67×12.6 %65.2 %4.798 %not computed
16 Dec 20256-Week Bill · reopening$75 B2.73×2.87×46.2 %46.1 %3.625 %not computed
15 Dec 202513-Week Bill · reopening$86 B2.68×2.81×39.2 %54.3 %3.560 %not computed
15 Dec 202526-Week Bill$77 B2.84×2.91×35.1 %56.0 %3.495 %not computed
11 Dec 20254-Week Bill · reopening$85 B2.97×2.78×32.5 %62.1 %3.610 %not computed
11 Dec 20258-Week Bill · reopening$80 B2.79×2.81×47.2 %47.8 %3.610 %not computed
11 Dec 202529-Year 11-Month Bond · reopening$22 B2.36×2.42×11.2 %65.4 %4.773 %not computed
10 Dec 202517-Week Bill$69 B3.04×3.02×29.6 %65.3 %3.610 %not computed
9 Dec 20256-Week Bill · reopening$75 B2.89×2.87×33.5 %61.7 %3.650 %not computed
9 Dec 20259-Year 11-Month Note · reopening$39 B2.55×2.59×8.8 %70.2 %4.175 %not computed
8 Dec 202526-Week Bill · reopening$77 B3.01×2.91×29.7 %59.9 %3.580 %not computed
8 Dec 202513-Week Bill · reopening$86 B2.73×2.81×39.9 %52.0 %3.650 %not computed
8 Dec 20253-Year Note$58 B2.64×2.65×9.0 %72.0 %3.614 %not computed
4 Dec 20252-Day Bill$0 B4.32×4.32×100.0 %0.0 %3.720 %not computed
4 Dec 20254-Week Bill · reopening$90 B2.69×2.78×39.3 %53.9 %3.680 %not computed
4 Dec 20258-Week Bill · reopening$80 B2.98×2.81×28.4 %66.5 %3.620 %not computed

Older auctions →

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