Glossary

Bid-to-Cover Ratio

The total value of bids received at a Treasury auction divided by the amount of debt sold, a measure of demand. A ratio of 2.73, as at the 20-year bond reopening of October 21, 2026, means $2.73 of bids for every dollar sold. It is read against the recent average for the same maturity, together with the tail (how far the high yield cleared above the pre-auction market yield) and the share taken by indirect, direct and dealer bidders.