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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-Year2.36×2.69×27 May 2025: 2.57×24 Jun 2025: 2.58×3-Year2.36×2.69×10 Jun 2025: 2.52×5-Year2.36×2.69×28 May 2025: 2.39×25 Jun 2025: 2.36×7-Year2.36×2.69×29 May 2025: 2.69×26 Jun 2025: 2.53×20-Year2.36×2.69×21 May 2025: 2.46×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year5 %17 %27 May 2025: 10 %24 Jun 2025: 13 %3-Year5 %17 %10 Jun 2025: 15 %5-Year5 %17 %28 May 2025: 9 %25 Jun 2025: 11 %7-Year5 %17 %29 May 2025: 5 %26 Jun 2025: 12 %20-Year5 %17 %21 May 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
7 Jul 202526-Week Bill$73 B3.00×2.91×24.0 %64.3 %4.145 %not computed
3 Jul 20254-Week Bill · reopening$55 B3.26×2.78×18.6 %78.6 %4.240 %not computed
3 Jul 20258-Week Bill · reopening$45 B3.10×2.81×41.7 %52.1 %4.300 %not computed
3 Jul 202577-Day Bill · reopening$60 B2.90×2.68×34.9 %60.7 %4.285 %not computed
2 Jul 202517-Week Bill$65 B3.04×3.02×33.2 %60.5 %4.185 %not computed
1 Jul 20256-Week Bill · reopening$50 B2.97×2.87×41.1 %50.5 %4.340 %not computed
30 Jun 202513-Week Bill · reopening$79 B3.04×2.81×21.1 %71.5 %4.235 %not computed
30 Jun 202526-Week Bill$71 B2.77×2.91×29.8 %61.5 %4.110 %not computed
26 Jun 20254-Week Bill · reopening$60 B3.06×2.78×22.4 %74.9 %4.000 %not computed
26 Jun 20258-Week Bill · reopening$50 B3.24×2.81×35.4 %53.2 %4.390 %not computed
26 Jun 202577-Day Bill · reopening$60 B2.46×2.68×50.5 %43.0 %4.250 %not computed
26 Jun 20257-Year Note$44 B2.53×2.48×11.6 %76.7 %4.022 %not computed
25 Jun 202517-Week Bill$63 B3.13×3.02×21.0 %72.4 %4.195 %not computed
25 Jun 20251-Year 10-Month Note (FRN) · reopening$28 B2.79×3.06×53.5 %45.6 %—not computed
25 Jun 20255-Year Note$70 B2.36×2.36×10.9 %64.7 %3.879 %not computed
24 Jun 20256-Week Bill · reopening$55 B3.11×2.87×32.8 %60.8 %4.420 %not computed
24 Jun 20252-Year Note$69 B2.58×2.80×13.2 %60.5 %3.786 %not computed
23 Jun 202526-Week Bill · reopening$68 B2.70×2.91×38.1 %54.4 %4.120 %not computed
23 Jun 202513-Week Bill · reopening$76 B3.49×2.81×11.9 %81.3 %4.195 %not computed
18 Jun 20254-Week Bill · reopening$65 B3.15×2.78×18.2 %78.9 %4.060 %not computed
18 Jun 20258-Week Bill · reopening$55 B2.70×2.81×48.7 %42.2 %4.470 %not computed
18 Jun 202517-Week Bill$60 B2.88×3.02×26.6 %68.0 %4.235 %not computed
17 Jun 20256-Week Bill · reopening$55 B2.78×2.87×45.5 %48.6 %4.180 %not computed
17 Jun 20254-Year 10-Month Note (TIPS) · reopening$23 B2.53×2.55×6.6 %74.6 %1.650 %not computed
16 Jun 202513-Week Bill · reopening$76 B2.99×2.81×29.0 %62.8 %4.240 %not computed
16 Jun 202526-Week Bill$68 B2.73×2.91×32.6 %56.2 %4.155 %not computed
16 Jun 202519-Year 11-Month Bond · reopening$13 B2.68×2.67×13.4 %66.7 %4.942 %not computed
12 Jun 20254-Week Bill · reopening$65 B3.22×2.78×13.4 %81.5 %4.080 %not computed
12 Jun 20258-Week Bill · reopening$55 B2.67×2.81×56.4 %34.4 %4.380 %not computed
12 Jun 202529-Year 11-Month Bond · reopening$22 B2.43×2.42×11.4 %65.2 %4.844 %not computed
11 Jun 202517-Week Bill$60 B2.96×3.02×32.6 %62.3 %4.220 %not computed
11 Jun 20259-Year 11-Month Note · reopening$39 B2.52×2.59×9.0 %70.6 %4.421 %not computed
10 Jun 20256-Week Bill · reopening$55 B3.32×2.87×32.4 %62.7 %4.195 %not computed
10 Jun 202552-Week Bill$48 B3.22×3.35×24.0 %72.8 %3.940 %not computed
10 Jun 20253-Year Note$58 B2.52×2.65×15.2 %66.8 %3.972 %not computed
9 Jun 202513-Week Bill · reopening$76 B2.69×2.81×33.0 %59.8 %4.250 %not computed
9 Jun 202526-Week Bill$68 B2.74×2.91×37.5 %50.5 %4.150 %not computed
5 Jun 20254-Week Bill · reopening$65 B3.26×2.78×21.8 %74.3 %4.170 %not computed
5 Jun 20258-Week Bill · reopening$55 B3.38×2.81×38.3 %58.0 %4.225 %not computed
4 Jun 202517-Week Bill$60 B3.13×3.02×33.8 %62.2 %4.205 %not computed
3 Jun 20256-Week Bill · reopening$60 B3.44×2.87×36.6 %59.7 %4.225 %not computed
2 Jun 202513-Week Bill · reopening$76 B2.68×2.81×45.1 %48.5 %4.250 %not computed
2 Jun 202526-Week Bill$68 B3.13×2.91×29.3 %59.5 %4.150 %not computed
29 May 20254-Week Bill · reopening$75 B2.92×2.78×27.6 %68.1 %4.215 %not computed
29 May 20258-Week Bill · reopening$65 B3.07×2.81×31.5 %63.9 %4.225 %not computed
29 May 20257-Year Note$44 B2.69×2.48×4.9 %71.5 %4.194 %not computed
28 May 202517-Week Bill$60 B3.36×3.02×26.7 %61.9 %4.220 %not computed
28 May 20251-Year 11-Month Note (FRN) · reopening$28 B2.95×3.02×34.9 %63.1 %—not computed
28 May 20255-Year Note$70 B2.39×2.36×9.2 %78.4 %4.071 %not computed
27 May 20256-Week Bill · reopening$70 B3.00×2.87×40.0 %54.5 %4.235 %not computed
27 May 202526-Week Bill · reopening$68 B2.95×2.91×35.5 %54.9 %4.160 %not computed
27 May 202513-Week Bill · reopening$76 B3.18×2.81×31.5 %60.2 %4.255 %not computed
27 May 20252-Year Note$69 B2.57×2.80×10.5 %63.3 %3.955 %not computed
22 May 20254-Week Bill · reopening$85 B2.78×2.78×30.5 %66.4 %4.220 %not computed
22 May 20258-Week Bill · reopening$75 B2.89×2.81×38.8 %57.0 %4.235 %not computed
22 May 20259-Year 8-Month Note (TIPS) · reopening$18 B2.36×2.39×11.9 %71.4 %2.220 %not computed
21 May 202517-Week Bill$60 B3.21×3.02×37.6 %58.9 %4.230 %not computed
21 May 202520-Year Bond$16 B2.46×2.47×16.9 %69.0 %5.047 %not computed
20 May 20256-Week Bill · reopening$70 B2.97×2.87×37.0 %57.6 %4.235 %not computed
19 May 202513-Week Bill · reopening$76 B2.76×2.81×35.8 %59.7 %4.285 %not computed

Older auctions →

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