// definition
Bid-to-cover
Auction coverage ratio
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Short definition
The ratio of total bids received at an auction to the amount sold. A volume signal of demand: above 2, appetite is judged solid; below, weak.
risk atlas
Knowledge map
Intuition
The bid-to-cover measures the cushion of bids around an issue, but it is not enough without reading the tail and the split between dealers, directs and indirects.
Why it matters now
A weak ratio at the wrong moment can signal that final demand is leaving more paper with the intermediaries.
Related guides
- Reading the Treasuries marketCurve, auctions, holders and the term premium.
Related datasets
- risk.jsonPublic snapshot of the risk signals.
- debt-risk.jsonDebt Risk Radar snapshot with provenance.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- signals/history.jsonPoint-in-time history of the signals.
Signals using it
- MethodologyDebt, interest burden, current stress and structural vulnerability.
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- Federal Reserve & FREDRates, the Fed balance sheet, FRED series and the New York Fed ACM model.
- U.S. Treasury Fiscal DataDebt, Treasury cash, DTS and auctions.
- U.S. Treasury TICCross-border holdings and flows of Treasuries.
- Congress.gov, GovInfo & CBOBudget projections, texts and estimates.
- Bank for International SettlementsGlobal debt, banks and market fragilities.