{"schema":1,"name":"US Treasury 10-Year auctions: bid-to-cover and bidder shares","resolution":"daily","generated_at":"2026-10-06T04:01:36Z","meta":{"source":"US Treasury, Fiscal Data: Treasury Securities Auctions Data. Public domain.","method":"docs/methods/global_backdrop.md","notes":["Bidder shares are of competitive bids accepted. A high dealer share means primary dealers had to absorb more of the issue: weak end-demand.","btc_pctile_5y and dealer_pctile_5y rank each auction against the previous five years of auctions of the same term.","Nominal coupons only (no TIPS, no floating-rate notes). Tails are not computable: Fiscal Data has no when-issued yield."],"checks":{"2-Year":311,"10-Year":279,"30-Year":219,"last":"2026-09-22"},"resolution_note":"One point per auction (dated by auction day), from 2003."},"dates":["2003-02-12","2003-05-08","2003-08-07","2003-09-11","2003-11-13","2003-12-11","2004-02-12","2004-03-11","2004-05-13","2004-06-10","2004-08-12","2004-09-09","2004-11-10","2004-12-09","2005-02-10","2005-03-10","2005-05-12","2005-06-09","2005-08-11","2005-09-08","2005-11-10","2005-12-08","2006-02-08","2006-03-09","2006-05-11","2006-06-08","2006-08-09","2006-09-12","2006-11-09","2006-12-13","2007-02-07","2007-03-13","2007-05-08","2007-06-12","2007-08-08","2007-09-13","2007-11-07","2007-12-13","2008-02-06","2008-03-13","2008-05-07","2008-06-12","2008-08-06","2008-09-11","2008-10-08","2008-10-08","2008-10-09","2008-10-09","2008-11-12","2008-12-11","2009-01-08","2009-02-11","2009-03-11","2009-04-09","2009-05-06","2009-06-10","2009-07-08","2009-08-12","2009-09-09","2009-10-07","2009-11-10","2009-12-09","2010-01-13","2010-02-10","2010-03-10","2010-04-07","2010-05-12","2010-06-09","2010-07-13","2010-08-11","2010-09-08","2010-10-13","2010-11-09","2010-12-08","2011-01-12","2011-02-09","2011-03-09","2011-04-13","2011-05-11","2011-06-08","2011-07-13","2011-08-10","2011-09-13","2011-10-12","2011-11-09","2011-12-13","2012-01-11","2012-02-08","2012-03-13","2012-04-11","2012-05-09","2012-06-13","2012-07-11","2012-08-08","2012-09-12","2012-10-10","2012-11-07","2012-12-12","2013-01-09","2013-02-13","2013-03-13","2013-04-10","2013-05-08","2013-06-12","2013-07-10","2013-08-07","2013-09-11","2013-10-09","2013-11-13","2013-12-11","2014-01-08","2014-02-12","2014-03-12","2014-04-09","2014-05-07","2014-06-11","2014-07-09","2014-08-13","2014-09-10","2014-10-08","2014-11-12","2014-12-10","2015-01-13","2015-02-11","2015-03-11","2015-04-08","2015-05-13","2015-06-10","2015-07-08","2015-08-12","2015-09-09","2015-10-07","2015-11-10","2015-12-09","2016-01-13","2016-02-10","2016-03-09","2016-04-13","2016-05-11","2016-06-08","2016-07-12","2016-08-10","2016-09-12","2016-10-12","2016-11-09","2016-12-12","2017-01-11","2017-02-08","2017-03-08","2017-04-11","2017-05-10","2017-06-12","2017-07-12","2017-08-09","2017-09-12","2017-10-11","2017-11-08","2017-12-11","2018-01-10","2018-02-07","2018-03-12","2018-04-11","2018-05-09","2018-06-11","2018-07-11","2018-08-08","2018-09-12","2018-10-10","2018-11-06","2018-12-12","2019-01-09","2019-02-06","2019-03-12","2019-04-10","2019-05-08","2019-06-12","2019-06-21","2019-07-10","2019-08-07","2019-09-11","2019-10-09","2019-11-05","2019-11-06","2019-12-10","2020-01-08","2020-02-12","2020-03-11","2020-04-07","2020-05-12","2020-06-09","2020-07-08","2020-08-12","2020-09-09","2020-10-07","2020-11-10","2020-12-09","2021-01-12","2021-02-10","2021-03-10","2021-04-12","2021-05-12","2021-06-09","2021-07-12","2021-08-11","2021-09-08","2021-10-12","2021-11-09","2021-12-08","2022-01-12","2022-02-09","2022-03-09","2022-04-12","2022-05-11","2022-06-08","2022-07-12","2022-08-10","2022-09-12","2022-10-12","2022-11-09","2022-12-12","2023-01-11","2023-02-08","2023-03-08","2023-04-12","2023-05-10","2023-06-12","2023-07-12","2023-08-09","2023-09-12","2023-10-11","2023-11-08","2023-12-11","2024-01-10","2024-02-07","2024-03-12","2024-04-10","2024-05-08","2024-06-11","2024-07-10","2024-08-07","2024-09-11","2024-10-09","2024-11-05","2024-12-11","2025-01-07","2025-02-12","2025-03-12","2025-04-09","2025-05-06","2025-06-11","2025-07-09","2025-08-06","2025-09-10","2025-10-08","2025-11-12","2025-12-09","2026-01-12","2026-02-11","2026-03-11","2026-04-08","2026-05-12","2026-06-10","2026-07-08","2026-08-12","2026-09-09"],"series":{"bid_to_cover_ratio":[1.85,1.22,2.0,2.23,1.9,1.78,2.0,1.81,2.78,2.93,2.9,2.12,2.05,2.68,2.05,2.35,2.33,2.5,2.59,2.68,2.24,2.19,2.32,2.87,2.53,2.73,2.23,2.91,2.21,2.48,2.41,2.64,2.3,2.55,2.3,2.95,2.34,2.23,2.34,1.79,2.21,2.33,2.61,2.51,1.22,2.11,2.37,2.31,2.2,2.44,2.59,2.21,2.14,2.49,2.47,2.62,3.28,2.49,2.77,3.01,2.81,2.62,3.0,2.67,3.45,3.72,2.96,3.24,3.09,3.04,3.21,2.99,2.8,2.92,3.3,3.23,3.32,3.13,3.0,3.23,3.17,3.22,3.03,2.86,2.64,3.53,3.29,3.05,3.24,3.08,2.9,3.06,3.61,2.49,2.85,3.26,2.59,2.95,2.83,2.68,3.19,2.79,2.7,2.53,2.57,2.45,2.86,2.58,2.7,2.61,2.68,2.54,2.92,2.76,2.63,2.88,2.57,2.83,2.71,2.52,2.52,2.97,2.61,2.62,2.65,2.62,2.72,2.74,2.72,2.4,2.7,2.59,2.58,2.64,2.77,2.56,2.49,2.75,2.68,2.7,2.33,2.43,2.35,2.53,2.22,2.39,2.58,2.29,2.66,2.48,2.33,2.54,2.45,2.23,2.28,2.54,2.48,2.37,2.69,2.34,2.5,2.46,2.56,2.59,2.57,2.55,2.58,2.39,2.54,2.35,2.51,2.35,2.59,2.55,2.17,2.49,3.43,2.41,2.2,2.46,2.43,2.6,2.49,2.43,2.45,2.58,2.36,2.43,2.69,2.26,2.62,2.41,2.3,2.47,2.32,2.33,2.47,2.37,2.38,2.36,2.45,2.58,2.39,2.65,2.59,2.58,2.35,2.43,2.51,2.68,2.47,2.43,2.49,2.41,2.34,2.53,2.37,2.34,2.23,2.31,2.53,2.66,2.35,2.36,2.45,2.36,2.53,2.56,2.52,2.5,2.45,2.53,2.56,2.56,2.51,2.34,2.49,2.67,2.58,2.32,2.64,2.48,2.58,2.7,2.53,2.48,2.59,2.67,2.6,2.52,2.61,2.35,2.65,2.48,2.43,2.55,2.55,2.39,2.45,2.43,2.4,2.57,2.59,2.53,2.71],"indirect_share_pct":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,28.3577,13.8816,34.0456,26.3892,19.099,35.2075,23.1328,38.2425,35.9686,12.7378,17.7343,37.7826,23.8504,23.695,31.9242,34.2489,43.9475,45.7375,55.3498,47.4353,47.3157,34.9027,29.0163,33.1896,35.1376,43.1114,41.8537,40.1536,41.6562,45.8188,54.7313,41.5106,56.6041,44.3794,53.5638,71.2862,53.0236,42.4218,47.1763,50.6372,41.9929,35.3563,48.5212,35.0356,41.5567,61.8672,38.3153,38.87,38.6334,38.4924,38.7275,42.0127,40.5801,40.6081,36.1668,41.3664,39.6936,24.1891,28.4819,28.021,47.6898,37.3266,33.8778,51.6736,38.5662,46.3442,36.5974,38.5973,47.6691,48.9326,46.6204,49.7062,43.4119,44.6749,49.281,36.0639,39.633,46.9854,53.0146,44.3717,44.6581,53.819,50.018,59.5101,58.6136,58.4569,60.1714,57.8868,58.1217,60.1369,57.5467,62.209,60.5347,61.9565,70.9888,62.3059,56.5302,59.9647,73.4838,73.6307,54.3143,72.1806,62.1122,62.7307,52.4892,57.4975,70.5244,65.061,65.7579,65.2198,60.7218,66.1395,64.7986,57.9288,55.2818,69.1044,67.9993,57.1954,71.4166,67.4872,66.2335,53.2091,63.0184,56.0322,65.0385,61.2718,63.9193,64.4617,73.8267,63.106,56.9153,59.4557,69.4422,68.3661,53.3417,65.5704,0.0,60.7575,55.718,62.613,58.5281,53.3172,64.5369,56.1212,55.1905,61.3152,61.0274,59.1803,66.1454,56.742,63.3635,65.4257,58.2855,62.8766,54.8419,62.3057,62.2463,60.6115,56.8087,59.6021,63.3817,65.0448,63.4803,77.2484,71.0538,71.0528,71.0085,68.8406,65.5261,77.5608,68.2257,64.3251,70.2996,63.5937,61.3292,74.518,62.2981,56.7885,57.5011,59.446,67.0195,79.453,62.2903,62.9502,67.4989,62.2828,67.7372,72.1971,66.3137,60.3417,69.7261,63.8256,66.1121,70.9657,64.2899,61.8093,65.5231,74.6022,67.6051,66.1703,76.0469,77.6346,61.6556,69.9876,61.387,71.5469,67.4129,87.896,71.1902,70.5565,65.4218,64.2292,83.132,66.8046,66.998,70.2358,69.6471,64.5448,74.4519,65.3225,63.9507,78.2109,81.4949,76.7257,79.184],"direct_share_pct":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.8632,0.4558,0.5814,0.5392,0.1,0.1,0.3001,0.6601,4.6989,0.1821,0.1,1.818,3.1272,4.3066,4.3227,9.2294,13.0285,2.1,2.7488,5.0762,4.5177,8.9478,17.3087,13.0034,17.5381,16.3217,24.9581,13.4835,9.775,10.63,6.9316,10.6645,9.3653,11.4218,7.9676,0.4946,6.4783,5.8633,8.3981,8.3276,13.8965,31.662,11.0553,6.4321,8.2399,8.407,17.406,17.8711,19.3691,10.9943,15.7901,20.8155,45.4058,5.2146,11.6035,22.9236,14.1158,42.7081,14.7776,24.2479,30.0432,29.082,16.8841,11.7471,16.2725,15.1716,29.5857,21.1675,18.5613,10.572,13.6171,16.2431,27.4964,15.2149,21.6176,19.4147,13.9109,15.104,13.4694,6.6478,13.391,6.8844,9.1901,12.7016,10.1974,9.2986,20.8934,12.147,12.0836,5.8168,13.801,10.2513,14.2622,12.0608,11.2914,15.3362,11.0924,15.2658,11.7898,7.1543,7.9426,7.6447,3.3928,6.6285,8.3445,6.0081,8.7491,4.3848,15.6877,5.3169,5.0578,5.3079,5.7484,6.8095,6.0481,6.0231,9.0383,8.3689,6.5377,5.3638,6.4759,8.4246,8.3204,16.2632,10.4548,11.2743,13.4438,5.4014,1.2169,10.7555,20.7588,12.1843,9.0788,12.0089,11.4535,13.6091,0.0,12.8525,13.5582,12.7179,12.7934,16.9337,12.3684,19.3515,16.1139,14.7669,9.1952,13.2289,13.336,11.7591,16.9505,14.7436,14.6013,14.1929,13.1306,14.7049,17.766,18.9205,17.7752,16.2163,17.126,19.2314,17.4807,13.1196,16.6223,17.7422,13.8049,17.7944,17.8649,14.9956,18.034,17.0167,18.2063,19.3689,17.973,15.561,17.8883,23.5128,18.071,18.6964,17.9171,15.1865,19.9803,19.9064,19.4562,19.9208,19.8696,18.298,19.9182,20.9085,15.172,18.8706,18.7382,16.0506,18.6465,14.2354,18.7449,13.8109,20.8632,15.9523,13.708,8.4398,23.6216,19.5011,22.9719,13.6148,19.507,1.4035,19.8829,20.4828,23.7043,19.6141,12.6551,24.1023,22.5506,20.9575,24.5054,22.0794,12.8315,23.8811,24.0715,12.3244,10.7273,14.6715,16.5051],"dealer_share_pct":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,70.7792,85.6626,65.373,73.0715,80.801,64.6925,76.5671,61.0975,59.3325,87.0802,82.1657,60.3994,73.0224,71.9984,63.7532,56.5218,43.024,52.1625,41.9014,47.4885,48.1666,56.1495,53.675,53.807,47.3243,40.567,33.1883,46.3629,48.5688,43.5512,38.3371,47.8249,34.0306,44.1988,38.4686,28.2191,40.498,51.7149,44.4256,41.0352,44.1105,32.9817,40.4235,58.5324,50.2033,29.7258,44.2787,43.2589,41.9975,50.5134,45.4824,37.1719,14.0142,54.1772,52.2297,35.7101,46.1907,33.1028,56.7404,47.7311,22.2669,33.5914,49.2381,36.5793,45.1613,38.4842,33.817,40.2352,33.7696,40.4955,39.7625,34.0506,29.0917,40.1102,29.1014,44.5214,46.4561,37.9106,33.516,48.9804,41.9509,39.2966,40.7919,27.7883,31.189,32.2446,18.9352,29.9661,29.7947,34.0463,28.6523,27.5397,25.2031,25.9827,17.7198,22.3579,32.3774,24.7695,14.7264,19.215,37.743,20.1747,34.4949,30.6408,39.1662,36.4944,20.7265,30.5542,18.5544,29.4633,34.2204,28.5526,29.453,35.2617,38.6701,24.8725,22.9624,34.4357,22.0458,27.149,27.2905,38.3663,28.6612,27.7046,24.5067,27.454,22.6369,30.1369,24.9563,26.1386,22.3258,28.3599,21.4789,19.625,35.2049,20.8204,100.0,26.39,30.7238,24.6691,28.6784,29.7491,23.0947,24.5273,28.6956,23.918,29.7774,27.5908,20.5186,31.4989,19.686,19.8307,27.1132,22.9305,32.0275,22.9895,19.9877,20.4679,25.4161,24.1816,19.4923,15.7238,19.039,9.6321,12.3239,11.205,15.1866,13.365,16.609,7.4436,13.7403,18.6582,11.494,17.0375,20.6978,9.921,19.8136,19.6987,24.4279,21.8576,15.0634,5.3605,17.7294,17.1434,13.0449,17.7965,12.3931,9.5049,13.768,18.7498,15.1019,17.3037,15.1497,12.9838,17.0636,23.9552,15.732,11.587,11.5317,17.8774,10.2451,13.9255,14.7228,10.5113,15.6411,14.8383,13.0801,10.7006,8.9269,8.9607,10.8739,16.1567,4.2128,9.0932,10.4515,8.8067,5.8475,13.3757,12.7166,10.7964,11.9778,9.4647,7.7778,8.6028,4.3108],"high_yield":[3.96,3.7,4.37,4.34,4.36,4.365,4.06,3.752,4.848,4.828,4.27,4.195,4.28,4.15,4.049,4.504,4.22,3.99,4.35,4.134,4.578,4.49,4.54,4.76,5.14,4.975,4.93,4.81,4.627,4.58,4.74,4.523,4.612,5.23,4.855,4.493,4.353,4.164,3.62,3.51,3.937,4.225,4.075,3.628,3.31,3.44,3.228,3.79,3.783,2.67,2.419,2.818,3.043,2.95,3.19,3.99,3.365,3.734,3.51,3.21,3.47,3.448,3.754,3.692,3.735,3.9,3.548,3.242,3.119,2.73,2.67,2.475,2.636,3.34,3.388,3.665,3.499,3.494,3.21,2.967,2.918,2.14,2.0,2.271,2.03,2.02,1.9,2.02,2.076,2.043,1.855,1.622,1.459,1.68,1.764,1.7,1.675,1.652,1.863,2.046,2.029,1.795,1.81,2.209,2.67,2.62,2.946,2.657,2.75,2.824,3.009,2.795,2.729,2.72,2.612,2.648,2.597,2.439,2.535,2.381,2.365,2.214,1.93,2.0,2.139,1.925,2.237,2.461,2.225,2.115,2.235,2.066,2.304,2.233,2.09,1.73,1.895,1.765,1.71,1.702,1.516,1.503,1.699,1.793,2.02,2.485,2.342,2.333,2.56,2.332,2.4,2.195,2.325,2.25,2.18,2.346,2.314,2.384,2.579,2.811,2.889,2.795,2.995,2.962,2.859,2.96,2.957,3.225,3.209,2.915,2.728,2.689,2.615,2.466,2.479,2.13,2.065,2.064,1.67,1.739,1.59,1.63,1.809,1.842,1.869,1.622,0.849,0.782,0.7,0.832,0.653,0.677,0.704,0.765,0.96,0.951,1.164,1.155,1.523,1.68,1.684,1.497,1.371,1.34,1.338,1.584,1.444,1.518,1.723,1.904,1.92,2.72,2.943,3.03,2.96,2.755,3.33,3.93,4.14,3.625,3.575,3.613,3.985,3.455,3.448,3.791,3.857,3.999,4.289,4.61,4.519,4.296,4.024,4.093,4.166,4.56,4.483,4.438,4.276,3.96,3.648,4.066,4.347,4.235,4.68,4.632,4.31,4.435,4.342,4.421,4.362,4.255,4.033,4.117,4.074,4.175,4.173,4.177,4.217,4.282,4.468,4.538,4.58,4.683,4.834]}}