AUCTIONS — US Treasury Auction Results

Last 90 days of US Treasury auction results.

1. STEP 01 / 04

   Auction-class rows

   4-week / 8-week / 13-week / 26-week / 52-week bills, 2y / 3y / 5y / 7y / 10y / 20y / 30y notes and bonds, TIPS, FRNs. Each row: tenor, size, high yield, bid-to-cover, indirect / direct / dealer breakdown.

2. STEP 02 / 04

   Bid-to-cover — demand strength

   B/C > 2.5 = strong demand; < 2.0 = soft (dealers forced to take down). Trending B/C readings tell you whether the curve has structural buyers or whether it's leaning on primary dealers — the latter is a tell for term-premium expansion.

3. STEP 03 / 04

   Indirect / direct / dealer breakdown

   Indirect = foreign + central banks via intermediaries; the cleanest "foreign demand" proxy. Direct = pension / insurance domestic end-buyers. Dealer = primary dealer take-down (residual). Foreign indirect collapsing = de-dollarisation tell.

4. STEP 04 / 04

   Tail-or-stop indicator

   When the high yield > the when-issued (WI) yield at auction time, the auction "tailed" — weaker than expected. Stops-through (high yield < WI) = stronger. Tail by > 2bp on a long-bond auction is one of the biggest signals in fixed income.

Tabular view of recent US Treasury auction results — the rates-desk daily-driver. Each row is one auction: date, security type and term, offering size, high yield, bid-to-cover ratio, and indirect / direct / dealer bidder breakdown.

Rates traders watch every auction. Strong bid-to-cover plus high indirect-bidder participation (foreign central banks) means healthy demand. Weak BTC plus a heavy dealer take is a supply struggle — signals rates at risk on the next leg.

• Palette: add auctions or add bauc.
• Mnemonics: auctions, bauc, treasury, bonds-auction.
• Symbol-agnostic — the calendar surveys all Treasury issuance regardless of the active chart symbol.

• DATE — auction date in ISO format. Most recent first.
• TYPE — BILL (≤1Y), NOTE (2–10Y), BOND (20–30Y), TIPS (inflation-linked), FRN (floating-rate).
• TERM — security tenor (4-Week, 13-Week, 10-Year, 30-Year, etc.).
• SIZE — offering amount in billions of dollars.
• HIGH YLD — high yield (or discount rate for bills, investment rate for some). The market-clearing rate.
• BTC — bid-to-cover ratio. Total bids / accepted. Color-coded by demand strength: green ≥ 2.6 with high indirect, red < 1.8.
• IND% — indirect-bidder %. Proxy for foreign-central-bank demand. Color-coded: green ≥ 70%, red < 45%.
• I/D/Dlr — full breakdown: indirect / direct / dealer percentages of accepted bids.

Two complementary signals:

• Bid-to-cover (BTC) — how many dollars of bids came in for every dollar of issuance. Above 2.5 = healthy demand. Below 2.0 = weak. Below 1.5 = stress.
• Indirect bidder % — share of accepted bids going to indirect (mainly foreign-central-bank) accounts. Above 65% = strong sponsorship. Below 45% = domestic-only demand, supply may need to clear with higher yields.

The combination is the read. Strong BTC + strong indirect = the auction sailed through. Weak BTC + dealer-heavy take = primary dealers absorbed supply they couldn't place with end buyers, which often pressures the on-the-run in the days after.

Server queries the US Treasury Fiscal Data API (api.fiscaldata.treasury.gov) forauctions_query over the trailing 90 days. Public endpoint, no auth, no rate-limit issues. Cached server-side at 5 minutes — auctions happen on a weekly schedule and results land mid-afternoon ET, so faster polling is wasted.

• Chart — pair auction reads with the on-the-run yield chart.