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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-Year2.40×2.79×27 Jan 2025: 2.66×3-Year2.40×2.79×6 Jan 2025: 2.62×11 Feb 2025: 2.79×5-Year2.40×2.79×24 Dec 2024: 2.40×27 Jan 2025: 2.40×7-Year2.40×2.79×26 Dec 2024: 2.76×28 Jan 2025: 2.64×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year9 %19 %27 Jan 2025: 14 %3-Year9 %19 %6 Jan 2025: 19 %11 Feb 2025: 10 %5-Year9 %19 %24 Dec 2024: 12 %27 Jan 2025: 11 %7-Year9 %19 %26 Dec 2024: 9 %28 Jan 2025: 10 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
11 Feb 20253-Year Note$58 B2.79×2.65×10.2 %74.0 %4.300 %not computed
10 Feb 202513-Week Bill · reopening$84 B3.01×2.81×35.5 %59.2 %4.225 %not computed
10 Feb 202526-Week Bill$72 B2.86×2.91×33.8 %56.2 %4.185 %not computed
6 Feb 20254-Week Bill · reopening$95 B2.62×2.78×38.9 %58.3 %4.250 %not computed
6 Feb 20258-Week Bill · reopening$90 B2.77×2.81×34.0 %63.3 %4.240 %not computed
5 Feb 202517-Week Bill$64 B2.99×3.02×35.9 %61.1 %4.205 %not computed
4 Feb 202542-Day Bill · reopening$85 B2.80×2.76×35.3 %61.9 %4.250 %not computed
3 Feb 202526-Week Bill · reopening$72 B3.04×2.91×24.9 %67.9 %4.155 %not computed
3 Feb 202513-Week Bill · reopening$84 B2.65×2.81×46.4 %48.0 %4.220 %not computed
30 Jan 20254-Week Bill · reopening$95 B3.02×2.78×22.1 %74.3 %4.250 %not computed
30 Jan 20258-Week Bill · reopening$90 B2.63×2.81×35.4 %59.5 %4.240 %not computed
29 Jan 202517-Week Bill$64 B3.10×3.02×33.5 %59.2 %4.190 %not computed
28 Jan 202542-Day Bill · reopening$85 B2.71×2.76×34.5 %61.1 %4.260 %not computed
28 Jan 20252-Year Note (FRN)$30 B3.01×2.80×20.9 %77.5 %—not computed
28 Jan 20257-Year Note$44 B2.64×2.48×9.9 %67.1 %4.457 %not computed
27 Jan 202513-Week Bill · reopening$84 B3.18×2.81×28.0 %66.4 %4.195 %not computed
27 Jan 202526-Week Bill$72 B2.92×2.91×31.3 %60.6 %4.140 %not computed
27 Jan 20255-Year Note$70 B2.40×2.36×11.1 %62.8 %4.330 %not computed
27 Jan 20252-Year Note$69 B2.66×2.80×13.7 %65.0 %4.211 %not computed
23 Jan 20254-Week Bill · reopening$95 B2.88×2.78×34.8 %61.1 %4.265 %not computed
23 Jan 20258-Week Bill · reopening$90 B2.75×2.81×33.4 %62.9 %4.250 %not computed
23 Jan 202510-Year Note (TIPS)$20 B2.48×2.44×10.2 %66.5 %2.243 %not computed
22 Jan 202533-Day Bill · reopening$65 B2.70×2.70×49.2 %45.8 %4.265 %not computed
22 Jan 202517-Week Bill$64 B3.28×3.02×35.3 %60.5 %4.205 %not computed
22 Jan 202519-Year 10-Month Bond · reopening$13 B2.75×2.69×10.4 %69.5 %4.900 %not computed
21 Jan 202542-Day Bill · reopening$85 B2.69×2.76×31.3 %65.7 %4.250 %not computed
21 Jan 202513-Week Bill · reopening$84 B2.80×2.81×37.9 %55.2 %4.215 %not computed
21 Jan 202552-Week Bill$48 B3.14×3.35×29.5 %68.7 %4.025 %not computed
21 Jan 202526-Week Bill$72 B3.04×2.91×25.0 %62.2 %4.165 %not computed
16 Jan 20254-Week Bill · reopening$95 B2.74×2.78×34.8 %60.8 %4.240 %not computed
16 Jan 20258-Week Bill · reopening$90 B2.89×2.81×37.0 %59.1 %4.235 %not computed
15 Jan 202517-Week Bill$64 B3.19×3.02×41.1 %54.7 %4.210 %not computed
14 Jan 202542-Day Bill · reopening$85 B2.92×2.76×35.6 %60.0 %4.240 %not computed
13 Jan 202513-Week Bill · reopening$84 B3.09×2.81×33.9 %57.9 %4.225 %not computed
13 Jan 202526-Week Bill$72 B2.81×2.91×31.5 %56.8 %4.180 %not computed
9 Jan 20254-Week Bill · reopening$95 B2.92×2.78×28.4 %68.1 %4.245 %not computed
9 Jan 20258-Week Bill · reopening$90 B2.81×2.81×31.1 %59.8 %4.240 %not computed
8 Jan 202517-Week Bill$64 B3.24×3.02×35.3 %59.1 %4.190 %not computed
8 Jan 202529-Year 10-Month Bond · reopening$22 B2.52×2.40×12.7 %66.6 %4.913 %not computed
7 Jan 202542-Day Bill · reopening$85 B2.71×2.76×42.7 %52.9 %4.245 %not computed
7 Jan 20259-Year 10-Month Note · reopening$39 B2.53×2.47×15.6 %61.4 %4.680 %not computed
6 Jan 202526-Week Bill · reopening$72 B3.20×2.91×21.6 %70.5 %4.110 %not computed
6 Jan 202513-Week Bill · reopening$84 B3.01×2.81×40.4 %54.1 %4.205 %not computed
6 Jan 20253-Year Note$58 B2.62×2.65×19.4 %61.0 %4.332 %not computed
2 Jan 20254-Week Bill · reopening$85 B2.68×2.78×41.7 %51.8 %4.265 %not computed
2 Jan 20258-Week Bill · reopening$80 B2.96×2.81×31.3 %65.4 %4.240 %not computed
2 Jan 202517-Week Bill$64 B3.04×3.02×38.2 %58.0 %4.195 %not computed
30 Dec 202442-Day Bill · reopening$75 B2.93×2.76×23.9 %72.4 %4.270 %not computed
30 Dec 202413-Week Bill · reopening$84 B2.38×2.81×53.2 %41.7 %4.230 %not computed
30 Dec 202426-Week Bill$72 B3.03×2.91×22.5 %69.8 %4.135 %not computed
26 Dec 20244-Week Bill · reopening$75 B2.97×2.78×27.4 %68.9 %4.260 %not computed
26 Dec 20248-Week Bill · reopening$70 B2.90×2.81×25.6 %70.9 %4.265 %not computed
26 Dec 202417-Week Bill$64 B2.91×3.02×25.0 %71.8 %4.230 %not computed
26 Dec 20247-Year Note$44 B2.76×2.48×9.3 %87.9 %4.532 %not computed
24 Dec 20241-Year 10-Month Note (FRN) · reopening$28 B2.98×3.06×29.5 %69.6 %—not computed
24 Dec 20245-Year Note$70 B2.40×2.36×12.5 %67.3 %4.478 %not computed
23 Dec 202442-Day Bill · reopening$65 B2.68×2.76×37.8 %58.2 %4.280 %not computed
23 Dec 202413-Week Bill · reopening$81 B2.86×2.81×27.0 %71.2 %4.240 %not computed
23 Dec 202452-Week Bill$48 B3.37×3.35×22.7 %76.1 %4.070 %not computed
23 Dec 202426-Week Bill$72 B2.87×2.91×20.9 %76.5 %4.170 %not computed

Older auctions →

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