Glossary term
What is the bid-to-cover ratio?
On , at the auction of the 8-week bill (a reopening), bids came to 2.26 times the amount accepted.
Last updated . This page normally updates every day; the latest update is late.
Bid-to-cover ratio at the 8-week bill auction of 15 October 2026: 2.26, below the median of the earlier auctions shown, 2.79
Each point is one 8-week bill auction; pointing at the chart shows its date and figures.
The lineLatest:
- Bid-to-cover ratio2.26
Inspect and compare dates
| Auction date | Bid-to-cover ratio |
|---|---|
| 2.26 | |
| 2.77 | |
| 2.70 | |
| 2.76 | |
| 2.94 | |
| 2.82 | |
| 3.02 | |
| 2.77 | |
| 3.06 | |
| 2.85 |
Show 14 more rows
| Auction date | Bid-to-cover ratio |
|---|---|
| 2.74 | |
| 2.74 | |
| 2.31 | |
| 2.84 | |
| 2.95 | |
| 2.70 | |
| 2.79 | |
| 2.57 | |
| 2.94 | |
| 3.20 | |
| 3.08 | |
| 2.77 | |
| 2.72 | |
| 2.91 |
Right now
Bid-to-cover ratio: 2.26 at the 8-week bill auction of , a reopening.
Across auctions
2.26 is below the median of the 23 earlier 8-week bill auctions shown, 2.79.
Of the 24 auctions shown, the highest was 3.20 on , the lowest 2.26 on .
Understanding the bid-to-cover ratio
Where it stands today
Bid-to-cover ratio: 2.26 at the 8-week bill auction of .
What does the term mean?
The bid-to-cover ratio is the amount bid at a Treasury auction divided by the amount accepted. It says how many dollars of bids came in for each dollar Treasury sold.
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How it is computed
Treasury divides the total tendered by the total accepted, both without the Federal Reserve's SOMA add-on, which is not bid for. Competitive and noncompetitive bids both count. 500metrics shows the ratio as Treasury publishes it, to two decimals.
How to compare it
A ratio says the most next to earlier auctions of the same term. Bill auctions usually draw higher ratios than long bonds, so a ratio that is high for a bond can be low for a bill. Each term page on 500metrics places the latest ratio among that term's earlier auctions.
What it does not tell you
- Who bid. The split between indirect bidders, direct bidders and primary dealers is a separate measure.
- At what yields the bids came in. A high ratio with bids far above the high yield adds little; the high and median yields show how close the bids were.
Drafted with AI assistance from official sources; checked against the sources listed below.
The numbers behind the chart
What were the figures at the latest auction?8-week bill (reopening), 15 October 2026
| Figure | Value |
|---|---|
| Bid-to-cover ratio | 2.26 |
Which pages show these figures?
Page updated