Glossary term
What are indirect bidders?
On , at the auction of the 8-week bill (a reopening), indirect bidders took 46.93% of the competitive bids accepted.
Last updated . This page normally updates every day; the latest update is late.
Indirect bidders' share at the 8-week bill auction of 15 October 2026: 46.930%, below the median of the earlier auctions shown, 64.230%
Each point is one 8-week bill auction; pointing at the chart shows its date and figures.
The lineLatest:
- Indirect bidders' share46.930%
Inspect and compare dates
| Auction date | Indirect bidders' share |
|---|---|
| 46.93% | |
| 70.29% | |
| 56.81% | |
| 58.81% | |
| 62.42% | |
| 66.30% | |
| 70.16% | |
| 57.33% | |
| 66.65% | |
| 56.51% |
Show 14 more rows
| Auction date | Indirect bidders' share |
|---|---|
| 54.36% | |
| 62.91% | |
| 39.73% | |
| 67.65% | |
| 74.57% | |
| 61.72% | |
| 69.52% | |
| 51.49% | |
| 69.59% | |
| 65.06% | |
| 64.69% | |
| 68.43% | |
| 54.39% | |
| 64.23% |
Right now
Indirect bidders: 46.93% at the 8-week bill auction of , a reopening.
- Direct bidders 5.70%
- Primary dealers 47.37%
Across auctions
46.930% is below the median of the 23 earlier 8-week bill auctions shown, 64.230%.
Of the 24 auctions shown, the highest was 74.570% on , the lowest 39.730% on .
Understanding indirect bidders
Where it stands today
Indirect bidders: 46.93% at the 8-week bill auction of .
What does the term mean?
Indirect bidders are bidders that place their competitive bids through someone else: a primary dealer, another direct submitter or the Federal Reserve Bank of New York. They include foreign central banks and many investment funds.
Read more
How their share is measured
Treasury publishes the amount accepted from each group of bidders: indirect bidders, direct bidders and primary dealers. 500metrics divides the indirect bidders' amount by the competitive bids accepted, so the three shares add up to the whole competitive award. The split is published from April 2008.
Why people watch it
A large indirect share means much of the auction went to buyers outside the dealer group, and dealers had to take less. A small one means dealers took more. Compare the share only with earlier auctions of the same term: bills, notes and bonds draw different mixes of buyers.
What it does not tell you
- Which buyers they were. The results name no bidder, and the indirect group mixes foreign official accounts with private funds.
- Whether the buyers keep the securities. The share is who was awarded them on the day of the auction.
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 |
|---|---|
| Indirect bidders | 46.93% |
| Direct bidders | 5.70% |
| Primary dealers | 47.37% |
Which pages show these figures?
Page updated