# US Treasury Auction (Ex Post)
Source: https://www.yieldcurve.pro/blog/treasury-auction-btc-002  
Published: 2024-01-12  
Tags: Auction, Bid to Coverage Ratio, Bills, Bonds, Notes, US Treasury, noindex

_Evaluating the Health of Yesterday's US Treasury Auction_

# Evaluating the Health of Yesterdays's US Treasury Auction

<br />

<a href="/blog/treasury-auction-btc-001">Yesterday</a>
we considered the US Treasury (UST) auction of 4-Week (CUSIP 912797JD0) and
8-Week (CUSIP 912797JH1) Bills.  How did they turn out?

Figures 1 and 2 show the distribution density diagram (DDD) for the 2 tenors
with the respective bid-to-cover (BTC) ratios superimposed on the interquartle
ranges.

<br />

<img src="/admin/blog/image/58/blog_btc_4week_bill_20230112.png">
#### **Figure 1**:  4-Week Bill BTC Distribution Density Diagram

<br />

The 4-Week auction was under-subscribed relative to history since the BTC
landed just above the 25-th percentile.

<br />

<img src="/admin/blog/image/59/blog_btc_8week_bill_20230112.png">
#### **Figure 2**:  8-Week Bill BTC Distribution Density Diagram

<br />

The 8-Week auction was more or less inline with historical expectations.