Last 90 days of US Treasury auction results.
“The treasury auctions panel shows recent US debt sales and their results, where weak demand can push yields up.”
Last 90 days of US Treasury auction results.
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.
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.
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.
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.
