Bid-to-Cover Ratio
Total bids received divided by the amount accepted or offered, depending on the issuer's published convention.
Market use
It is a demand indicator but should not be interpreted in isolation.
What it means
Total bids received divided by the amount accepted or offered, depending on the issuer's published convention.
Example
A ratio of 2.5 means bids were 2.5 times the relevant auction amount under that definition.
How to interpret it
This concept should be read together with its market convention, measurement horizon and underlying instrument. BondStats presents it as an analytical reference rather than investment advice; instrument documentation and primary market rules remain authoritative.
Related Conventions
BondStats reference content is independently written. Mathematical relationships, abbreviations and market conventions are presented for educational and analytical use.