Historical indirect data for 20-Year Treasury auctions, updated after each auction. The most recent value is 55.2% as of February 18, 2026. The indirect bidder share is a proxy for foreign central bank and institutional demand. It measures the percentage of the auction awarded to indirect bidders.
Bidder allocation data shows the percentage of 20-Year Treasury securities awarded to each class of buyer: direct bidders (domestic institutions buying for their own account), indirect bidders (typically foreign central banks and large fund managers), and primary dealers who absorb the remainder. Shifts in allocation can signal changing demand dynamics — rising indirect participation often reflects foreign appetite for U.S. duration, while elevated dealer takedown may indicate tepid end-investor demand.
| Date | Indirect | Grade | Composite |
|---|---|---|---|
| 11/20/2023 | 74.0% | B+ | B |
| 02/21/2024 | 59.1% | D | C- |
| 05/22/2024 | 70.8% | B | B |
| 08/21/2024 | 71.0% | B | B |
| 11/20/2024 | 69.5% | B | D+ |
| 02/19/2025 | 63.0% | C- | C+ |
| 05/21/2025 | 69.0% | B- | C |
| 08/20/2025 | 60.6% | D+ | B |
| 11/19/2025 | 59.5% | D | B- |
| 02/18/2026 | 55.2% | D- | C |
| Mean | Std Dev | Min | Max | Count |
|---|---|---|---|---|
| 65.0% | 6.3% | 54.9% | 75.3% | 24 |