Overview

This report examines the US Treasury security auction market for 2025. Details on each auction can be accessed on the Treasury website(U.S. Department of the Treasury, 2025).

We present here various statistics for US treasury securities issued in 2025. We look specifically at: quantum of issuance, level of demand, and, buyer type.

Report method

Our data set is comprised of past auction results for calendar 2025. Data was downloaded by python in the form of JSOn file and imported into R. It was then formatted so that field data matched its characteristic form (numeric, factors, characters). Analysis began with a summary of the various security types which is shown below.

Analysis

Debt Type

Security Type	Count	Total Accepted (Billion)	Percent of Total Accepted (%)
Summary of Total Accepted by Security Type (2025 year to date)
Bill	104	7607	85
Note	23	1171	13
Bond	9	161	2
Total	136	8939	100

For the year to date there has been 136 securities issued for $8.9 trillion. Of these bills (terms less than 1 year) represent the most sizable issuance type of around 85% ($7.6tn) of total issuance. Coming next are notes (1-10 year term) that contribute 13% or $1.1tn and bonds of $161 billion.

Debt by Term

Security Term	Bill Count	Note Count	Bond Count	Total Accepted (Billion)	Minimum Accepted (Billion)	Maximum Accepted (Billion)	Average Accepted (Billion)	Median Accepted (Billion)	Average Days
Treasury Records Summary (2025 year to date)
12-Day	1	0	0	40	40	40	40	40	12
14-Day	2	0	0	100	50	50	50	50	14
4-Week	16	0	0	1284	75	95	86	85	28
33-Day	1	0	0	65	65	65	65	65	33
42-Day	7	0	0	585	75	85	84	85	42
6-Week	9	0	0	667	70	84	74	73	42
8-Week	16	0	0	1224	75	90	82	80	56
13-Week	16	0	0	1340	76	92	84	83	91
17-Week	16	0	0	929	60	64	62	60	119
26-Week	16	0	0	1174	68	79	73	73	182
52-Week	4	0	0	200	48	51	50	50	364
1-Year 10-Month	0	1	0	28	28	28	28	28	674
1-Year 11-Month	0	1	0	31	31	31	31	31	702
2-Year	0	4	0	251	32	76	63	72	730
3-Year	0	4	0	271	59	74	68	69	1094
5-Year	0	4	0	223	72	77	74	74	1822
7-Year	0	3	0	140	45	48	47	46	2557
9-Year 10-Month	0	3	0	112	19	48	37	46	3587
9-Year 11-Month	0	1	0	40	40	40	40	40	3622
10-Year	0	2	0	75	21	54	37	37	3642
19-Year 10-Month	0	0	2	14	14	14	14	14	7230
19-Year 11-Month	0	0	1	13	13	13	13	13	7261
20-Year	0	0	1	18	18	18	18	18	7292
29-Year 10-Month	0	0	2	53	26	27	26	26	10897
29-Year 11-Month	0	0	1	22	22	22	22	22	10927
30-Year	0	0	2	42	10	32	21	21	10949
Total	104	23	9	8941	10	95	50	48	NA

Within these broad categories (bills, notes and bonds) securities are issued with different duration. An indication of that is seen in the table which presents debt securities from the shortest term (1 day) to the longest term (30 years) with total issuance and other aggregated metrics (such as the minimum, maximum, average size of each issue).

Insight: The majority of the US$8.9 trillion invested in 136 securities[^1] are bills with a term of less than a year followed by notes (1-10 year) and then bonds (over 10 years).

Debt Details

In the following section are tables that examine what share of issuance is from reopened or newly issued securities. And then tables that exclusively look at Bills, Notes and Bonds.

Reopening

Security Term	Accepted (Reopened)	Accepted (Not Reopened)	Average Days (no)
Reopened Securities Summary (in Billions)
12-Day	40	0	12
14-Day	100	0	14
4-Week	1284	0	28
33-Day	65	0	33
42-Day	585	0	42
6-Week	667	0	42
8-Week	1224	0	56
13-Week	1340	0	91
17-Week	0	929	119
26-Week	294	880	182
52-Week	0	200	364
1-Year 10-Month	28	0	674
1-Year 11-Month	31	0	702
2-Year	0	251	730
3-Year	0	271	1094
5-Year	77	146	1822
7-Year	0	140	2557
9-Year 10-Month	112	0	3587
9-Year 11-Month	40	0	3622
10-Year	0	75	3642
19-Year 10-Month	14	0	7230
19-Year 11-Month	13	0	7261
20-Year	0	18	7292
29-Year 10-Month	53	0	10897
29-Year 11-Month	22	0	10927
30-Year	0	42	10949
Total	5989	2952	2845

Among the classifications treasury uses to distinguish securities is whether they are fresh newly issued securities at auction or are reopened securities. Grok speculates that the reason for opening pre existing securities for fresh capital could be for operational, market and debt management reasons. For example when a 10 year note issued two months ago may be reopened which results in a fresh note of 9 years and 10 months. That increases the outstanding amount for that specific security while avoiding the need to create a new issue.

Insight: Some 67% of dollars invested ($5.9tn) is for reopened securities. Of those reopened securities 85% is from five Bills with terms: 13 weeks ($1.3tn); 4 week ($1.3tn); 8 week ($1.2tn); 42 days ($0.6tn); and, 6 weeks ($0.7tn). For freshly issued securities ($3tn) a combination of 5 notes and bills make up 80% of invested dollars: 17 week ($0.9tn); 26 week ($0.9tn); 3 year ($0.3tn); 2 year ($0.2tn); 52 week ($0.2tn).

Bill issuance

Security Term	Bill Count	Total Accepted (Billion)	Minimum Accepted (Billion)	Maximum Accepted (Billion)	Average Accepted (Billion)	Median Accepted (Billion)	Avg Duration (Days)
Bills Only Summary - Treasury Records
13-Week	16	1340	76	92	84	83	91
4-Week	16	1284	75	95	86	85	28
8-Week	16	1224	75	90	82	80	56
26-Week	16	1174	68	79	73	73	182
17-Week	16	929	60	64	62	60	119
6-Week	9	667	70	84	74	73	42
42-Day	7	585	75	85	84	85	42
52-Week	4	200	48	51	50	50	364
14-Day	2	100	50	50	50	50	14
33-Day	1	65	65	65	65	65	33
12-Day	1	40	40	40	40	40	12
Total	104	7608	40	95	68	73	89

Insight: 85% of dollars invested ($7.6tn) is for Bills. The top 5 are: 13 weeks ($1.3tn); 4 week ($1.2tn); 26 weeks ($1.1tn); 8 weeks ($1.2tn); and, 6 week ($0.7tn). The broad single issuance range for these is between $60-95bn with the median range between $60-85 bn.

Note issuance

Security Term	Note Count	Total Accepted (Billion)	Minimum Accepted (Billion)	Maximum Accepted (Billion)	Average Accepted (Billion)	Median Accepted (Billion)	Avg Duration (Days)
Notes Only Summary - Treasury Records
3-Year	4	271	59	74	68	69	1094
2-Year	4	251	32	76	63	72	730
5-Year	4	223	72	77	74	74	1822
7-Year	3	140	45	48	47	46	2557
9-Year 10-Month	3	112	19	48	37	46	3587
10-Year	2	75	21	54	37	37	3642
9-Year 11-Month	1	40	40	40	40	40	3622
1-Year 11-Month	1	31	31	31	31	31	702
1-Year 10-Month	1	28	28	28	28	28	674
Total	23	1171	19	77	47	46	2048

Insight: 12% of total dollars invested is allocated to Notes. The top security terms (by total accepted) are: 3 year ($0.3tn), 2 year note ($0.25tn); 5 year ($0.25tn). Single issuance values range between $30-77 bn. While median range is between $69-74 bn reflecting somewhat smaller average issuance sizes as terms extend.

Bond issuance

Security Term	Bond Count	Total Accepted (Billion)	Minimum Accepted (Billion)	Maximum Accepted (Billion)	Average Accepted (Billion)	Median Accepted (Billion)	Avg Duration (Days)
Bonds Only Summary - Treasury Records
29-Year 10-Month	2	53	26	27	26	26	10897
30-Year	2	42	10	32	21	21	10949
29-Year 11-Month	1	22	22	22	22	22	10927
20-Year	1	18	18	18	18	18	7292
19-Year 10-Month	2	14	14	14	14	14	7230
19-Year 11-Month	1	13	13	13	13	13	7261
Total	9	162	10	32	19	20	9093

Insight: Approximately 2% of total dollars invested is allocated to bonds with the greatest allocation to 30 year. The range of issue size is between $10-30 billion. And median size is between $21-26 billion.

Other Debt types

Within the categories of Bill, Note and Bond there are cash management bills within bills, floating rate notes, and, treasury inflation protected securities that are issued as notes and bonds.

Cash management bills

Grok suggests the purpose for cash management bills is to smooth out uneven cash flows such as tax receipts or large expenditures. The bills have a less than one year duration and between 2018-2025 there have been $19tn issued representing 16% of total bills and 13% of total issued securities.

Security Term	Bill Count	Total Accepted (Billion)	Minimum Accepted (Billion)	Maximum Accepted (Billion)	Average Accepted (Billion)	Median Accepted (Billion)	Average Days
Treasury Records Summary for CMB (2025 year to date)
42-Day	7	585	75	85	84	85	42
14-Day	2	100	50	50	50	50	14
33-Day	1	65	65	65	65	65	33
12-Day	1	40	40	40	40	40	12
Total	11	790	40	85	60	58	NA

Insight: During the period some 11 cash management bills were issued for $0.8tn. The top ranked durations were 42 days ($0.6tn); 14 days ($0.1tn); and, 33 days ($65 billion). The median issue size for these bills is between $40-85billion.

FRN

A separate category of security issued as notes are floating rate notes (FRN). In this security interest payments fluctuate as interest rates change. And so as interest rates rise the security’s rate will rise and offer higher returns.

Security Term	Note Count	Total Accepted (Billion)	Minimum Accepted (Billion)	Maximum Accepted (Billion)	Average Accepted (Billion)	Median Accepted (Billion)	Average Days
Treasury Records Summary for FRN (2025 year to date)
2-Year	1	32	32	32	32	32	730
1-Year 11-Month	1	31	31	31	31	31	702
1-Year 10-Month	1	28	28	28	28	28	674
Total	3	91	28	32	30	31	NA

Insight: Relative to the scale of other treasury securities FRNs are a small percentage of total issuance (1%). Two years is the common duration. And the issue size ranges between $28-32 billion.

TIPs

Treasury Inflation Protected securities (TIPS) aim to provide protection against rising inflation. Features of these securities is that the principal value adjusts based on changes in the consumer price index (principal increases with inflation and decreases with deflation). Interest payments are calculated on the adjusted principal. TIPS are issued as notes for the most part and bonds and represent a small percentage of total securities issued by the government (less than 1% of total).

Security Term	Note Count	Bond Count	Total Accepted (Billion)	Minimum Accepted (Billion)	Maximum Accepted (Billion)	Average Accepted (Billion)	Median Accepted (Billion)	Average Days
Treasury Records Summary for TIPS (2025 year to date)
10-Year	1	0	21	21	21	21	21	3636
9-Year 10-Month	1	0	19	19	19	19	19	3577
30-Year	0	1	10	10	10	10	10	10944
5-Year	1	0	0	Inf	-Inf	NaN	NA	1811
Total	3	1	50	10	21	17	19	NA

Insight: the majority of TIPS are issued with a 5 year and 10 year term. And the median size for each issue ranges between $10-21 billion.

13 week bill - latest auction 14th april

The 13 week bill is among the most frequent issued security. Since the start of 2025 there have been $1.3tn reopened bills issued and no fresh issued bills. We collate the securities by month and plot the trends.

Month	Count 2025	Accepted 2025 (Billion)
13-Week Bills: Frequency and Total Accepted by Month and Year (Year to date 2025)
January	5	447
February	4	346
March	4	306
April	3	241
Total	16	1340

Insight: There are around 4 issues of the 13 week bill per month. The monthly amount raised has varied between $300-450billion in 2025 to date.

Bid to cover

Insight: The latest auction result (14th April auction with issue date of 17th April) showed an above average bid to cover ratio at 2.96 when compared to the median and mean for the series of 2.86. That suggests the bond attracted stronger than usual demand.

Buyer type

We next examine the pattern of demand by distinguishing between competitive bids (by primary dealers, direct bidders and indirect bidders that include foreign and international monetary authorities who place bids through a direct submitter) which are used to set the price for the auction, non competitive bids (that include awards to treasury retail, foreign and international monetary authorities and other non competitive bidders), and, the system open market account (SOMA) which represents the federal reserve.

Descriptive statistics

Investor	Average Allocation
Average Allocation by Investor
13-Week Bill Auctions (2025 bills to date)
Primary Dealer (own house account)	0.340
Direct Bidder (own house account)	0.058
Indirect Bidder (including foreign & intl monetary authorities)	0.529
FIMA Noncompetitive (foreign & intl monetary authorities)	0.000
Treasury Retail Noncompetitive	0.014
Other Noncompetitive	0.012
SOMA (managed by Federal Reserve)	0.046
Total	1.000

Insight: For the 13 week bills issued in 2025 to date most bidders are indirect with an allocation of 53%. Primary dealers are the next significant bidder taking up 34% of issues. Direct bidders have taken 6%, SOMA 5% and non-competitive bidders the remainder.

Investor	Standard Deviation
Allocation Variability by Investor
13-Week Bill Auctions (2025 to date)
Primary Dealer (own house account)	0.061
Direct Bidder (own house account)	0.014
Indirect Bidder (including foreign & intl monetary authorities)	0.061
FIMA Noncompetitive (foreign & intl monetary authorities)	0.001
Treasury Retail	0.001
Other Noncompetitive	0.001
SOMA (managed by Federal Reserve)	0.026

Insight: Indirect and primary dealer bidders show highest variability in allocation (6.1%), indicating significant fluctuation in their participation. SOMA shows some variability (2.6%) with other bidders showing low variability in allocation percentage.

Investor	Median	Q1	Q3	IQR
Central Tendency and Spread by Investor
13-Week Bill Auctions (2025 to date)
Primary Dealer (own house account)	0.350	0.300	0.370	0.070
Direct Bidder (own house account)	0.050	0.050	0.070	0.020
Indirect Bidder (including foreign & intl monetary authorities)	0.530	0.500	0.580	0.080
FIMA Noncompetitive (foreign & intl monetary authorities)	0.000	0.000	0.000	0.000
Treasury Retail	0.010	0.010	0.020	0.000
Other Noncompetitive	0.010	0.010	0.010	0.000
SOMA (managed by Federal Reserve)	0.050	0.040	0.060	0.020

Insight: Primary Dealer and Indirect Bidder categories have the highest median values (0.35 and 0.53, respectively), indicating higher central tendency values compared to other categories. SOMA and Direct bidders have median vales of 0.05. Other bidders have median values close to 0, suggesting minimal or no activity in these categories. The Interquartile Range (IQR) is highest for Indirect Bidder (0.08), indicating more variability within this category compared to others.

Relative Comparison - Z score

The Z score is a metric to show how the allocations by bidder in the latest auction compares to historical norms. In so doing it provides insight into the relative performance of each investor type.

For this analysis the data is filtered to get the latest auction result. Then the mean and standard deviation of the allocation for each bidder type is computed. The z scores are then derived using a formula where the latest allocation for each bidder is subtracted from its mean allocation and divided by that bidder’s standard deviation.

Investor	Z-score
Z Scores by Investor
Latest Auction Allocation Z Scores
Primary Dealer (own house account)	−0.657
Direct Bidder (own house account)	−1.275
Indirect Bidder (including foreign & intl monetary authorities)	0.856
FIMA Noncompetitive (foreign & intl monetary authorities)	2.914
Treasury Retail	1.135
Other Noncompetitive	2.106
SOMA (managed by Federal Reserve)	0.010

Insight: In the latest auction Primary Dealers had a lower-than-average allocation. Indirect bidders a higher than average allocation. Direct Bidder were significantly lower in allocation. Higher than average allocations registered by FIMA and other non competitive bidders.

Primary Dealer (own house account): Z-score: -0.657 indicates that the allocation for Primary Dealers in the latest auction is 0.647 standard deviations below the mean. That suggests that Primary Dealers had a lower-than-average allocation in the latest auction.

Direct Bidder (own house account): Z-score: -1.275 indicates that the allocation for Direct Bidders in the latest auction is 1.275 standard deviations below the mean. This suggests that Direct Bidders had a slightly lower-than-average allocation in the latest auction.

Indirect Bidder (including foreign & intl monetary authorities): Z-score: 0.856 indicates that the allocation for Indirect Bidders in the latest auction is 0.856 standard deviations above the mean. This suggests that Indirect Bidders had a slightly higher-than-average allocation in the latest auction.

Relative Comparison - Percentiles

Percentile ranks convey how each investor’s allocation in the latest auction compares to their historical allocations.

Investor	Percentile Rank
Allocation Percentile Ranks by Investor
Latest Auction Percentile Comparison
Primary Dealer (own house account)	31.2
Direct Bidder (own house account)	6.2
Indirect Bidder (including foreign & intl monetary authorities)	75.0
FIMA Noncompetitive (foreign & intl monetary authorities)	100.0
SOMA (managed by Federal Reserve)	37.5
Treasury Retail	87.5
Other Noncompetitive	100.0

Insight: The results show that Primary Dealers in latest auction had a much lower allocation relative to others in the year to date. A weak response was also registered by Direct Bidders. Indirect bidders achieved an allocation 75% above that of other 2025 auctions for the bill. The allocation for FIMA and other non competitive bidders was the highest so far year to date.

Trend Analysis

The code computes a 10 auction moving average for each investor. The latest auction result is then compared to that moving average to identify how the result compared to it. We see in the latest auction the marked deviation above the moving average for primary dealers.

Investor	Allocation	10-Auction Moving Avg	Deviation
Latest Auction Comparison
Allocation vs. 10-Auction Moving Average
Primary Dealer	0.300	0.326	−0.025
Direct Bidder	0.040	0.059	−0.019
Indirect Bidder	0.581	0.552	0.029
FIMA	0.003	0.001	0.002
Treasury Retail	0.015	0.014	0.002
Other Noncompetitive	0.014	0.013	0.002
SOMA	0.047	0.037	0.010

Insight: The primary dealer regression line (green) is sloping downward implying they have been receiving a smaller share of auction allocation in 2025 auctions to date. The latest auction result (blue line) while below the moving average was in line with trend. The indirect bidder facet shows an upward sloping trend implying greater participation by that investor group. The latest auction result was in line with trend.

Portfolio similarity

In this analysis each auction is considered a “portfolio” or a vector of allocations across all investor types (that add to 100%). We then compare the latest auction allocation vector to the historical allocation vector and each past auction vector.

The cosine similarity and Euclidean distance metrics are calculated to examine the relationship between latest auction allocation and previous allocations. Cosine similarity is a metric that ranges from -1 to 1 and indicates how similar the direction of the latest allocation vector is to the historical average (with 1 indicating identical orientation). Euclidean distance metric provides a direct distance measure between vectors with a lower value indicating more similarity.

Metric	Value
Similarity Metrics
Latest Auction vs. Historical Average
Cosine similarity (latest vs. historical average)	0.994
Euclidean distance (latest vs. historical average)	0.073

Issue Date	Cosine Similarity	Euclidean Distance
Similarity Metrics (Latest Auctions)
Cosine Similarity and Euclidean Distance for Recent Auctions
2025-04-10	0.998	0.042
2025-04-03	0.992	0.088
2025-03-27	0.996	0.060
2025-03-20	0.992	0.085
2025-03-13	0.990	0.092
2025-03-06	0.983	0.121

Insight: The two metrics (cosine similarity of 0.994 and Euclidean distance of 0.073) indicate that the allocation proportions are similar. Overall the latest auction allocation appears consistent with past auctions since the cosine similarity is close to 1 and Euclidean distance is low.

Graphical Representations

Box plot

A box plot is created for each investor showing the distribution of their allocations across all auctions of the 13 week bill. We mark the latest auction allocation as a distinct point.

Insight: The box plot highlights that the share of allocation for primary dealers is at the lower end of the interquartile range. While the indirect bidder allocation was at the upper end.

Bar plot with error bars

The chart aims to highlight how the latest allocation deviates from the average while showing variability. The mean allocation for each investor is shown for all auctions with error bars showing 1 standard deviation. The latest auction allocation is identified as a diamond in red.

Insight: Primary dealer and direct bidder’s allocation was within average. Indirect investor allocation was outside the average of auctions so far in 2025 and approaching more than one standard deviation above the average.

Time series plot

Time series analysis plots the allocation for each investor over all auctions as separate lines with the latest auction marked with a vertical line. The chart reveals trends in the shift of allocation between investors over time.

Insight: Primary and indirect investors dominate the 17 week bill. Indirect bidders share of allocation has been rising. Primary bidders is falling. The share of allocation by SOMA is fluctuating.

Radar/Spider chart

The plot shows the allocation profile across the seven investor groups with the latest auction result distinguished from the historical median allocations.

Insight: The chart highlights the sizable share of allocation between primary and indirect bidders followed by direct bidders. The relative less significance of non competitive investors and SOMA is clear.

Heatmap

In this analysis rows are auction count for the period that starts from 2018. Separate columns are shown for the different investor types and cell colors represent allocation sizes.

Insight: the chart highlights the dominant share by primary and indirect bidders. The red bar flags the latest auction’s allocation by investor. The stable color intensity for indirect bidders and primary dealers suggest stability over time in allocation. It is also clear from the chart that there has been intermittant but low share from Direct Bidders and SOMA for this security.

Conclusion on buyer type: There appears to be a steady uptick in allocation by indirect bidders in the 13 week bill.

Notes

[^1] For the period between 2025 to date

References

U.S. Department of the Treasury. (2025). Announcements, results, and press releases. TreasuryDirect. https://www.treasurydirect.gov/auctions/announcements-data-results/announcement-results-press-releases/