US Treasury Auction Results ·Latest auction Aug 19, 2026
Demand at the 20-year bond auction softened on Aug 19, 2026: bid-to-cover 2.53x
How much demand is showing up for US government debt, auction by auction.
Why a metals desk watches this
Bid-to-cover is the dollar amount bid divided by the amount sold, so a higher number means stronger appetite for the debt.
Weak auctions and rising long yields are the macro backdrop precious-metals investors watch. The cards below carry bid-to-cover, the high yield, and the indirect-bidder share for every 10-year note, 20-year bond, and 30-year bond auction.
10-Year Note
Bid-to-cover · Aug 12, 2026
2.53
times covered
vs prior auction
-0.06
change in cover
High yield
4.683%
the interest rate this auction set
Indirect share
76.7%
a gauge of foreign demand
Bid-to-cover ratio at each 10-Year Note auction. Higher means stronger demand.
20-Year Bond
Bid-to-cover · Aug 19, 2026
2.53
times covered
vs prior auction
-0.11
change in cover
High yield
5.204%
the interest rate this auction set
Indirect share
62.9%
a gauge of foreign demand
Bid-to-cover ratio at each 20-Year Bond auction. Higher means stronger demand.
30-Year Bond
Bid-to-cover · Aug 13, 2026
2.39
times covered
vs prior auction
-0.05
change in cover
High yield
5.216%
the interest rate this auction set
Indirect share
66.8%
a gauge of foreign demand
Bid-to-cover ratio at each 30-Year Bond auction. Higher means stronger demand.
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Common questions
- What is a Treasury auction bid-to-cover ratio?
- Bid-to-cover is the total dollar amount of bids received at a Treasury auction divided by the amount actually sold. A ratio of 2.5 means investors bid for two and a half times the securities on offer. It is the standard gauge of auction demand: a high bid-to-cover signals strong appetite, a low one signals a weak auction that can push yields up.
- What do indirect bidders represent?
- Indirect bidders are those who place their bids through a primary dealer rather than directly, a group that includes many foreign central banks and large institutions. The indirect share — indirect bids as a percentage of the amount accepted — is watched as a proxy for foreign and institutional demand for US government debt. This page shows that share for each auction.
More questions
- What is the high yield at a Treasury auction?
- The high yield is the highest yield (lowest price) at which the Treasury accepts competitive bids to sell the full offering — the auction's clearing yield. Every accepted bidder receives that yield. A high yield that comes in above where the security traded before the auction indicates soft demand; below it indicates strong demand.
- Why do Treasury auctions matter for gold and silver?
- Treasury auctions are a live read on demand for US government debt and on where long-term interest rates are heading. Weak auctions and rising yields often accompany worries about deficits and inflation — the same conditions that historically support gold and silver as stores of value. Auction demand is one of the macro gauges precious-metals investors track.
The other side of the ledger
Auctions issue the debt; buybacks retire it. Since May 2024 Treasury has been buying back long bonds while borrowing in bills: US Treasury buyback results tracks every operation, the price paid per bond, and the bills share of the debt.
Data source
Figures are the official auction results published by TreasuryDirect (U.S. Department of the Treasury), covering the bid-to-cover ratio, high yield, coupon, and competitive and indirect-bidder amounts for each 10-year note, 20-year bond, and 30-year bond auction.