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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-Year2.27×2.60×28 Jan 2019: 2.56×25 Feb 2019: 2.50×3-Year2.27×2.60×8 Jan 2019: 2.44×5 Feb 2019: 2.55×11 Mar 2019: 2.56×5-Year2.27×2.60×28 Jan 2019: 2.41×25 Feb 2019: 2.40×7-Year2.27×2.60×29 Jan 2019: 2.54×26 Feb 2019: 2.60×10-Year2.27×2.60×6 Feb 2019: 2.35×30-Year2.27×2.60×7 Feb 2019: 2.27×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year16 %41 %28 Jan 2019: 28 %25 Feb 2019: 39 %3-Year16 %41 %8 Jan 2019: 40 %5 Feb 2019: 36 %11 Mar 2019: 41 %5-Year16 %41 %28 Jan 2019: 25 %25 Feb 2019: 20 %7-Year16 %41 %29 Jan 2019: 17 %26 Feb 2019: 16 %10-Year16 %41 %6 Feb 2019: 28 %30-Year16 %41 %7 Feb 2019: 27 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
11 Mar 201913-Week Bill · reopening$48 B3.02×2.81×44.8 %52.9 %2.405 %not computed
11 Mar 20193-Year Note$38 B2.56×2.65×41.1 %49.5 %2.448 %not computed
7 Mar 20194-Week Bill · reopening$60 B2.88×2.77×49.4 %48.8 %2.405 %not computed
7 Mar 20198-Week Bill$35 B3.54×2.82×45.5 %51.6 %2.400 %not computed
5 Mar 201942-Day Bill · reopening$30 B3.06×2.76×56.7 %40.5 %2.410 %not computed
4 Mar 201913-Week Bill · reopening$48 B2.76×2.81×53.0 %44.5 %2.410 %not computed
4 Mar 201926-Week Bill$39 B3.03×2.91×52.6 %44.3 %2.460 %not computed
28 Feb 201941-Day Bill · reopening$23 B3.34×3.04×55.2 %42.0 %2.400 %not computed
28 Feb 20194-Week Bill · reopening$60 B2.78×2.77×50.9 %47.9 %2.410 %not computed
28 Feb 20198-Week Bill$35 B3.02×2.82×59.7 %38.3 %2.410 %not computed
26 Feb 201952-Week Bill$26 B3.60×3.35×44.5 %50.5 %2.470 %not computed
26 Feb 20197-Year Note$32 B2.60×2.48×16.4 %55.2 %2.538 %not computed
25 Feb 201913-Week Bill · reopening$48 B2.97×2.81×46.8 %51.0 %2.405 %not computed
25 Feb 201926-Week Bill$39 B3.17×2.91×48.8 %47.5 %2.455 %not computed
25 Feb 20192-Year Note$40 B2.50×2.81×38.8 %38.6 %2.503 %not computed
25 Feb 20195-Year Note$41 B2.40×2.35×19.8 %57.7 %2.489 %not computed
21 Feb 20194-Week Bill · reopening$50 B2.83×2.77×62.5 %35.5 %2.390 %not computed
21 Feb 20198-Week Bill$35 B3.17×2.82×50.1 %48.1 %2.400 %not computed
21 Feb 201930-Year Bond (TIPS)$8 B2.46×2.43×15.0 %82.0 %1.093 %not computed
20 Feb 20191-Year 11-Month Note (FRN) · reopening$18 B2.70×3.02×48.0 %51.6 %—not computed
19 Feb 201913-Week Bill · reopening$45 B2.99×2.81×51.6 %45.4 %2.395 %not computed
19 Feb 201926-Week Bill$39 B3.08×2.91×55.6 %41.3 %2.455 %not computed
14 Feb 20194-Week Bill · reopening$50 B2.85×2.77×44.4 %53.5 %2.395 %not computed
14 Feb 20198-Week Bill$35 B2.95×2.82×53.5 %43.7 %2.400 %not computed
11 Feb 201926-Week Bill · reopening$39 B2.95×2.91×55.6 %42.1 %2.450 %not computed
11 Feb 201913-Week Bill · reopening$45 B2.96×2.81×46.9 %50.3 %2.400 %not computed
7 Feb 20194-Week Bill · reopening$50 B2.79×2.77×61.1 %35.3 %2.390 %not computed
7 Feb 20198-Week Bill$35 B3.21×2.82×57.0 %40.0 %2.385 %not computed
7 Feb 201930-Year Bond$19 B2.27×2.43×26.6 %56.4 %3.022 %not computed
6 Feb 201918-Day Bill$50 B3.00×3.00×51.1 %46.5 %2.395 %not computed
6 Feb 201910-Year Note$27 B2.35×2.44×28.4 %59.5 %2.689 %not computed
5 Feb 20193-Year Note$38 B2.55×2.65×35.9 %45.7 %2.502 %not computed
4 Feb 201913-Week Bill · reopening$45 B3.03×2.81×49.5 %46.7 %2.385 %not computed
4 Feb 201926-Week Bill$39 B2.66×2.91×66.0 %30.5 %2.440 %not computed
31 Jan 20194-Week Bill · reopening$50 B2.65×2.77×63.3 %33.7 %2.390 %not computed
31 Jan 20198-Week Bill$35 B2.69×2.82×73.1 %24.8 %2.400 %not computed
29 Jan 201952-Week Bill$26 B3.16×3.35×58.0 %36.5 %2.515 %not computed
29 Jan 20192-Year Note (FRN)$20 B2.89×2.81×52.1 %47.7 %—not computed
29 Jan 20197-Year Note$32 B2.54×2.48×16.8 %58.3 %2.625 %not computed
28 Jan 201913-Week Bill · reopening$42 B3.27×2.81×54.7 %41.2 %2.375 %not computed
28 Jan 201926-Week Bill$39 B3.09×2.91×44.5 %44.4 %2.450 %not computed
28 Jan 20192-Year Note$40 B2.56×2.81×27.5 %53.4 %2.600 %not computed
28 Jan 20195-Year Note$41 B2.41×2.35×24.6 %60.2 %2.576 %not computed
24 Jan 20194-Week Bill · reopening$45 B2.78×2.77×59.5 %38.6 %2.355 %not computed
24 Jan 20198-Week Bill$35 B2.74×2.82×71.7 %26.3 %2.370 %not computed
22 Jan 201913-Week Bill · reopening$42 B3.02×2.81×60.1 %33.1 %2.390 %not computed
22 Jan 201926-Week Bill$39 B3.10×2.91×46.7 %48.9 %2.450 %not computed
17 Jan 20194-Week Bill · reopening$40 B3.05×2.77×59.4 %32.1 %2.370 %not computed
17 Jan 20198-Week Bill$30 B3.47×2.82×70.2 %21.9 %2.365 %not computed
17 Jan 201910-Year Note (TIPS)$13 B2.42×2.44×16.6 %69.1 %0.919 %not computed
14 Jan 201926-Week Bill · reopening$36 B3.22×2.91×50.5 %45.4 %2.460 %not computed
14 Jan 201913-Week Bill · reopening$39 B2.90×2.81×62.2 %30.2 %2.405 %not computed
10 Jan 20194-Week Bill · reopening$40 B3.07×2.77×59.2 %30.1 %2.380 %not computed
10 Jan 20198-Week Bill$30 B3.25×2.82×67.6 %25.4 %2.390 %not computed
10 Jan 201929-Year 10-Month Bond · reopening$16 B2.19×2.40×26.7 %57.3 %3.035 %not computed
9 Jan 20199-Year 10-Month Note · reopening$24 B2.51×2.47×22.3 %56.9 %2.728 %not computed
8 Jan 20193-Year Note$38 B2.44×2.65×40.4 %41.9 %2.559 %not computed
7 Jan 201913-Week Bill · reopening$39 B3.06×2.81×52.9 %37.7 %2.410 %not computed
7 Jan 201926-Week Bill$36 B2.98×2.91×59.0 %36.3 %2.470 %not computed
3 Jan 20194-Week Bill · reopening$40 B2.81×2.77×67.6 %22.5 %2.390 %not computed

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