gloomberb 0.16.2 → 0.16.4

package/src/plugins/builtin/treasury-auctions/headless.ts

@@ -7,22 +7,39 @@ import { fetchTreasuryAuctions } from "./client";
 import { loadTreasuryAuctions, type TreasuryAuctionsResult } from "./cache";
 import type { TreasuryAuction } from "./types";
 import {
+  AUCTION_HISTORY_WINDOWS,
+  AUCTION_SEARCH_FIELDS,
+  auctionHistoryLabel,
+  auctionHistoryPhrase,
   auctionSize,
+  dealerPct,
   DEFAULT_AUCTION_SORT,
+  directPct,
   formatAuctionRate,
   indirectPct,
+  nextAuctionHistoryWindow,
   rateValue,
+  stopOutVsAverageBp,
   visibleAuctions,
   type AuctionFilter,
 } from "./model";
 
+const formatPercent = (value: unknown) => value == null ? "-" : `${Number(value).toFixed(1)}%`;
+
+/** Why the stop-out column is not a tail; the docs page says the same at length. */
+const STOP_OUT_NOTE = "Stop-out vs avg is the high yield minus the average/median yield, in bp (bills: discount rates). "
+  + "A true tail, the stop-out against the 1 pm when-issued yield, needs the when-issued yield, which the source does not carry.";
+
 const COLUMNS = [
   { key: "auctionDate", header: "Date" },
   { key: "secType", header: "Type" },
   { key: "securityTerm", header: "Term" },
   { key: "rate", header: "Rate", align: "right" as const, format: (value: unknown, row: Record<string, unknown>) => formatAuctionRate(row as unknown as TreasuryAuction, value == null ? null : Number(value), "-") },
+  { key: "stopOutVsAvgBp", header: "Stop-out vs avg (bp)", align: "right" as const, format: (value: unknown) => value == null ? "-" : Number(value).toFixed(1) },
   { key: "bidToCoverRatio", header: "B/C", align: "right" as const, format: (value: unknown) => value == null ? "-" : Number(value).toFixed(2) },
-  { key: "indirectPercent", header: "Indirect", align: "right" as const, format: (value: unknown) => value == null ? "-" : `${Number(value).toFixed(1)}%` },
+  { key: "indirectPercent", header: "Indirect", align: "right" as const, format: formatPercent },
+  { key: "directPercent", header: "Direct", align: "right" as const, format: formatPercent },
+  { key: "dealerPercent", header: "Dealer", align: "right" as const, format: formatPercent },
   { key: "size", header: "Size", align: "right" as const, format: (value: unknown) => value == null ? "-" : `$${formatCompact(Number(value))}` },
   { key: "cusip", header: "CUSIP" },
 ];
@@ -35,6 +52,13 @@ const defaultDependencies: TreasuryAuctionsHeadlessDependencies = {
   load: (_args, historyDays) => loadTreasuryAuctions(false, fetchTreasuryAuctions, historyDays),
 };
 
+/** An empty table says what was searched, in which window, and what the search understands. */
+function emptyNote(query: string, filter: AuctionFilter, historyDays: number): string {
+  const searched = query.trim() ? `match "${query.trim()}"` : "found";
+  const group = filter === "all" ? "" : ` in the ${filter} group`;
+  return `No auctions ${searched}${group} in ${auctionHistoryPhrase(historyDays)}. Search by ${AUCTION_SEARCH_FIELDS}.`;
+}
+
 function createTreasuryAuctionsHeadless(
   dependencies: TreasuryAuctionsHeadlessDependencies = defaultDependencies,
 ): HeadlessPaneDefinition<"rows"> {
@@ -44,7 +68,7 @@ function createTreasuryAuctionsHeadless(
     argument: {
       kind: "free-text",
       placeholder: "search",
-      description: "Optional security type, term, or auction date filter.",
+      description: "Optional search: security type, benchmark (10Y), term, CUSIP, or auction date (YYYY-MM-DD).",
       optional: true,
     },
     options: [
@@ -52,9 +76,9 @@ function createTreasuryAuctionsHeadless(
         key: "historyDays",
         aliases: ["history"],
         settingKey: "historyDays",
-        description: "Auction history window in days.",
+        description: "Auction history window in days, up to 3650 (10 years).",
         type: "enum",
-        values: [{ value: "30" }, { value: "90" }, { value: "120" }, { value: "365" }],
+        values: AUCTION_HISTORY_WINDOWS.map((days) => ({ value: String(days) })),
         defaultValue: "120",
       },
       {
@@ -77,13 +101,25 @@ function createTreasuryAuctionsHeadless(
         query,
         sort: DEFAULT_AUCTION_SORT,
       });
+      const nextWindow = nextAuctionHistoryWindow(historyDays);
+      const notes = [
+        ...(auctions.length === 0 ? [emptyNote(query, filter, historyDays)] : []),
+        nextWindow
+          ? `Older auctions: use --historyDays ${nextWindow}.`
+          : `Auctions older than ${auctionHistoryLabel(historyDays)} are not loaded.`,
+        ...(auctions.length > 0 ? [STOP_OUT_NOTE] : []),
+      ];
       return {
         complete: !result.refreshError,
         errors: result.refreshError ? [result.refreshError] : [],
+        notes,
         rows: auctions.map((auction) => ({
           ...auction,
           rate: rateValue(auction),
+          stopOutVsAvgBp: stopOutVsAverageBp(auction),
           indirectPercent: indirectPct(auction),
+          directPercent: directPct(auction),
+          dealerPercent: dealerPct(auction),
           size: auctionSize(auction),
         })),
         metadata: {

package/src/plugins/builtin/treasury-auctions/index.tsx

@@ -7,6 +7,7 @@ import {
 } from "./cache";
 import { TreasuryAuctionsPane } from "./pane";
 import { TREASURY_AUCTIONS_PANE_ID } from "./types";
+import { AUCTION_HISTORY_WINDOWS, auctionHistoryLabel } from "./model";
 import { createPublicPaneShare } from "../shared/public-pane";
 import { treasuryAuctionsHeadless } from "./headless";
 
@@ -22,12 +23,7 @@ function treasuryAuctionsSettings(): PaneSettingsDef {
         label: "History window",
         description: "How far back auction results are requested.",
         type: "select",
-        options: [
-          { value: "30", label: "30 days" },
-          { value: "90", label: "90 days" },
-          { value: "120", label: "120 days" },
-          { value: "365", label: "1 year" },
-        ],
+        options: AUCTION_HISTORY_WINDOWS.map((days) => ({ value: String(days), label: auctionHistoryLabel(days) })),
       },
     ],
   };
@@ -40,7 +36,7 @@ export const treasuryAuctionsModule: PluginModule = {
       id: TREASURY_FISCAL_DATA_CONNECTION_ID,
       name: "Treasury Fiscal Data",
       kind: "api",
-      ownerId: "macro",
+      ownerId: "credit",
       priority: 300,
       detail: "fiscaldata.treasury.gov",
     });
@@ -60,7 +56,7 @@ export const treasuryAuctionsModule: PluginModule = {
       component: TreasuryAuctionsPane,
       defaultPosition: "right",
       defaultMode: "floating",
-      defaultFloatingSize: { width: 92, height: 28 },
+      defaultFloatingSize: { width: 104, height: 28 },
       tableExport: true,
       settings: treasuryAuctionsSettings(),
     },
@@ -72,7 +68,7 @@ export const treasuryAuctionsModule: PluginModule = {
       paneId: TREASURY_AUCTIONS_PANE_ID,
       label: "Treasury Auctions",
       description:
-        "Bill, note, bond, and TIPS auction results from Treasury Fiscal Data: auction rate, bid-to-cover, indirect share, and size.",
+        "Bill, note, bond, and TIPS auction results from Treasury Fiscal Data: rate, stop-out versus average, bid-to-cover, indirect, direct and dealer takedown, and size. Search by benchmark (10Y) or CUSIP.",
       keywords: [
         "treasury",
         "auction",
@@ -85,6 +81,12 @@ export const treasuryAuctionsModule: PluginModule = {
         "bid",
         "cover",
         "indirect",
+        "takedown",
+        "tail",
+        "stop-out",
+        "stop out",
+        "cusip",
+        "reopening",
         "issuance",
       ],
       shortcut: { prefix: "AUCT" },

package/src/plugins/builtin/treasury-auctions/model.ts

@@ -3,8 +3,36 @@ import { compareSortValues, type SortDirection } from "../../../utils/sort-value
 import { AUCTION_HISTORY_DAYS } from "./client";
 import type { TreasuryAuction } from "./types";
 
-/** Windows the Fiscal Data query supports without paging past MAX_PAGES. */
-const AUCTION_HISTORY_WINDOWS = [30, 90, 120, 365] as const;
+/**
+ * History windows in days, ascending: 30 days to 10 years. Fiscal Data keeps
+ * auctions back to 1979, so these are our cap, and each one is walked as a
+ * paged query that stays inside the client's page bound.
+ */
+export const AUCTION_HISTORY_WINDOWS = [30, 90, 120, 365, 1825, 3650] as const;
+
+const AUCTION_HISTORY_LABELS: Record<number, { label: string; phrase: string }> = {
+  30: { label: "30 days", phrase: "the last 30 days" },
+  90: { label: "90 days", phrase: "the last 90 days" },
+  120: { label: "120 days", phrase: "the last 120 days" },
+  365: { label: "1 year", phrase: "the last year" },
+  1825: { label: "5 years", phrase: "the last 5 years" },
+  3650: { label: "10 years", phrase: "the last 10 years" },
+};
+
+/** The window as the settings menu names it: "120 days", "5 years". */
+export function auctionHistoryLabel(days: number): string {
+  return AUCTION_HISTORY_LABELS[days]?.label ?? `${days} days`;
+}
+
+/** The window inside a sentence: "the last 120 days", "the last 5 years". */
+export function auctionHistoryPhrase(days: number): string {
+  return AUCTION_HISTORY_LABELS[days]?.phrase ?? `the last ${days} days`;
+}
+
+/** The next longer window, or null when this one is already the longest. */
+export function nextAuctionHistoryWindow(days: number): number | null {
+  return AUCTION_HISTORY_WINDOWS.find((window) => window > days) ?? null;
+}
 
 /** Pane settings arrive as unvalidated strings, so anything unknown falls back. */
 export function auctionHistoryDays(settings: Record<string, unknown> | undefined): number {
@@ -12,7 +40,11 @@ export function auctionHistoryDays(settings: Record<string, unknown> | undefined
   return (AUCTION_HISTORY_WINDOWS as readonly number[]).includes(value) ? value : AUCTION_HISTORY_DAYS;
 }
 
-export type AuctionColumnId = "date" | "type" | "term" | "rate" | "btc" | "indirect" | "size";
+/** What the search box understands, for empty results and the box's own prompt. */
+export const AUCTION_SEARCH_FIELDS = "type, benchmark (10Y), term, CUSIP, or date (YYYY-MM-DD)";
+
+export type AuctionColumnId =
+  | "date" | "type" | "term" | "rate" | "stopOut" | "btc" | "indirect" | "direct" | "dealer" | "size";
 
 export interface AuctionColumn extends DataTableColumn {
   id: AuctionColumnId;
@@ -33,8 +65,11 @@ export const AUCTION_SORT_COLUMN_IDS: readonly AuctionColumnId[] = [
   "type",
   "term",
   "rate",
+  "stopOut",
   "btc",
   "indirect",
+  "direct",
+  "dealer",
   "size",
 ];
 
@@ -64,16 +99,101 @@ export function nextFilter(current: AuctionFilter): AuctionFilter {
   return AUCTION_FILTERS[(index + 1) % AUCTION_FILTERS.length]!.value;
 }
 
-function matchesAuctionQuery(auction: TreasuryAuction, query: string): boolean {
-  const normalized = query.trim().toLowerCase();
-  if (!normalized) return true;
+type TermUnit = "year" | "month" | "week" | "day";
+type TermParts = Partial<Record<TermUnit, number>>;
+
+/** "29-Year 10-Month" as { year: 29, month: 10 }; null for a term this does not recognize. */
+function termParts(term: string): TermParts | null {
+  const pattern = /(\d+)\s*-\s*(Day|Week|Month|Year)/gi;
+  const components = [...term.matchAll(pattern)];
+  if (!components.length || term.replace(pattern, "").trim()) return null;
+  const parts: TermParts = {};
+  for (const match of components) {
+    const unit = match[2]!.toLowerCase() as TermUnit;
+    parts[unit] = (parts[unit] ?? 0) + Number(match[1]);
+  }
+  return parts;
+}
+
+interface Benchmark {
+  unit: TermUnit;
+  count: number;
+}
+
+/**
+ * The benchmark an auction was sold as. Treasury reopens a security with the
+ * term it has left, a month or two after issue: the 10-year note comes back as
+ * 9-Year 10-Month, the 30-year bond as 29-Year 10-Month, the 2-year FRN as
+ * 1-Year 11-Month. Any term with a year part therefore rounds up to the next
+ * whole year; a bill or CMB term (weeks, days) is its own benchmark. The term
+ * at auction is what the market calls the auction, so a 5-year auction that
+ * reopens an older 7-year note is still the 5Y.
+ */
+function auctionBenchmark(term: string): Benchmark | null {
+  const parts = termParts(term);
+  if (!parts) return null;
+  if (parts.year) {
+    return { unit: "year", count: parts.year + (parts.month || parts.week || parts.day ? 1 : 0) };
+  }
+  const units = Object.keys(parts) as TermUnit[];
+  return units.length === 1 ? { unit: units[0]!, count: parts[units[0]!]! } : null;
+}
+
+const BENCHMARK_QUERY = /^(\d{1,3}) ?-? ?(y|yr|yrs|years?|m|mo|mos|months?|w|wk|wks|weeks?|d|days?)$/;
+
+/** "10Y", "10yr", "10-year" and "10 year" all name the 10-year benchmark. */
+function parseBenchmarkQuery(query: string): Benchmark | null {
+  const match = BENCHMARK_QUERY.exec(query);
+  if (!match) return null;
+  const unit: TermUnit = match[2]![0] === "y" ? "year" : match[2]![0] === "m" ? "month" : match[2]![0] === "w" ? "week" : "day";
+  return { unit, count: Number(match[1]) };
+}
+
+/**
+ * Words that name a security type. A benchmark search leaves TIPS and FRNs
+ * out, because "10Y" means the 10-year note and a 10-year TIPS or the FRN that
+ * reopens as 1-Year 11-Month would bury it; "10Y TIPS" asks for them.
+ */
+const TYPE_WORDS: ReadonlyMap<string, string> = new Map([
+  ["bill", "bill"], ["bills", "bill"], ["note", "note"], ["notes", "note"], ["bond", "bond"], ["bonds", "bond"],
+  ["tips", "tips"], ["frn", "frn"], ["frns", "frn"], ["cmb", "cmb"], ["cmbs", "cmb"],
+]);
+
+/** A partial CUSIP: four or more letters and digits with a digit, so "bill" or "2y" never read as one. */
+function isCusipQuery(query: string): boolean {
+  return /^[a-z0-9]{4,9}$/.test(query) && /\d/.test(query);
+}
+
+function matchesQueryText(auction: TreasuryAuction, text: string, typeNamed: boolean): boolean {
+  const benchmark = parseBenchmarkQuery(text);
+  if (benchmark) {
+    if (!typeNamed && (auction.secType === "TIPS" || auction.secType === "FRN")) return false;
+    // The benchmark it was sold as ("10Y" finds 9-Year 10-Month) or a part of
+    // its term as written ("9-year" finds the same reopening, "10-month" too).
+    const own = auctionBenchmark(auction.securityTerm);
+    const parts = termParts(auction.securityTerm);
+    return (own?.unit === benchmark.unit && own.count === benchmark.count) || parts?.[benchmark.unit] === benchmark.count;
+  }
   return (
-    auction.secType.toLowerCase().includes(normalized)
-    || auction.securityTerm.toLowerCase().includes(normalized)
-    || auction.auctionDate.includes(normalized)
+    auction.secType.toLowerCase().includes(text)
+    || auction.securityTerm.toLowerCase().includes(text)
+    || auction.auctionDate.includes(text)
+    || (isCusipQuery(text) && !!auction.cusip?.toLowerCase().includes(text))
   );
 }
 
+function matchesAuctionQuery(auction: TreasuryAuction, query: string): boolean {
+  const normalized = query.trim().toLowerCase().replace(/\s+/g, " ");
+  if (!normalized) return true;
+  if (matchesQueryText(auction, normalized, false)) return true;
+  // "10Y TIPS" or "tips 10-year": a type word plus the rest of the search.
+  const words = normalized.split(" ");
+  const typeIndex = words.findIndex((word) => TYPE_WORDS.has(word));
+  if (typeIndex < 0 || auction.secType.toLowerCase() !== TYPE_WORDS.get(words[typeIndex]!)) return false;
+  const rest = words.filter((_, index) => index !== typeIndex).join(" ");
+  return !rest || matchesQueryText(auction, rest, true);
+}
+
 function auctionDateValue(value: string): number {
   const timestamp = Date.parse(`${value}T00:00:00Z`);
   return Number.isFinite(timestamp) ? timestamp : 0;
@@ -95,15 +215,49 @@ export function termLengthDays(term: string): number {
   }, 0);
 }
 
+/** A bidder class's accepted dollars as a share of competitive accepted, which excludes noncompetitive, FIMA and SOMA add-on awards. */
+function competitiveSharePct(accepted: number | null, auction: TreasuryAuction): number | null {
+  if (accepted == null || !auction.competitiveAccepted) return null;
+  return (accepted / auction.competitiveAccepted) * 100;
+}
+
 /**
- * Indirect takedown, as Treasury reports it: a share of competitive accepted,
- * which excludes noncompetitive, FIMA and SOMA add-on awards. Zero indirect
- * bidding is a real, and notable, outcome, so only a missing leg or an
- * unusable total is unknown.
+ * Indirect takedown, as Treasury reports it: a share of competitive accepted.
+ * Zero indirect bidding is a real, and notable, outcome, so only a missing leg
+ * or an unusable total is unknown.
  */
 export function indirectPct(auction: TreasuryAuction): number | null {
-  if (auction.indirectAccepted == null || !auction.competitiveAccepted) return null;
-  return (auction.indirectAccepted / auction.competitiveAccepted) * 100;
+  return competitiveSharePct(auction.indirectAccepted, auction);
+}
+
+/** Direct takedown, on the same denominator as indirectPct. */
+export function directPct(auction: TreasuryAuction): number | null {
+  return competitiveSharePct(auction.directAccepted, auction);
+}
+
+/** Primary dealer takedown, on the same denominator as indirectPct. */
+export function dealerPct(auction: TreasuryAuction): number | null {
+  return competitiveSharePct(auction.primaryDealerAccepted, auction);
+}
+
+/**
+ * The stop-out (high yield) minus the average/median yield Treasury publishes
+ * for the same auction, in basis points; a wider gap means the last dollars
+ * had to clear well above where most of the auction priced. Bills compare
+ * discount rates, which is how they trade. FRNs and auctions missing either
+ * leg are null.
+ *
+ * This is not a tail: a tail is the stop-out against the 1 pm when-issued
+ * yield, which the source does not carry.
+ */
+export function stopOutVsAverageBp(auction: TreasuryAuction): number | null {
+  if (auction.secType === "FRN") return null;
+  const bill = FILTER_TYPES.bill.has(auction.secType);
+  const high = bill ? auction.highDiscountRate : auction.highYield;
+  const average = bill ? auction.avgMedDiscountRate : auction.avgMedYield;
+  if (high == null || average == null) return null;
+  // Rates arrive to three decimals, so hundredths of a basis point only hide float noise.
+  return Math.round((high - average) * 100 * 100) / 100;
 }
 
 /**
@@ -149,8 +303,11 @@ function sortValue(auction: TreasuryAuction, columnId: AuctionColumnId): number
       return days === Number.MAX_SAFE_INTEGER ? null : days;
     }
     case "rate": return rateValue(auction);
+    case "stopOut": return stopOutVsAverageBp(auction);
     case "btc": return auction.bidToCoverRatio;
     case "indirect": return indirectPct(auction);
+    case "direct": return directPct(auction);
+    case "dealer": return dealerPct(auction);
     case "size": return auctionSize(auction);
   }
 }
@@ -180,21 +337,31 @@ export function firstAuctionSortDirection(columnId: AuctionColumnId): SortDirect
   return columnId === "type" || columnId === "term" ? "asc" : "desc";
 }
 
-/** TERM takes the spare width; the table adds the gaps and header room itself. */
-export function buildAuctionColumns(): AuctionColumn[] {
-  const dateWidth = 8;
-  const typeWidth = 6;
-  const rateWidth = 8;
-  const btcWidth = 6;
-  const indirectWidth = 9;
-  const sizeWidth = 8;
+/**
+ * "Oct 13" is ambiguous once a window spans years, so a window past a year
+ * dates its rows in full (2026-10-13), the way the search takes a date.
+ */
+export function auctionDatesShowYear(historyDays: number): boolean {
+  return historyDays > 365;
+}
+
+/**
+ * Widths are the data's own; the table widens a column to its label plus the
+ * sort arrow. All ten columns then take 93 cells. TERM takes the spare width
+ * but never less than the longest term ("29-Year 10-Month"), so a narrower
+ * pane scrolls sideways instead of clipping it.
+ */
+export function buildAuctionColumns(showYear = false): AuctionColumn[] {
   return [
-    { id: "date", label: "DATE", width: dateWidth, align: "left" },
-    { id: "type", label: "TYPE", width: typeWidth, align: "left" },
-    { id: "term", label: "TERM", width: 10, align: "left", flexGrow: 1 },
-    { id: "rate", label: "RATE", width: rateWidth, align: "right" },
-    { id: "btc", label: "B/C", width: btcWidth, align: "right" },
-    { id: "indirect", label: "INDIRECT", width: indirectWidth, align: "right" },
-    { id: "size", label: "SIZE", width: sizeWidth, align: "right" },
+    { id: "date", label: "DATE", width: showYear ? 10 : 6, align: "left" },
+    { id: "type", label: "TYPE", width: 6, align: "left" },
+    { id: "term", label: "TERM", width: 16, align: "left", flexGrow: 1 },
+    { id: "rate", label: "RATE", width: 7, align: "right" },
+    { id: "stopOut", label: "VS AVG", width: 7, align: "right" },
+    { id: "btc", label: "B/C", width: 5, align: "right" },
+    { id: "indirect", label: "INDIRECT", width: 8, align: "right" },
+    { id: "direct", label: "DIRECT", width: 6, align: "right" },
+    { id: "dealer", label: "DEALER", width: 6, align: "right" },
+    { id: "size", label: "SIZE", width: 7, align: "right" },
   ];
 }

package/src/plugins/builtin/treasury-auctions/pane.tsx

@@ -28,11 +28,16 @@ import { useAutoRefresh } from "../../../react/auto-refresh";
 import { loadTreasuryAuctions } from "./cache";
 import {
   AUCTION_FILTERS,
+  AUCTION_SEARCH_FIELDS,
   AUCTION_SORT_COLUMN_IDS,
   DEFAULT_AUCTION_SORT,
+  auctionDatesShowYear,
   auctionHistoryDays,
+  auctionHistoryPhrase,
   auctionSize,
   buildAuctionColumns,
+  dealerPct,
+  directPct,
   firstAuctionSortDirection,
   formatAuctionRate,
   indirectPct,
@@ -40,6 +45,7 @@ import {
   nextFilter,
   rateLabel,
   rateValue,
+  stopOutVsAverageBp,
   visibleAuctions,
   type AuctionColumn,
   type AuctionColumnId,
@@ -63,6 +69,11 @@ function formatPct(value: number | null): string {
   return value == null ? "—" : `${value.toFixed(1)}%`;
 }
 
+/** The stop-out against the average reads in basis points, like an FRN margin. */
+function formatBp(value: number | null): string {
+  return value == null ? "—" : `${value.toFixed(1)}bp`;
+}
+
 function formatMoney(value: number | null): string {
   return value == null ? "—" : `$${formatCompact(value)}`;
 }
@@ -84,19 +95,14 @@ function secTypeColor(secType: string, selected: boolean): string {
   }
 }
 
-// Stable table adapters so memoized rows survive pane re-renders.
+// Stable table adapter so memoized rows survive pane re-renders.
 const auctionKey = (auction: TreasuryAuction) => auction.id;
-const renderAuctionRow = (
-  auction: TreasuryAuction,
-  column: AuctionColumn,
-  _index: number,
-  rowState: { selected: boolean },
-) => renderAuctionCell(auction, column, rowState);
 
 function renderAuctionCell(
   auction: TreasuryAuction,
   column: AuctionColumn,
   rowState: { selected: boolean },
+  showYear: boolean,
 ): DataTableCell {
   const selected = rowState.selected ? colors.selectedText : undefined;
   const dimmed = selected ?? colors.textDim;
@@ -106,7 +112,7 @@ function renderAuctionCell(
       // Announced auctions have no results yet; every metric cell reads "—",
       // so the date carries the distinction instead of a second placeholder.
       return {
-        text: formatShortDate(auction.auctionDate, { year: false, utc: true, fallback: "\u2014" }),
+        text: showYear ? auction.auctionDate : formatShortDate(auction.auctionDate, { year: false, utc: true, fallback: "\u2014" }),
         color: rowState.selected ? colors.selectedText : isPendingAuction(auction) ? colors.textBright : colors.textDim,
       };
     case "type":
@@ -119,10 +125,16 @@ function renderAuctionCell(
       return { text: auction.securityTerm, color: selected ?? colors.text };
     case "rate":
       return { text: formatAuctionRate(auction, rateValue(auction), "—"), color: selected ?? colors.textBright };
+    case "stopOut":
+      return { text: formatBp(stopOutVsAverageBp(auction)), color: selected ?? colors.text };
     case "btc":
       return { text: formatRatio(auction.bidToCoverRatio), color: selected ?? colors.text };
     case "indirect":
       return { text: formatPct(indirectPct(auction)), color: selected ?? colors.text };
+    case "direct":
+      return { text: formatPct(directPct(auction)), color: selected ?? colors.text };
+    case "dealer":
+      return { text: formatPct(dealerPct(auction)), color: selected ?? colors.text };
     case "size":
       return { text: formatMoney(auctionSize(auction)), color: dimmed };
   }
@@ -140,12 +152,16 @@ function TreasuryAuctionDetail({ auction, width }: { auction: TreasuryAuction; w
         <Box flexDirection="row" height={1} gap={2}>
           <Text fg={colors.textDim}>{formatShortDate(auction.auctionDate, { utc: true, fallback: "\u2014" })}</Text>
           {isPendingAuction(auction) && <Text fg={colors.textDim}>results pending</Text>}
+          {auction.cusip && <Text fg={colors.textDim}>{auction.cusip}</Text>}
         </Box>
         <Box height={1} />
         <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label={rateLabel(auction)} value={formatAuctionRate(auction, rateValue(auction), "—")} />
         {auction.avgMedYield != null && (
           <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="Median yield" value={formatRate(auction.avgMedYield)} />
         )}
+        {stopOutVsAverageBp(auction) != null && (
+          <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="Stop-out vs average" value={formatBp(stopOutVsAverageBp(auction))} />
+        )}
         <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="Bid-to-cover" value={formatRatio(auction.bidToCoverRatio)} />
         <Box height={1} />
         <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="High price" value={auction.highPrice?.toFixed(4) ?? "—"} />
@@ -156,6 +172,7 @@ function TreasuryAuctionDetail({ auction, width }: { auction: TreasuryAuction; w
         <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="Total accepted" value={formatMoney(auction.totalAccepted)} />
         <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="Competitive" value={share(auction.competitiveAccepted, auction.totalAccepted)} />
         <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="Indirect" value={share(auction.indirectAccepted, auction.competitiveAccepted)} />
+        <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="Direct" value={share(auction.directAccepted, auction.competitiveAccepted)} />
         <KeyValueRow labelWidth={22} width={Math.max(1, width - 2)} emphasis={false} label="Primary dealer" value={share(auction.primaryDealerAccepted, auction.competitiveAccepted)} />
       </Box>
     </ScrollBox>
@@ -252,7 +269,14 @@ export function TreasuryAuctionsPane({ focused, width, height }: PaneProps) {
     return handlePaneKey(event);
   }, [focusSearch, handlePaneKey]);
 
-  const columns = useMemo(() => buildAuctionColumns(), []);
+  const showYear = auctionDatesShowYear(historyDays);
+  const columns = useMemo(() => buildAuctionColumns(showYear), [showYear]);
+  const renderAuctionRow = useCallback((
+    auction: TreasuryAuction,
+    column: AuctionColumn,
+    _index: number,
+    rowState: { selected: boolean },
+  ) => renderAuctionCell(auction, column, rowState, showYear), [showYear]);
 
   usePaneFooter(TREASURY_AUCTIONS_PANE_ID, () => {
     const info = loadingErrorFooterInfo(loading, error);
@@ -335,7 +359,7 @@ export function TreasuryAuctionsPane({ focused, width, height }: PaneProps) {
             search={{
               value: searchQuery,
               onChange: setSearchQuery,
-              placeholder: "type, term, or date",
+              placeholder: "type, 10Y, CUSIP, or date",
               focused: focused && !detailOpen,
               ...searchProps,
             }}
@@ -365,7 +389,7 @@ export function TreasuryAuctionsPane({ focused, width, height }: PaneProps) {
         getItemKey={auctionKey}
         renderCell={renderAuctionRow}
         emptyStateTitle={searchQuery.trim() ? "No matching auctions." : "No recent auctions."}
-        emptyStateHint={searchQuery.trim() ? "Clear search." : undefined}
+        emptyStateHint={`${searchQuery.trim() ? "Searched" : "Showing"} ${auctionHistoryPhrase(historyDays)}; older auctions are in the History window setting. Search by ${AUCTION_SEARCH_FIELDS}.`}
       />
     </Box>
   );

package/src/plugins/builtin/treasury-auctions/types.ts

@@ -20,8 +20,13 @@ export interface TreasuryAuction {
   highInvestmentRate: number | null;
   /** FRN high discount margin over the 13-week bill index, in percentage points. */
   highDiscountMargin?: number | null;
-  /** High yield, reported by Notes, Bonds, and TIPS. */
+  /** Bill high (stop-out) discount rate, in percentage points. */
+  highDiscountRate: number | null;
+  /** Bill average discount rate, in percentage points. */
+  avgMedDiscountRate: number | null;
+  /** High (stop-out) yield, reported by Notes, Bonds, and TIPS. */
   highYield: number | null;
+  /** Median yield for notes, bonds and TIPS, as Treasury publishes it. */
   avgMedYield: number | null;
   highPrice: number | null;
   lowPrice: number | null;
@@ -31,6 +36,8 @@ export interface TreasuryAuction {
   competitiveAccepted: number | null;
   /** Indirect bidder accepted dollars, including customers bidding through direct submitters. */
   indirectAccepted: number | null;
+  /** Direct bidder accepted dollars: investors bidding for their own account. */
+  directAccepted: number | null;
   /** Primary dealer accepted dollars. */
   primaryDealerAccepted: number | null;
   totalAccepted: number | null;
@@ -53,10 +60,13 @@ export interface TreasuryAuctionRaw {
   bid_to_cover_ratio?: string;
   comp_accepted?: string;
   indirect_bidder_accepted?: string;
+  direct_bidder_accepted?: string;
   primary_dealer_accepted?: string;
   total_accepted?: string;
   offering_amt?: string;
   inflation_index_security?: string;
   floating_rate?: string;
   high_discnt_margin?: string;
+  high_discnt_rate?: string;
+  avg_med_discnt_rate?: string;
 }

package/src/plugins/builtin/vol-surface/charts.tsx

@@ -6,10 +6,8 @@ import { useThemeColors } from "../../../theme/theme-context";
 import { Box, ScrollBox, Text } from "../../../ui";
 import { evaluateSmile, optionDelta } from "../shared/volatility";
 import { buildSurfaceGrid, evaluateSurfaceSmile, type SurfaceExpiry, type SurfaceSnapshot } from "./model";
+import { expiryLabel, formatPrice } from "./tables";
 
-export const formatIv = (value: number | null | undefined) => value == null || !Number.isFinite(value) ? "--" : `${(value * 100).toFixed(2)}%`;
-export const formatPrice = (value: number | null | undefined) => value == null || !Number.isFinite(value) ? "--" : value.toFixed(2);
-export const expiryLabel = (expiration: number) => new Date(expiration * 1000).toISOString().slice(0, 10);
 const point = (x: number, y: number): ProjectedChartPoint => ({ date: new Date(Math.round(x * 1_000_000)), open: y, high: y, low: y, close: y, volume: 0 });
 
 export function SmileChart({ snapshot, expiry, overlay, axis, width, height, focused = false }: {