# Treasury coupon auction demand | PIER20 benchmarks

How strong is demand at Treasury coupon auctions?

Treasury coupon auction demand tracks the monthly median bid-to-cover ratio across seven coupon tenors. Coupon auctions carry more duration risk than bills, so demand reflects the market's appetite for interest-rate exposure. A falling bid-to-cover across the long end is the classic 'buyers' strike' signal. 

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.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Coupon demand | 3.29 | 2.59 | 1.31 | 3.29 |
| 2-Year |  | 2.66 | 1.31 | 4.07 |
| 3-Year |  | 2.60 | 1.32 | 3.96 |
| 5-Year | 3.29 | 2.28 | 1.42 | 3.29 |
| 7-Year |  | 2.49 | 2.04 | 3.24 |
| 10-Year |  | 2.59 | 1.22 | 3.72 |
| 20-Year |  | 2.64 | 2.15 | 2.87 |
| 30-Year |  | 2.44 | 1.77 | 3.05 |

## Last 24 readings

| Date | Coupon demand | 2-Year | 3-Year | 5-Year | 7-Year | 10-Year | 20-Year | 30-Year |
|---|---|---|---|---|---|---|---|---|
| Aug 2024 | 2.50 | 2.68 | 2.55 | 2.41 | 2.50 | 2.32 | 2.54 | 2.31 |
| Sep 2024 | 2.59 | 2.59 | 2.66 | 2.38 | 2.63 | 2.64 | 2.51 | 2.38 |
| Oct 2024 | 2.50 | 2.50 | 2.45 | 2.39 | 2.74 | 2.48 | 2.59 | 2.50 |
| Nov 2024 | 2.60 | 2.77 | 2.60 | 2.43 | 2.71 | 2.58 | 2.34 | 2.64 |
| Dec 2024 | 2.58 | 2.73 | 2.58 | 2.40 | 2.76 | 2.70 | 2.50 | 2.39 |
| Jan 2025 | 2.62 | 2.66 | 2.62 | 2.40 | 2.64 | 2.53 | 2.75 | 2.52 |
| Feb 2025 | 2.48 | 2.56 | 2.79 |  | 2.53 | 2.48 | 2.43 | 2.33 |
| Mar 2025 | 2.59 | 2.66 | 2.70 | 2.33 | 2.53 | 2.59 | 2.78 | 2.37 |
| Apr 2025 | 2.52 | 2.52 | 2.47 | 2.41 | 2.55 | 2.67 | 2.63 | 2.43 |
| May 2025 | 2.56 | 2.57 | 2.56 | 2.39 | 2.69 | 2.60 | 2.46 | 2.31 |
| Jun 2025 | 2.52 | 2.58 | 2.52 | 2.36 | 2.53 | 2.52 | 2.68 | 2.43 |
| Jul 2025 | 2.61 | 2.62 | 2.51 | 2.31 | 2.79 | 2.61 | 2.79 | 2.38 |
| Aug 2025 | 2.49 | 2.69 | 2.53 | 2.36 | 2.49 | 2.35 | 2.54 | 2.27 |
| Sep 2025 | 2.51 | 2.51 | 2.73 | 2.34 | 2.40 | 2.65 | 2.74 | 2.38 |
| Oct 2025 | 2.48 | 2.59 | 2.66 | 2.38 | 2.46 | 2.48 | 2.73 | 2.38 |
| Nov 2025 | 2.43 | 2.68 | 2.85 | 2.41 | 2.46 | 2.43 | 2.41 | 2.29 |
| Dec 2025 | 2.54 | 2.54 | 2.64 | 2.35 | 2.51 | 2.55 | 2.67 | 2.36 |
| Jan 2026 | 2.55 |  | 2.65 | 2.54 | 2.45 | 2.55 | 2.86 | 2.42 |
| Feb 2026 | 2.50 | 2.63 | 2.62 | 2.32 | 2.50 | 2.39 | 2.36 | 2.66 |
| Mar 2026 | 2.45 | 2.44 | 2.55 | 2.29 | 2.43 | 2.45 | 2.76 | 2.45 |
| Apr 2026 | 2.51 | 2.65 | 2.68 | 2.33 | 2.51 | 2.43 | 2.68 | 2.39 |
| May 2026 | 2.52 | 2.64 | 2.54 | 2.34 | 2.52 | 2.40 | 2.55 | 2.30 |
| Jun 2026 | 2.57 | 2.64 | 2.64 | 2.35 | 2.50 | 2.57 | 2.75 | 2.33 |
| Jul 2026 | 2.59 | 2.66 | 2.60 | 2.28 | 2.49 | 2.59 | 2.64 | 2.44 |

## How to read this benchmark

**What a high or low bid-to-cover means.** 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. 

**Limitations.** 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. 

## How this benchmark is used

**The buyers' strike signal.** 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. 

## Frequently asked questions

**What is the current treasury coupon auction demand?**

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.

**How often is this benchmark updated?**

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.

**What data sources does this chart use?**

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.

**How is this different from the bill auction demand page?**

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. 

## Methodology

- Formula: demand = monthly median bid_to_cover for each original tenor (nominal only); overall = auction-pooled median across those auctions
- Frequency: Monthly
- Sources: Coupon demand (coupon-demand:overall) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; 2-Year (coupon-demand:2-year) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; 3-Year (coupon-demand:3-year) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; 5-Year (coupon-demand:5-year) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; 7-Year (coupon-demand:7-year) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; 10-Year (coupon-demand:10-year) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; 20-Year (coupon-demand:20-year) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; 30-Year (coupon-demand:30-year) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/. Data via the U.S. Department of the Treasury, Fiscal Data.
- Data through: July 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/treasury-coupon-auction-demand
Disclaimer: research software output, not investment advice.