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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-Year2.31×2.60×22 Apr 2025: 2.52×3-Year2.31×2.60×8 Apr 2025: 2.47×5 May 2025: 2.56×5-Year2.31×2.60×23 Apr 2025: 2.41×7-Year2.31×2.60×24 Apr 2025: 2.55×10-Year2.31×2.60×6 May 2025: 2.60×30-Year2.31×2.60×8 May 2025: 2.31×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year9 %21 %22 Apr 2025: 14 %3-Year9 %21 %8 Apr 2025: 21 %5 May 2025: 14 %5-Year9 %21 %23 Apr 2025: 11 %7-Year9 %21 %24 Apr 2025: 15 %10-Year9 %21 %6 May 2025: 9 %30-Year9 %21 %8 May 2025: 14 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
19 May 202526-Week Bill$68 B2.59×2.91×38.9 %50.5 %4.140 %not computed
15 May 20254-Week Bill · reopening$85 B2.91×2.78×29.2 %68.3 %4.220 %not computed
15 May 20258-Week Bill · reopening$75 B2.85×2.81×30.8 %66.5 %4.235 %not computed
14 May 202517-Week Bill$60 B3.28×3.02×34.4 %61.1 %4.240 %not computed
13 May 20256-Week Bill · reopening$70 B2.77×2.87×36.6 %57.8 %4.245 %not computed
13 May 202552-Week Bill$48 B3.31×3.35×21.0 %77.0 %3.930 %not computed
12 May 202513-Week Bill · reopening$76 B2.51×2.81×46.6 %48.7 %4.300 %not computed
12 May 202526-Week Bill$68 B3.26×2.91×22.1 %65.1 %4.105 %not computed
8 May 202516-Day Bill · reopening$25 B4.00×3.21×72.9 %21.9 %4.240 %not computed
8 May 20254-Week Bill · reopening$85 B2.82×2.78×35.6 %61.3 %4.225 %not computed
8 May 20258-Week Bill · reopening$75 B2.98×2.81×34.1 %62.5 %4.225 %not computed
8 May 202530-Year Bond$25 B2.31×2.43×13.9 %58.9 %4.819 %not computed
7 May 202517-Week Bill$60 B3.02×3.02×31.7 %64.9 %4.200 %not computed
6 May 20256-Week Bill · reopening$70 B2.91×2.87×37.0 %60.3 %4.235 %not computed
6 May 202510-Year Note$42 B2.60×2.44×8.9 %71.2 %4.342 %not computed
5 May 202513-Week Bill · reopening$76 B2.74×2.81×37.3 %58.1 %4.220 %not computed
5 May 202526-Week Bill$68 B3.52×2.91×23.7 %67.1 %4.090 %not computed
5 May 20253-Year Note$58 B2.56×2.65×13.9 %62.4 %3.824 %not computed
1 May 20254-Week Bill · reopening$85 B2.74×2.78×36.3 %60.0 %4.240 %not computed
1 May 20258-Week Bill · reopening$75 B3.28×2.81×24.9 %72.2 %4.220 %not computed
30 Apr 202517-Week Bill$60 B3.08×3.02×33.9 %63.3 %4.190 %not computed
29 Apr 20256-Week Bill · reopening$70 B3.14×2.87×34.7 %61.7 %4.230 %not computed
28 Apr 202526-Week Bill · reopening$68 B2.80×2.91×30.3 %59.7 %4.065 %not computed
28 Apr 202513-Week Bill · reopening$76 B3.10×2.81×27.2 %68.6 %4.200 %not computed
24 Apr 20254-Week Bill · reopening$85 B2.90×2.78×27.3 %69.4 %4.220 %not computed
24 Apr 20258-Week Bill · reopening$75 B3.01×2.81×33.4 %63.6 %4.225 %not computed
24 Apr 20257-Year Note$44 B2.55×2.48×15.3 %59.3 %4.123 %not computed
23 Apr 202517-Week Bill$60 B2.92×3.02×40.7 %56.3 %4.210 %not computed
23 Apr 20252-Year Note (FRN)$30 B2.69×2.80×49.6 %48.6 %—not computed
23 Apr 20255-Year Note$70 B2.41×2.36×11.1 %64.0 %3.995 %not computed
22 Apr 20256-Week Bill · reopening$70 B2.83×2.87×46.9 %49.4 %4.240 %not computed
22 Apr 20252-Year Note$69 B2.52×2.80×13.7 %56.2 %3.795 %not computed
21 Apr 202513-Week Bill · reopening$76 B3.01×2.81×30.0 %61.9 %4.225 %not computed
21 Apr 202526-Week Bill$68 B2.93×2.91×23.3 %63.3 %4.050 %not computed
17 Apr 20254-Week Bill · reopening$85 B2.91×2.78×29.0 %68.5 %4.240 %not computed
17 Apr 20258-Week Bill · reopening$75 B2.94×2.81×33.9 %62.6 %4.235 %not computed
17 Apr 20255-Year Note (TIPS)$25 B2.28×2.36×18.1 %64.2 %1.702 %not computed
16 Apr 202517-Week Bill$60 B2.75×3.02×38.8 %59.6 %4.225 %not computed
16 Apr 202519-Year 10-Month Bond · reopening$13 B2.63×2.69×17.0 %70.7 %4.810 %not computed
15 Apr 20256-Week Bill · reopening$70 B2.74×2.87×35.6 %60.7 %4.245 %not computed
15 Apr 202552-Week Bill$48 B2.94×3.35×28.3 %69.0 %3.820 %not computed
14 Apr 202513-Week Bill · reopening$76 B2.96×2.81×32.6 %63.1 %4.225 %not computed
14 Apr 202526-Week Bill$68 B2.80×2.91×23.7 %66.8 %4.060 %not computed
10 Apr 20254-Week Bill · reopening$85 B2.95×2.78×24.7 %73.3 %4.245 %not computed
10 Apr 20258-Week Bill · reopening$75 B3.10×2.81×27.2 %70.1 %4.235 %not computed
10 Apr 202529-Year 10-Month Bond · reopening$22 B2.43×2.40×12.3 %61.9 %4.813 %not computed
9 Apr 202517-Week Bill$60 B2.71×3.02×43.2 %52.8 %4.250 %not computed
9 Apr 20259-Year 10-Month Note · reopening$39 B2.67×2.47×10.7 %87.9 %4.435 %not computed
8 Apr 20256-Week Bill · reopening$70 B2.83×2.87×35.7 %59.6 %4.265 %not computed
8 Apr 20253-Year Note$58 B2.47×2.65×20.7 %73.0 %3.784 %not computed
7 Apr 202513-Week Bill · reopening$76 B2.82×2.81×29.3 %66.1 %4.175 %not computed
7 Apr 202514-Day Bill · reopening$50 B2.65×2.90×57.5 %36.5 %4.300 %not computed
7 Apr 202526-Week Bill$68 B2.79×2.91×23.9 %71.9 %4.000 %not computed
3 Apr 20254-Week Bill · reopening$80 B3.14×2.78×21.9 %75.5 %4.240 %not computed
3 Apr 20258-Week Bill · reopening$75 B2.87×2.81×31.3 %65.8 %4.240 %not computed
2 Apr 202517-Week Bill$60 B2.98×3.02×34.3 %60.8 %4.200 %not computed
1 Apr 202514-Day Bill · reopening$50 B3.43×2.90×31.1 %64.8 %4.250 %not computed
1 Apr 20256-Week Bill · reopening$70 B2.88×2.87×32.3 %65.0 %4.245 %not computed
31 Mar 202526-Week Bill · reopening$68 B2.99×2.91×23.2 %72.1 %4.070 %not computed
31 Mar 202513-Week Bill · reopening$76 B2.74×2.81×38.4 %55.9 %4.205 %not computed

Older auctions →

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