How Treasury Auctions Work: Bid-to-Cover, Direct, Indirect
US Treasury auctions explained: single-price format, primary dealers, direct and indirect bidders, when-issued trading, bid-to-cover, and the tail.
primary dealers
How Treasury Auctions Work: Bid-to-Cover and Tails
How the U.S. Treasury actually raises money: single-price auctions, competitive vs noncompetitive bids, primary dealers, and what tails reveal.