What does BID-TO-COVER mean?

BID-TO-COVER meaning in Law Dictionary

in america, the amount of BIDS received in an auction of TREASURY EXPENSES, NOTES, or BONDS versus the amount actually accepted. The larger the bidtocover ratio the greater the demand by people, therefore the more successful the auction. A reduced bidtocover ratio reflects a weak auction, and can even be characterized by an extended TAIL (i.e., an extensive differential amongst the average and high yields).