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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-Year2.27×2.79×28 Jul 2025: 2.62×26 Aug 2025: 2.69×3-Year2.27×2.79×8 Jul 2025: 2.51×5 Aug 2025: 2.53×5-Year2.27×2.79×28 Jul 2025: 2.31×7-Year2.27×2.79×29 Jul 2025: 2.79×10-Year2.27×2.79×6 Aug 2025: 2.35×20-Year2.27×2.79×20 Aug 2025: 2.54×30-Year2.27×2.79×7 Aug 2025: 2.27×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year4 %18 %28 Jul 2025: 10 %26 Aug 2025: 10 %3-Year4 %18 %8 Jul 2025: 17 %5 Aug 2025: 18 %5-Year4 %18 %28 Jul 2025: 12 %7-Year4 %18 %29 Jul 2025: 4 %10-Year4 %18 %6 Aug 2025: 16 %20-Year4 %18 %20 Aug 2025: 13 %30-Year4 %18 %7 Aug 2025: 17 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
26 Aug 20252-Year Note$69 B2.69×2.80×9.7 %57.1 %3.641 %not computed
25 Aug 202513-Week Bill · reopening$82 B3.07×2.81×28.9 %64.0 %4.100 %not computed
25 Aug 202526-Week Bill$73 B3.36×2.91×16.4 %69.5 %3.915 %not computed
21 Aug 20254-Week Bill · reopening$100 B2.61×2.78×32.5 %62.6 %4.300 %not computed
21 Aug 20258-Week Bill · reopening$85 B2.71×2.81×27.7 %66.7 %4.220 %not computed
21 Aug 202529-Year 6-Month Bond (TIPS) · reopening$8 B2.78×2.58×4.5 %70.4 %2.650 %not computed
20 Aug 202517-Week Bill$65 B3.14×3.02×32.6 %60.9 %4.050 %not computed
20 Aug 202520-Year Bond$16 B2.54×2.47×12.9 %60.6 %4.876 %not computed
19 Aug 20256-Week Bill · reopening$85 B2.57×2.87×47.7 %46.6 %4.245 %not computed
18 Aug 202526-Week Bill · reopening$73 B2.95×2.91×23.7 %66.1 %3.945 %not computed
18 Aug 202513-Week Bill · reopening$82 B2.70×2.81×31.7 %59.8 %4.130 %not computed
14 Aug 20254-Week Bill · reopening$100 B2.67×2.78×34.3 %61.7 %4.280 %not computed
14 Aug 20258-Week Bill · reopening$85 B2.72×2.81×41.2 %54.2 %4.185 %not computed
13 Aug 202517-Week Bill$65 B3.50×3.02×28.7 %66.0 %4.050 %not computed
12 Aug 20256-Week Bill · reopening$85 B2.40×2.87×56.6 %38.7 %4.265 %not computed
11 Aug 202513-Week Bill · reopening$82 B2.64×2.81×36.7 %57.7 %4.150 %not computed
11 Aug 202526-Week Bill$73 B3.21×2.91×19.6 %71.9 %3.970 %not computed
7 Aug 20254-Week Bill · reopening$100 B2.82×2.78×32.1 %64.5 %4.300 %not computed
7 Aug 20258-Week Bill · reopening$85 B3.16×2.81×24.7 %71.5 %4.235 %not computed
7 Aug 202530-Year Bond$25 B2.27×2.43×17.5 %59.5 %4.813 %not computed
6 Aug 202517-Week Bill$65 B3.31×3.02×26.4 %68.0 %4.105 %not computed
6 Aug 202510-Year Note$42 B2.35×2.44×16.2 %64.2 %4.255 %not computed
5 Aug 20256-Week Bill · reopening$85 B2.60×2.87×37.4 %58.8 %4.300 %not computed
5 Aug 202552-Week Bill$50 B2.85×3.35×38.6 %56.6 %3.760 %not computed
5 Aug 20253-Year Note$58 B2.53×2.65×17.9 %54.0 %3.669 %not computed
4 Aug 202513-Week Bill · reopening$82 B3.17×2.81×23.7 %69.1 %4.165 %not computed
4 Aug 202526-Week Bill$73 B3.14×2.91×16.3 %74.6 %3.980 %not computed
31 Jul 20254-Week Bill · reopening$95 B2.63×2.78×29.4 %67.4 %4.290 %not computed
31 Jul 20258-Week Bill · reopening$85 B2.52×2.81×41.8 %52.9 %4.290 %not computed
30 Jul 202517-Week Bill$65 B3.45×3.02×24.4 %70.1 %4.210 %not computed
29 Jul 20256-Week Bill · reopening$80 B2.66×2.87×39.0 %55.6 %4.270 %not computed
29 Jul 20252-Year Note (FRN)$30 B2.81×2.80×39.4 %59.7 %—not computed
29 Jul 20257-Year Note$44 B2.79×2.48×4.1 %62.3 %4.092 %not computed
28 Jul 202513-Week Bill · reopening$82 B3.21×2.81×22.2 %72.0 %4.235 %not computed
28 Jul 202526-Week Bill$73 B3.36×2.91×21.3 %69.1 %4.120 %not computed
28 Jul 20255-Year Note$70 B2.31×2.36×12.2 %58.3 %3.983 %not computed
28 Jul 20252-Year Note$69 B2.62×2.80×10.3 %55.3 %3.920 %not computed
24 Jul 20254-Week Bill · reopening$95 B2.69×2.78×29.1 %68.0 %4.245 %not computed
24 Jul 20258-Week Bill · reopening$85 B2.63×2.81×33.1 %59.9 %4.265 %not computed
24 Jul 202510-Year Note (TIPS)$21 B2.41×2.44×5.4 %62.7 %1.985 %not computed
23 Jul 202517-Week Bill$65 B3.55×3.02×25.5 %65.5 %4.225 %not computed
23 Jul 202519-Year 10-Month Bond · reopening$13 B2.79×2.69×10.7 %67.4 %4.935 %not computed
22 Jul 20256-Week Bill · reopening$80 B2.85×2.87×31.6 %65.5 %4.260 %not computed
21 Jul 202526-Week Bill · reopening$73 B3.06×2.91×27.3 %61.6 %4.115 %not computed
21 Jul 202513-Week Bill · reopening$82 B2.98×2.81×31.2 %62.1 %4.240 %not computed
17 Jul 20254-Week Bill · reopening$90 B2.91×2.78×18.6 %76.7 %4.230 %not computed
17 Jul 20258-Week Bill · reopening$80 B2.60×2.81×42.8 %52.5 %4.270 %not computed
16 Jul 202517-Week Bill$65 B3.02×3.02×37.7 %56.1 %4.230 %not computed
15 Jul 20256-Week Bill · reopening$70 B2.92×2.87×31.6 %64.5 %4.260 %not computed
14 Jul 202513-Week Bill · reopening$82 B3.10×2.81×32.2 %61.9 %4.245 %not computed
14 Jul 202526-Week Bill$73 B3.10×2.91×23.8 %65.6 %4.125 %not computed
10 Jul 20254-Week Bill · reopening$80 B3.08×2.78×20.8 %74.2 %4.235 %not computed
10 Jul 20258-Week Bill · reopening$70 B2.86×2.81×40.3 %52.5 %4.275 %not computed
10 Jul 202529-Year 10-Month Bond · reopening$22 B2.38×2.40×12.8 %59.8 %4.889 %not computed
9 Jul 202517-Week Bill$65 B3.03×3.02×34.1 %60.3 %4.230 %not computed
9 Jul 20259-Year 10-Month Note · reopening$39 B2.61×2.47×10.9 %65.4 %4.362 %not computed
8 Jul 20256-Week Bill · reopening$50 B3.27×2.87×34.7 %58.9 %4.265 %not computed
8 Jul 202552-Week Bill$50 B3.23×3.35×31.9 %63.2 %3.925 %not computed
8 Jul 20253-Year Note$58 B2.51×2.65×16.5 %54.1 %3.891 %not computed
7 Jul 202513-Week Bill · reopening$82 B2.75×2.81×29.4 %64.5 %4.255 %not computed

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