| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Indirect share (bills) | 28.49 | 56.10 | 18.36 | 61.21 |
| Indirect share (coupons) | 28.71 | 59.61 | 17.11 | 71.88 |
indirectShare = sum(indirect_accepted) / sum(total_accepted) × 100 per month; both legs requiredAmount-weighted indirect bidder share for bills and nominal coupons, monthly from the auction results dataset. CMBs, TIPS and FRNs excluded. A month is published only when both bills and coupons have accepted volume that month so the two series stay contemporaneous.
As of July 2026, the latest readings are Indirect share (bills) at 56.10% and Indirect share (coupons) at 59.61%. The Indirect share (bills) line is down 3.6 pp over the past year and above its long-run median of 38.04%.
A rising indirect share for coupons means foreign official demand for U.S. duration is climbing. A dollar-reserve accumulation signal. A rising indirect share for bills means foreign cash-management demand is strong, often associated with central-bank intervention funding.
The coupon indirect share is the reserve-asset signal; the bill indirect share is the cash-management signal. The spread between the two shows which flavour of foreign demand is driving the Treasury's indirect book.
Treasury indirect-bidder share reflects published Treasury accounting. Revisions can alter historical comparisons. Treat the chart as context for U.S. fiscal conditions, not investment advice.
The indirect share is the single most-watched metric in the monthly auction results. The Treasury and the Fed cite it as the gauge of foreign demand for U.S. Treasuries.
As of July 2026, the latest readings are Indirect share (bills) at 56.10% and Indirect share (coupons) at 59.61%. The Indirect share (bills) line is down 3.6 pp over the past year and above its long-run median of 38.04%.
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 Indirect share (bills) and Indirect share (coupons), sourced from the U.S. Department of the Treasury, Fiscal Data.
Direct bidders are domestic institutions bidding for their own accounts. Indirect bidders are international and official accounts bidding through primary dealers. This page isolates the indirect side as the foreign-demand signal.
Monthly, after month-end publication.
One tested idea, through the evidence stack. No migration of any kind.