| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Coupon demand | 3.29 | 2.59 | 1.31 | 3.29 |
| 2-Year | 2.69 | 2.66 | 1.31 | 4.07 |
| 3-Year | 1.96 | 2.60 | 1.32 | 3.96 |
| 5-Year | 3.29 | 2.28 | 1.42 | 3.29 |
| 7-Year | 2.11 | 2.49 | 2.04 | 3.24 |
| 10-Year | 2.48 | 2.59 | 1.22 | 3.72 |
| 20-Year | 2.53 | 2.64 | 2.15 | 2.87 |
| 30-Year | 1.95 | 2.44 | 1.77 | 3.05 |
demand = monthly median bid_to_cover for each original tenor (nominal only); overall = auction-pooled median across those auctionsMonthly median bid-to-cover for nominal 2Y, 3Y, 5Y, 7Y, 10Y, 20Y and 30Y Note/Bond auctions. Bid-to-cover is total tendered divided by total accepted. TIPS and FRNs excluded. Reopenings map to their original security term (for example a 9-Year 10-Month reopening enters the 10-Year bucket). Incomplete current months are omitted until month-end.
As of July 2026, the latest reading is 2.59 ratio. That is down 0.8% over the past year and above its long-run median of 2.50 ratio.
A high bid-to-cover means the market wants duration exposure at the offered yield. A low reading at the long-end tenors signals a buyers' strike. The configuration that has historically widened the term premium. The tenor breakout reveals whether weakness is concentrated in a single maturity or broad.
Bid-to-cover is tendered divided by accepted. Issuance size and auction structure also affect the ratio, so it is a demand indicator rather than a pure demand index. Incomplete months are excluded. Treat the chart as context for auction demand, not investment advice.
When the 30-year bid-to-cover falls below 2. 0 while the 2-year stays above 3. 0, the market is pricing a duration concession.
As of July 2026, the latest reading is 2.59 ratio. That is down 0.8% over the past year and above its long-run median of 2.50 ratio.
This benchmark is built on monthly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
The chart is built from Coupon demand, 2-Year, 3-Year, 5-Year, 7-Year, 10-Year, 20-Year and 30-Year, sourced from the U.S. Department of the Treasury, Fiscal Data.
This page covers the long-end coupon market; the bill page covers the short-end. Bill demand is a front-end funding signal; coupon demand is a duration-demand signal.
One tested idea, through the evidence stack. No migration of any kind.