# Treasury indirect-bidder share | PIER20 benchmarks

What share of Treasury auctions do indirect bidders take?

Indirect bidders are the channel through which foreign central banks, sovereign wealth funds and other international official institutions bid at Treasury auctions. A high indirect share means foreign and official demand is strong. This page splits the indirect take between bills (short-end, cash-management demand) and nominal coupons (long-end, reserve-management demand). 

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%.

## Summary statistics (full history)

| 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 |

## Last 24 readings

| Date | Indirect share (bills) | Indirect share (coupons) |
|---|---|---|
| Aug 2024 | 56.86 | 60.93 |
| Sep 2024 | 57.72 | 70.13 |
| Oct 2024 | 60.11 | 67.00 |
| Nov 2024 | 57.27 | 58.46 |
| Dec 2024 | 61.21 | 71.88 |
| Jan 2025 | 57.52 | 56.83 |
| Feb 2025 | 55.84 | 63.02 |
| Mar 2025 | 58.70 | 66.99 |
| Apr 2025 | 60.51 | 59.85 |
| May 2025 | 57.51 | 55.90 |
| Jun 2025 | 58.60 | 62.23 |
| Jul 2025 | 59.67 | 53.88 |
| Aug 2025 | 58.84 | 50.68 |
| Sep 2025 | 58.19 | 62.35 |
| Oct 2025 | 60.13 | 59.08 |
| Nov 2025 | 57.35 | 54.39 |
| Dec 2025 | 56.73 | 58.27 |
| Jan 2026 | 55.80 | 54.65 |
| Feb 2026 | 57.48 | 51.21 |
| Mar 2026 | 56.26 | 58.99 |
| Apr 2026 | 55.99 | 57.16 |
| May 2026 | 53.61 | 56.47 |
| Jun 2026 | 53.70 | 57.15 |
| Jul 2026 | 56.10 | 59.61 |

## How to read this benchmark

**What a widening or narrowing means.** 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. 

**Why Indirect share (coupons) as the comparator.** 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. 

**Limitations.** 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. 

## How this benchmark is used

**The foreign-official demand gauge.** 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. 

## Frequently asked questions

**What is the current treasury indirect-bidder share?**

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%.

**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 Indirect share (bills) and Indirect share (coupons), sourced from the U.S. Department of the Treasury, Fiscal Data.

**How is this different from the direct bidder share?**

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. 

**How often is the data updated?**

Monthly, after month-end publication. 

## Methodology

- Formula: indirectShare = sum(indirect_accepted) / sum(total_accepted) × 100 per month; both legs required
- Frequency: Monthly
- Sources: Indirect share (bills) (indirect:bills) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; Indirect share (coupons) (indirect:coupons) 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-indirect-bidder-share
Disclaimer: research software output, not investment advice.