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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedData as of Wed 23 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-Year2.34×2.73×23 Sept 2025: 2.51×3-Year2.34×2.73×9 Sept 2025: 2.73×7 Oct 2025: 2.66×5-Year2.34×2.73×27 Aug 2025: 2.36×24 Sept 2025: 2.34×7-Year2.34×2.73×28 Aug 2025: 2.49×25 Sept 2025: 2.40×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year8 %12 %23 Sept 2025: 11 %3-Year8 %12 %9 Sept 2025: 8 %7 Oct 2025: 11 %5-Year8 %12 %27 Aug 2025: 9 %24 Sept 2025: 12 %7-Year8 %12 %28 Aug 2025: 10 %25 Sept 2025: 12 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
14 Oct 20256-Week Bill · reopening$95 B2.62×2.87×34.9 %59.7 %4.010 %not computed
14 Oct 202526-Week Bill · reopening$77 B2.95×2.91×21.9 %70.0 %3.685 %not computed
14 Oct 202513-Week Bill · reopening$86 B2.88×2.81×29.8 %64.0 %3.845 %not computed
9 Oct 20254-Week Bill · reopening$110 B2.92×2.78×32.3 %61.8 %4.030 %not computed
9 Oct 20258-Week Bill · reopening$95 B2.88×2.81×34.6 %62.1 %3.955 %not computed
9 Oct 202529-Year 10-Month Bond · reopening$22 B2.38×2.40×8.7 %64.5 %4.734 %not computed
8 Oct 202517-Week Bill$69 B3.28×3.02×24.9 %71.4 %3.775 %not computed
8 Oct 20259-Year 10-Month Note · reopening$39 B2.48×2.47×9.1 %66.8 %4.117 %not computed
7 Oct 20256-Week Bill · reopening$90 B2.69×2.87×35.7 %60.1 %4.000 %not computed
7 Oct 20253-Year Note$58 B2.66×2.65×10.7 %62.7 %3.576 %not computed
6 Oct 202513-Week Bill · reopening$84 B2.91×2.81×36.6 %57.3 %3.850 %not computed
6 Oct 202526-Week Bill$75 B3.04×2.91×28.2 %62.6 %3.695 %not computed
2 Oct 20254-Week Bill · reopening$105 B2.67×2.78×35.6 %58.6 %4.060 %not computed
2 Oct 20258-Week Bill · reopening$90 B3.01×2.81×28.8 %67.2 %3.960 %not computed
1 Oct 202517-Week Bill$67 B3.32×3.02×27.8 %66.0 %3.785 %not computed
30 Sept 20256-Week Bill · reopening$85 B2.58×2.87×40.5 %53.7 %4.020 %not computed
30 Sept 202552-Week Bill$50 B2.92×3.35×40.6 %55.2 %3.540 %not computed
29 Sept 202513-Week Bill · reopening$82 B2.74×2.81×34.2 %58.8 %3.860 %not computed
29 Sept 202526-Week Bill$73 B3.00×2.91×25.4 %66.3 %3.715 %not computed
25 Sept 20254-Week Bill · reopening$100 B2.61×2.78×38.2 %56.0 %4.080 %not computed
25 Sept 20258-Week Bill · reopening$85 B2.65×2.81×33.2 %60.8 %4.000 %not computed
25 Sept 20257-Year Note$44 B2.40×2.48×12.0 %56.4 %3.953 %not computed
24 Sept 202517-Week Bill$65 B2.93×3.02×28.6 %65.3 %3.805 %not computed
24 Sept 20251-Year 10-Month Note (FRN) · reopening$28 B3.15×3.06×28.9 %70.2 %—not computed
24 Sept 20255-Year Note$70 B2.34×2.36×11.9 %59.4 %3.710 %not computed
23 Sept 20256-Week Bill · reopening$85 B2.51×2.87×49.3 %45.2 %4.010 %not computed
23 Sept 20252-Year Note$69 B2.51×2.80×11.5 %57.8 %3.571 %not computed
22 Sept 202513-Week Bill · reopening$82 B3.33×2.81×19.4 %74.3 %3.860 %not computed
22 Sept 202526-Week Bill$73 B3.01×2.91×24.6 %65.4 %3.705 %not computed
18 Sept 20254-Week Bill · reopening$100 B2.71×2.78×32.5 %60.6 %4.040 %not computed
18 Sept 20258-Week Bill · reopening$85 B2.76×2.81×34.2 %58.3 %3.965 %not computed
18 Sept 20259-Year 10-Month Note (TIPS) · reopening$19 B2.20×2.47×17.8 %56.1 %1.734 %not computed
17 Sept 202517-Week Bill$65 B3.06×3.02×32.1 %60.7 %3.815 %not computed
16 Sept 20256-Week Bill · reopening$85 B2.82×2.87×35.7 %59.4 %4.040 %not computed
16 Sept 202519-Year 11-Month Bond · reopening$13 B2.74×2.67×7.6 %64.6 %4.613 %not computed
15 Sept 202526-Week Bill · reopening$73 B3.09×2.91×26.1 %67.0 %3.715 %not computed
15 Sept 202513-Week Bill · reopening$82 B3.11×2.81×29.2 %64.3 %3.905 %not computed
11 Sept 20254-Week Bill · reopening$100 B2.64×2.78×31.4 %63.8 %4.060 %not computed
11 Sept 20258-Week Bill · reopening$85 B2.81×2.81×28.5 %65.9 %4.000 %not computed
11 Sept 202529-Year 11-Month Bond · reopening$22 B2.38×2.42×10.0 %62.0 %4.651 %not computed
10 Sept 202517-Week Bill$65 B3.26×3.02×30.9 %63.6 %3.850 %not computed
10 Sept 20259-Year 11-Month Note · reopening$39 B2.65×2.59×4.2 %83.1 %4.033 %not computed
9 Sept 20256-Week Bill · reopening$85 B2.73×2.87×37.2 %57.1 %4.090 %not computed
9 Sept 20253-Year Note$58 B2.73×2.65×8.4 %74.2 %3.485 %not computed
8 Sept 202513-Week Bill · reopening$82 B2.81×2.81×36.5 %55.2 %3.940 %not computed
8 Sept 202526-Week Bill$73 B3.17×2.91×22.6 %67.8 %3.730 %not computed
4 Sept 20254-Week Bill · reopening$100 B2.78×2.78×33.2 %60.7 %4.175 %not computed
4 Sept 20258-Week Bill · reopening$85 B2.79×2.81×38.7 %54.3 %4.100 %not computed
3 Sept 202517-Week Bill$65 B3.34×3.02×30.8 %63.5 %3.965 %not computed
2 Sept 20256-Week Bill · reopening$85 B2.64×2.87×36.2 %58.3 %4.190 %not computed
2 Sept 202513-Week Bill · reopening$82 B2.96×2.81×28.1 %64.7 %4.045 %not computed
2 Sept 202552-Week Bill$50 B3.82×3.35×15.5 %82.2 %3.660 %not computed
2 Sept 202526-Week Bill$73 B2.70×2.91×34.3 %54.7 %3.880 %not computed
28 Aug 20254-Week Bill · reopening$100 B2.68×2.78×31.8 %62.4 %4.245 %not computed
28 Aug 20258-Week Bill · reopening$85 B2.92×2.81×31.8 %63.5 %4.145 %not computed
28 Aug 20257-Year Note$44 B2.49×2.48×9.8 %77.5 %3.925 %not computed
27 Aug 202517-Week Bill$65 B3.00×3.02×26.1 %68.9 %4.020 %not computed
27 Aug 20251-Year 11-Month Note (FRN) · reopening$28 B3.22×3.02×21.4 %77.9 %—not computed
27 Aug 20255-Year Note$70 B2.36×2.36×8.8 %60.5 %3.724 %not computed
26 Aug 20256-Week Bill · reopening$85 B2.93×2.87×29.0 %64.1 %4.210 %not computed

Older auctions →

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