How to Analyze Auction Results

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The results of an auction can be seen online if the auctioneer has chosen to publish them. Usually, they are available to view on the main auction catalog, or on the details of individual lots. The results are displayed to the right of the lot title and description. TreasuryDirect account holders can access these results after 5 PM Eastern time.

The bid to cover ratio is a useful way to analyze auction results. It measures how many bonds were sold compared to the number of bids. A higher bid to cover ratio indicates a stronger auction. Many traders compare this number to the average over bids for previous auctions and similar maturity bonds. Traders also compare the bid to cover ratio to the last three or four auctions for an idea of whether the auction is good.

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