Data
Treasury Auctions
Every week, the US Treasury asks the world to lend it money. The auction results tell you whether the world said yes, hesitated, or started walking away. Bond desks watch this religiously. Now you can too.
New to auctions? Read our explainer
Last Big Auction
7-Year
FB/C: | Tail: —bp
Is Demand Getting Better or Worse?
↓ Deteriorating
30-day benchmark average
Are Foreign Buyers Showing Up?
No data yet
Next Key Auction
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The latest 7-Year auction scored a F. Bid-to-cover at . Indirect bidders took —.
Recent Benchmark Auctions
| Date | Security | Offered | B/C | Yield | Tail | Indirect | Direct | Dealer | Grade | Take |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 25 | 7-Year | $44B | — | — | —bp | — | — | — | F | |
| Jun 24 | 5-Year | $70B | — | — | —bp | — | — | — | F | |
| Jun 23 | 2-Year | $69B | — | — | —bp | — | — | — | F | |
| May 28 | 7-Year | $44B | — | — | —bp | — | — | — | F | |
| May 27 | 5-Year | $70B | — | — | —bp | — | — | — | F | |
| May 26 | 2-Year | $69B | — | — | —bp | — | — | — | F | |
| May 13 | 30-Year | $25B | — | — | —bp | — | — | — | F | |
| May 12 | 10-Year | $42B | — | — | —bp | — | — | — | F | |
| Apr 28 | 7-Year | $44B | — | — | —bp | — | — | — | F | |
| Apr 28 | 2-Year | $30B | — | — | —bp | — | — | — | F | |
| Apr 27 | 2-Year | $69B | — | — | —bp | — | — | — | F | |
| Apr 27 | 5-Year | $70B | — | — | —bp | — | — | — | F | |
| Mar 26 | 7-Year | $44B | 2.43 | 4.255% | +10.5bp | 62.6% | 25.0% | 12.4% | F | |
| Mar 25 | 5-Year | $70B | 2.29 | 3.980% | -5.0bp | 61.9% | 22.5% | 15.6% | D | |
| Mar 24 | 2-Year | $69B | 2.44 | 3.936% | +10.6bp | 59.4% | 16.5% | 24.1% | F | |
| Feb 26 | 7-Year | $44B | 2.50 | 3.790% | -3.0bp | 63.6% | 26.0% | 10.4% | D+ | |
| Feb 25 | 5-Year | $70B | 2.32 | 3.615% | +0.5bp | 62.5% | 24.7% | 12.8% | D | |
| Feb 24 | 2-Year | $69B | 2.63 | 3.455% | +2.5bp | 55.9% | 34.3% | 9.8% | D | |
| Feb 12 | 30-Year | $25B | 2.66 | 4.750% | -7.0bp | 69.9% | 24.2% | 5.9% | A | |
| Feb 11 | 10-Year | $42B | 2.39 | 4.177% | +1.7bp | 64.5% | 22.1% | 13.4% | C- |
Demand Trends
Bid-to-Cover Ratio Over Time
Rising bid-to-cover means stronger demand for US debt. Above 2.5x is healthy.
Indirect Bidder Allocation (%) Over Time
Indirect bidders are mostly foreign central banks. Higher is better for US debt demand.
Treasury Auctions for Beginners
The US government spends more money than it collects in taxes. To fund the gap, the Treasury borrows by selling securities — bills, notes, and bonds — at auction. These auctions happen on a fixed schedule, multiple times per week.
Bid-to-cover ratio — how many dollars were bid for every dollar of bonds offered. Think of it like a restaurant on opening night. A ratio of 2.5 means $2.50 of orders for every $1.00 of food. Below 2.0 and tables are going empty.
The tail— the difference between what the market expected to pay and what the Treasury actually had to offer. A negative tail (stop-through) means buyers showed up hungry. A positive tail means the Treasury had to sweeten the deal. It's the surprise factor.
Indirect bidders — mostly foreign central banks and overseas institutions. This is the geopolitical signal. When China, Japan, and European central banks show up strong, it means the world still trusts US debt. When they pull back, the largest holders of American IOUs are quietly diversifying.
We grade every benchmark auction (2-year, 5-year, 7-year, 10-year, 30-year) from A to F based on these metrics compared to recent history. Tail data uses FRED prior-day closing yields as a proxy for when-issued levels.