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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-Year2.34×2.77×25 Nov 2024: 2.77×23 Dec 2024: 2.73×3-Year2.34×2.77×10 Dec 2024: 2.58×5-Year2.34×2.77×26 Nov 2024: 2.43×7-Year2.34×2.77×27 Nov 2024: 2.71×10-Year2.34×2.77×5 Nov 2024: 2.58×20-Year2.34×2.77×20 Nov 2024: 2.34×30-Year2.34×2.77×6 Nov 2024: 2.64×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year9 %23 %25 Nov 2024: 9 %23 Dec 2024: 11 %3-Year9 %23 %10 Dec 2024: 15 %5-Year9 %23 %26 Nov 2024: 11 %7-Year9 %23 %27 Nov 2024: 10 %10-Year9 %23 %5 Nov 2024: 15 %20-Year9 %23 %20 Nov 2024: 23 %30-Year9 %23 %6 Nov 2024: 10 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
23 Dec 20242-Year Note$69 B2.73×2.80×11.3 %82.1 %4.335 %not computed
19 Dec 20244-Week Bill · reopening$80 B2.93×2.78×28.1 %68.2 %4.230 %not computed
19 Dec 20248-Week Bill · reopening$75 B2.98×2.81×25.6 %70.4 %4.230 %not computed
19 Dec 20244-Year 10-Month Note (TIPS) · reopening$22 B2.10×2.55×25.4 %51.4 %2.121 %not computed
18 Dec 202417-Week Bill$64 B2.97×3.02×31.9 %63.4 %4.220 %not computed
17 Dec 202442-Day Bill · reopening$65 B2.59×2.76×55.3 %38.5 %4.270 %not computed
17 Dec 202419-Year 11-Month Bond · reopening$13 B2.50×2.67×17.9 %62.0 %4.686 %not computed
16 Dec 202413-Week Bill · reopening$81 B2.62×2.81×39.6 %52.8 %4.250 %not computed
16 Dec 202426-Week Bill$72 B3.29×2.91×20.7 %68.0 %4.160 %not computed
12 Dec 20244-Week Bill · reopening$80 B3.14×2.78×28.4 %68.5 %4.240 %not computed
12 Dec 20248-Week Bill · reopening$75 B2.81×2.81×39.9 %55.6 %4.260 %not computed
12 Dec 202429-Year 11-Month Bond · reopening$22 B2.39×2.42×14.4 %66.5 %4.535 %not computed
11 Dec 202417-Week Bill$64 B2.83×3.02×38.0 %52.7 %4.240 %not computed
11 Dec 20249-Year 11-Month Note · reopening$39 B2.70×2.59×10.5 %70.0 %4.235 %not computed
10 Dec 202442-Day Bill · reopening$70 B2.67×2.76×40.0 %46.8 %4.320 %not computed
10 Dec 20243-Year Note$58 B2.58×2.65×15.1 %64.2 %4.117 %not computed
9 Dec 202426-Week Bill · reopening$72 B2.90×2.91×29.7 %62.6 %4.200 %not computed
9 Dec 202413-Week Bill · reopening$81 B2.89×2.81×28.8 %60.4 %4.300 %not computed
5 Dec 20244-Day Bill · reopening$0 B4.58×4.58×100.0 %0.0 %4.390 %not computed
5 Dec 20244-Week Bill · reopening$85 B2.74×2.78×39.4 %56.3 %4.400 %not computed
5 Dec 20248-Week Bill · reopening$80 B3.50×2.81×20.4 %75.1 %4.350 %not computed
4 Dec 202417-Week Bill$64 B3.10×3.02×34.4 %55.6 %4.315 %not computed
3 Dec 202442-Day Bill · reopening$75 B3.00×2.76×35.1 %60.0 %4.400 %not computed
2 Dec 202413-Week Bill · reopening$81 B2.89×2.81×33.4 %59.6 %4.400 %not computed
2 Dec 202426-Week Bill$72 B3.02×2.91×29.3 %63.9 %4.305 %not computed
27 Nov 20244-Week Bill · reopening$95 B2.81×2.78×21.9 %75.6 %4.550 %not computed
27 Nov 20248-Week Bill · reopening$90 B2.61×2.81×36.4 %59.7 %4.500 %not computed
27 Nov 202417-Week Bill$64 B2.80×3.02×37.5 %57.7 %4.390 %not computed
27 Nov 20247-Year Note$44 B2.71×2.48×10.0 %64.1 %4.183 %not computed
26 Nov 202441-Day Bill · reopening$80 B2.61×3.04×32.9 %60.5 %4.530 %not computed
26 Nov 202452-Week Bill$48 B3.26×3.35×32.9 %64.3 %4.190 %not computed
26 Nov 20241-Year 11-Month Note (FRN) · reopening$28 B2.86×3.02×28.5 %70.6 %—not computed
26 Nov 20245-Year Note$70 B2.43×2.36×11.3 %64.1 %4.197 %not computed
25 Nov 202430-Day Bill · reopening$40 B3.65×3.65×26.1 %67.9 %4.550 %not computed
25 Nov 202413-Week Bill · reopening$81 B3.10×2.81×31.1 %62.3 %4.415 %not computed
25 Nov 202426-Week Bill$72 B2.69×2.91×38.5 %57.1 %4.340 %not computed
25 Nov 20242-Year Note$69 B2.77×2.80×9.2 %71.6 %4.274 %not computed
21 Nov 20244-Week Bill · reopening$95 B2.68×2.78×35.2 %61.9 %4.530 %not computed
21 Nov 20248-Week Bill · reopening$90 B2.52×2.81×45.7 %50.3 %4.480 %not computed
21 Nov 20249-Year 8-Month Note (TIPS) · reopening$17 B2.35×2.39×14.1 %69.2 %2.071 %not computed
20 Nov 202440-Day Bill · reopening$50 B3.87×3.21×30.0 %63.7 %4.515 %not computed
20 Nov 202417-Week Bill$64 B3.14×3.02×28.2 %67.9 %4.380 %not computed
20 Nov 202420-Year Bond$16 B2.34×2.47×22.6 %69.5 %4.680 %not computed
19 Nov 202442-Day Bill · reopening$80 B2.55×2.76×44.8 %48.4 %4.480 %not computed
18 Nov 202413-Week Bill · reopening$81 B2.68×2.81×41.9 %51.9 %4.420 %not computed
18 Nov 202426-Week Bill$72 B2.87×2.91×22.4 %73.0 %4.310 %not computed
14 Nov 20244-Week Bill · reopening$95 B2.77×2.78×29.8 %66.8 %4.510 %not computed
14 Nov 20248-Week Bill · reopening$90 B2.77×2.81×26.4 %69.3 %4.460 %not computed
13 Nov 202417-Week Bill$64 B3.15×3.02×32.8 %59.2 %4.370 %not computed
12 Nov 202442-Day Bill · reopening$80 B2.51×2.76×43.8 %49.4 %4.555 %not computed
12 Nov 202426-Week Bill · reopening$72 B2.73×2.91×36.9 %53.9 %4.310 %not computed
12 Nov 202413-Week Bill · reopening$81 B2.87×2.81×29.0 %62.0 %4.420 %not computed
7 Nov 20244-Week Bill · reopening$95 B2.63×2.78×30.7 %63.8 %4.515 %not computed
7 Nov 20248-Week Bill · reopening$90 B2.59×2.81×40.4 %53.8 %4.490 %not computed
6 Nov 202417-Week Bill$64 B2.79×3.02×32.6 %61.8 %4.410 %not computed
6 Nov 202430-Year Bond$25 B2.64×2.43×10.2 %62.7 %4.608 %not computed
5 Nov 202442-Day Bill · reopening$80 B2.78×2.76×45.4 %49.5 %4.550 %not computed
5 Nov 202410-Year Note$42 B2.58×2.44×14.7 %61.7 %4.347 %not computed
4 Nov 202413-Week Bill · reopening$81 B2.44×2.81×52.5 %38.9 %4.440 %not computed
4 Nov 202426-Week Bill$72 B3.00×2.91×20.3 %71.5 %4.260 %not computed

Older auctions →

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