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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-Year2.33×2.70×24 Feb 2025: 2.56×25 Mar 2025: 2.66×3-Year2.33×2.70×11 Mar 2025: 2.70×5-Year2.33×2.70×25 Feb 2025: 2.42×26 Mar 2025: 2.33×7-Year2.33×2.70×26 Feb 2025: 2.64×27 Mar 2025: 2.53×10-Year2.33×2.70×12 Feb 2025: 2.48×20-Year2.33×2.70×19 Feb 2025: 2.43×30-Year2.33×2.70×13 Feb 2025: 2.33×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year7 %18 %24 Feb 2025: 7 %25 Mar 2025: 11 %3-Year7 %18 %11 Mar 2025: 11 %5-Year7 %18 %25 Feb 2025: 11 %26 Mar 2025: 13 %7-Year7 %18 %26 Feb 2025: 9 %27 Mar 2025: 13 %10-Year7 %18 %12 Feb 2025: 15 %20-Year7 %18 %19 Feb 2025: 18 %30-Year7 %18 %13 Feb 2025: 16 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
27 Mar 20254-Week Bill · reopening$75 B3.14×2.78×23.1 %74.5 %4.220 %not computed
27 Mar 20258-Week Bill · reopening$75 B2.68×2.81×38.6 %56.9 %4.245 %not computed
27 Mar 20257-Year Note$44 B2.53×2.48×12.7 %61.2 %4.233 %not computed
26 Mar 202517-Week Bill$60 B2.78×3.02×36.6 %60.3 %4.200 %not computed
26 Mar 20251-Year 10-Month Note (FRN) · reopening$28 B2.87×3.06×34.2 %64.0 %—not computed
26 Mar 20255-Year Note$70 B2.33×2.36×13.2 %75.8 %4.100 %not computed
25 Mar 20256-Week Bill · reopening$70 B2.92×2.87×50.2 %44.5 %4.230 %not computed
25 Mar 20252-Year Note$69 B2.66×2.80×10.7 %75.8 %3.984 %not computed
24 Mar 202513-Week Bill · reopening$76 B2.96×2.81×29.1 %62.6 %4.190 %not computed
24 Mar 202526-Week Bill$68 B3.27×2.91×20.7 %73.7 %4.085 %not computed
20 Mar 20254-Week Bill · reopening$75 B3.21×2.78×30.4 %66.1 %4.215 %not computed
20 Mar 20258-Week Bill · reopening$75 B2.74×2.81×42.1 %54.5 %4.215 %not computed
20 Mar 20259-Year 10-Month Note (TIPS) · reopening$18 B2.35×2.47×9.4 %67.4 %1.935 %not computed
19 Mar 202517-Week Bill$60 B2.99×3.02×37.8 %59.4 %4.195 %not computed
18 Mar 20256-Week Bill · reopening$70 B2.91×2.87×45.8 %49.3 %4.235 %not computed
18 Mar 202552-Week Bill$48 B3.13×3.35×40.0 %58.0 %3.945 %not computed
18 Mar 202519-Year 11-Month Bond · reopening$13 B2.78×2.67×8.8 %68.8 %4.632 %not computed
17 Mar 202513-Week Bill · reopening$76 B2.89×2.81×36.8 %56.2 %4.205 %not computed
17 Mar 202526-Week Bill$68 B3.01×2.91×26.3 %66.7 %4.100 %not computed
13 Mar 20254-Week Bill · reopening$75 B3.05×2.78×33.7 %63.2 %4.225 %not computed
13 Mar 20258-Week Bill · reopening$75 B3.04×2.81×32.7 %63.8 %4.220 %not computed
13 Mar 202529-Year 11-Month Bond · reopening$22 B2.37×2.42×16.9 %60.5 %4.623 %not computed
12 Mar 202517-Week Bill$60 B3.29×3.02×27.5 %69.2 %4.175 %not computed
12 Mar 20259-Year 11-Month Note · reopening$39 B2.59×2.59×13.1 %67.4 %4.310 %not computed
11 Mar 20256-Week Bill · reopening$70 B2.97×2.87×47.6 %48.6 %4.235 %not computed
11 Mar 20253-Year Note$58 B2.70×2.65×11.5 %62.5 %3.908 %not computed
10 Mar 202513-Week Bill · reopening$76 B2.82×2.81×38.5 %55.8 %4.200 %not computed
10 Mar 202526-Week Bill$68 B3.03×2.91×25.4 %66.6 %4.075 %not computed
6 Mar 20254-Week Bill · reopening$75 B3.00×2.78×29.5 %67.7 %4.230 %not computed
6 Mar 20258-Week Bill · reopening$75 B3.02×2.81×34.3 %61.6 %4.220 %not computed
5 Mar 202517-Week Bill$60 B3.42×3.02×26.0 %71.1 %4.180 %not computed
4 Mar 20256-Week Bill · reopening$70 B2.92×2.87×39.4 %57.6 %4.240 %not computed
4 Mar 202512-Day Bill · reopening$40 B3.84×3.81×49.3 %45.9 %4.260 %not computed
3 Mar 202526-Week Bill · reopening$68 B3.27×2.91×23.5 %68.8 %4.135 %not computed
3 Mar 202513-Week Bill · reopening$76 B2.77×2.81×38.8 %52.4 %4.210 %not computed
27 Feb 20254-Week Bill · reopening$80 B3.10×2.78×26.0 %71.0 %4.235 %not computed
27 Feb 20258-Week Bill · reopening$75 B2.98×2.81×32.3 %63.1 %4.235 %not computed
26 Feb 202517-Week Bill$60 B2.78×3.02×49.0 %45.9 %4.200 %not computed
26 Feb 20251-Year 11-Month Note (FRN) · reopening$28 B2.72×3.02×32.1 %66.1 %—not computed
26 Feb 20257-Year Note$44 B2.64×2.48×8.8 %66.1 %4.194 %not computed
25 Feb 20256-Week Bill · reopening$75 B3.05×2.87×38.6 %53.8 %4.230 %not computed
25 Feb 20255-Year Note · reopening$70 B2.42×2.36×10.6 %74.9 %4.123 %not computed
24 Feb 202513-Week Bill · reopening$76 B2.90×2.81×30.6 %64.6 %4.195 %not computed
24 Feb 202526-Week Bill$68 B3.05×2.91×23.3 %62.6 %4.180 %not computed
24 Feb 20252-Year Note$69 B2.56×2.80×6.9 %85.5 %4.169 %not computed
20 Feb 20254-Week Bill · reopening$85 B2.92×2.78×30.8 %66.3 %4.245 %not computed
20 Feb 20258-Week Bill · reopening$80 B2.88×2.81×34.0 %63.3 %4.235 %not computed
20 Feb 202530-Year Bond (TIPS)$9 B2.48×2.43×7.2 %77.5 %2.403 %not computed
19 Feb 202517-Week Bill$60 B3.33×3.02×29.8 %58.3 %4.215 %not computed
19 Feb 202520-Year Bond$16 B2.43×2.47×17.5 %63.0 %4.830 %not computed
18 Feb 20256-Week Bill · reopening$80 B2.49×2.87×45.5 %49.4 %4.270 %not computed
18 Feb 202513-Week Bill · reopening$80 B2.81×2.81×38.2 %53.8 %4.225 %not computed
18 Feb 202552-Week Bill$48 B3.03×3.35×31.8 %66.6 %4.050 %not computed
18 Feb 202526-Week Bill$70 B2.63×2.91×36.7 %51.7 %4.220 %not computed
13 Feb 20254-Week Bill · reopening$90 B2.93×2.78×36.8 %60.1 %4.250 %not computed
13 Feb 20258-Week Bill · reopening$85 B2.94×2.81×32.6 %64.4 %4.240 %not computed
13 Feb 202530-Year Bond$25 B2.33×2.43×16.3 %65.1 %4.748 %not computed
12 Feb 202517-Week Bill$62 B3.38×3.02×38.5 %58.6 %4.230 %not computed
12 Feb 202510-Year Note$42 B2.48×2.44×14.8 %71.6 %4.632 %not computed
11 Feb 202542-Day Bill · reopening$85 B2.91×2.76×38.7 %58.2 %4.260 %not computed

Older auctions →

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