bid-to-cover ratio

In U.S. Treasury auctions, the ratio between the number of bids received and the number of bids accepted. The measurement indicates how strong investor demand is for U.S. Treasuries. The higher the ratio, the stronger the demand. Typically a ratio over 2.0 is an indicator of a strong auction. A low ratio indicates weak demand and is said to have a long tail (a wide spread between the average and the high yield).