Historical bid-to-cover data for 20-Year Treasury auctions, updated after each auction. The most recent value is 2.36x as of February 18, 2026. Bid-to-cover measures the ratio of total bids to the amount offered. Higher ratios indicate stronger demand from investors.
This metric tracks bid-to-cover for 20-Year Treasury auctions. Auction results reflect real-time price discovery for U.S. government debt and provide insight into investor demand across the maturity spectrum. Monitoring auction metrics alongside secondary market yields helps identify supply-demand imbalances that may affect pricing.
| Date | Bid-to-Cover | Grade | Composite |
|---|---|---|---|
| 11/20/2023 | 2.58x | B+ | B |
| 02/21/2024 | 2.39x | C | C- |
| 05/22/2024 | 2.51x | B | B |
| 08/21/2024 | 2.54x | B | B |
| 11/20/2024 | 2.34x | D+ | D+ |
| 02/19/2025 | 2.43x | C+ | C+ |
| 05/21/2025 | 2.46x | C+ | C |
| 08/20/2025 | 2.54x | B | B |
| 11/19/2025 | 2.41x | C | B- |
| 02/18/2026 | 2.36x | D+ | C |
| Mean | Std Dev | Min | Max | Count |
|---|---|---|---|---|
| 2.43 | 0.13 | 2.15 | 2.64 | 24 |