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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-Year2.23×2.70×22 Oct 2019: 2.70×25 Nov 2019: 2.63×3-Year2.23×2.70×8 Oct 2019: 2.43×5 Nov 2019: 2.60×5-Year2.23×2.70×23 Oct 2019: 2.41×26 Nov 2019: 2.50×7-Year2.23×2.70×24 Oct 2019: 2.46×27 Nov 2019: 2.44×10-Year2.23×2.70×6 Nov 2019: 2.49×30-Year2.23×2.70×7 Nov 2019: 2.23×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year20 %37 %22 Oct 2019: 31 %25 Nov 2019: 23 %3-Year20 %37 %8 Oct 2019: 37 %5 Nov 2019: 30 %5-Year20 %37 %23 Oct 2019: 23 %26 Nov 2019: 22 %7-Year20 %37 %24 Oct 2019: 20 %27 Nov 2019: 20 %10-Year20 %37 %6 Nov 2019: 23 %30-Year20 %37 %7 Nov 2019: 21 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
5 Dec 20194-Week Bill · reopening$40 B3.16×2.77×42.7 %56.4 %1.500 %not computed
5 Dec 20198-Week Bill$35 B3.18×2.82×44.1 %53.1 %1.520 %not computed
3 Dec 201952-Week Bill$26 B3.39×3.35×39.2 %58.2 %1.525 %not computed
2 Dec 201913-Week Bill · reopening$42 B3.03×2.81×41.5 %55.8 %1.560 %not computed
2 Dec 201926-Week Bill$36 B3.11×2.91×46.3 %52.3 %1.565 %not computed
27 Nov 20194-Week Bill · reopening$45 B2.73×2.77×51.6 %44.0 %1.620 %not computed
27 Nov 20198-Week Bill$35 B3.53×2.82×46.7 %51.4 %1.570 %not computed
27 Nov 20197-Year Note$32 B2.44×2.48×20.3 %69.6 %1.719 %not computed
26 Nov 20191-Year 11-Month Note (FRN) · reopening$18 B2.50×3.02×78.4 %21.0 %—not computed
26 Nov 20195-Year Note$41 B2.50×2.35×21.6 %64.8 %1.587 %not computed
25 Nov 201913-Week Bill · reopening$45 B2.89×2.81×46.9 %50.9 %1.560 %not computed
25 Nov 201926-Week Bill$39 B2.73×2.91×64.5 %32.8 %1.580 %not computed
25 Nov 20192-Year Note$40 B2.63×2.81×23.1 %47.8 %1.601 %not computed
21 Nov 20194-Week Bill · reopening$50 B2.82×2.77×47.0 %50.0 %1.550 %not computed
21 Nov 20198-Week Bill$40 B2.89×2.82×48.9 %48.2 %1.540 %not computed
21 Nov 20199-Year 8-Month Note (TIPS) · reopening$12 B2.40×2.39×15.4 %58.8 %0.149 %not computed
20 Nov 201916-Day Bill · reopening$15 B3.63×3.21×79.7 %17.3 %1.540 %not computed
18 Nov 201926-Week Bill · reopening$42 B2.89×2.91×44.9 %52.7 %1.540 %not computed
18 Nov 201913-Week Bill · reopening$45 B3.01×2.81×44.4 %51.2 %1.540 %not computed
14 Nov 20194-Week Bill · reopening$55 B2.52×2.77×66.6 %27.9 %1.565 %not computed
14 Nov 20198-Week Bill$40 B3.20×2.82×38.6 %59.7 %1.520 %not computed
12 Nov 201913-Week Bill · reopening$45 B2.70×2.81×64.8 %31.6 %1.565 %not computed
12 Nov 201926-Week Bill$42 B2.99×2.91×41.8 %55.7 %1.550 %not computed
7 Nov 20194-Week Bill · reopening$55 B2.65×2.77×50.9 %45.5 %1.535 %not computed
7 Nov 20198-Week Bill$40 B2.81×2.82×54.1 %43.2 %1.530 %not computed
7 Nov 201930-Year Bond$19 B2.23×2.43×20.7 %58.8 %2.430 %not computed
6 Nov 201910-Year Note$27 B2.49×2.44×23.1 %64.5 %1.809 %not computed
5 Nov 201952-Week Bill$28 B2.84×3.35×59.7 %35.7 %1.565 %not computed
5 Nov 20193-Year Note · reopening$38 B2.60×2.65×29.8 %53.3 %1.630 %not computed
4 Nov 201913-Week Bill · reopening$45 B2.63×2.81×55.3 %40.8 %1.520 %not computed
4 Nov 201926-Week Bill$42 B2.69×2.91×57.5 %39.8 %1.535 %not computed
31 Oct 20194-Week Bill · reopening$55 B2.83×2.77×56.4 %41.2 %1.570 %not computed
31 Oct 20198-Week Bill$40 B3.21×2.82×40.2 %58.3 %1.560 %not computed
28 Oct 201913-Week Bill · reopening$45 B3.10×2.81×37.9 %60.0 %1.620 %not computed
28 Oct 201926-Week Bill$42 B3.23×2.91×41.5 %57.0 %1.610 %not computed
24 Oct 20194-Week Bill · reopening$55 B2.75×2.77×46.6 %46.7 %1.710 %not computed
24 Oct 20198-Week Bill$40 B2.85×2.82×54.1 %42.3 %1.680 %not computed
24 Oct 20197-Year Note$32 B2.46×2.48×20.1 %65.4 %1.657 %not computed
23 Oct 20195-Year Note$41 B2.41×2.35×22.8 %65.7 %1.570 %not computed
23 Oct 20192-Year Note (FRN)$20 B2.58×2.81×52.2 %46.6 %—not computed
22 Oct 20192-Year Note$40 B2.70×2.81×31.2 %54.8 %1.594 %not computed
21 Oct 201926-Week Bill · reopening$42 B2.73×2.91×49.3 %47.9 %1.600 %not computed
21 Oct 201913-Week Bill · reopening$45 B3.01×2.81×31.6 %65.0 %1.630 %not computed
17 Oct 20194-Week Bill · reopening$55 B2.50×2.77×58.2 %38.8 %1.720 %not computed
17 Oct 20198-Week Bill$40 B2.99×2.82×48.6 %48.7 %1.665 %not computed
17 Oct 20195-Year Note (TIPS)$17 B2.75×2.35×13.8 %67.9 %0.054 %not computed
15 Oct 201913-Week Bill · reopening$45 B2.58×2.81×58.8 %35.9 %1.640 %not computed
15 Oct 201926-Week Bill$42 B3.15×2.91×39.6 %53.1 %1.620 %not computed
10 Oct 20194-Week Bill · reopening$50 B2.62×2.77×58.3 %39.3 %1.720 %not computed
10 Oct 20198-Week Bill$40 B2.88×2.82×54.8 %42.5 %1.685 %not computed
10 Oct 201929-Year 10-Month Bond · reopening$16 B2.25×2.40×22.9 %58.5 %2.170 %not computed
9 Oct 20199-Year 10-Month Note · reopening$24 B2.43×2.47×28.7 %58.5 %1.590 %not computed
8 Oct 201952-Week Bill$28 B2.98×3.35×55.7 %38.3 %1.600 %not computed
8 Oct 20193-Year Note$38 B2.43×2.65×37.3 %45.8 %1.413 %not computed
7 Oct 201913-Week Bill · reopening$45 B3.16×2.81×37.5 %60.2 %1.680 %not computed
7 Oct 201926-Week Bill$42 B2.52×2.91×76.2 %21.4 %1.690 %not computed
3 Oct 20194-Week Bill · reopening$45 B2.90×2.77×56.5 %40.8 %1.750 %not computed
3 Oct 20198-Week Bill$40 B2.86×2.82×60.0 %36.6 %1.710 %not computed
30 Sept 201913-Week Bill · reopening$45 B2.49×2.81×58.5 %38.5 %1.840 %not computed
30 Sept 201926-Week Bill$42 B2.83×2.91×42.3 %55.9 %1.795 %not computed

Older auctions →

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