How to tell if the US Treasury is having trouble borrowing in the bond market
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The U.S. Treasury is borrowing heavily due to budget deficits; concerns arise about investors' willingness to lend; the primary measure is the interest rate; other metrics include bid-to-cover ratio, when-issued yield vs. auction yield, and who is buying; a failed auction is unlikely but possible if primary dealers don't bid; bond market analysts also track foreign participation and measures from the secondary market; disruptions in the Treasury market have occurred in the past; market depth is a gauge of the secondary market's health.

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https://www.brookings.edu/articles/how-to-tell-if-the-us-treasury-is-having-trouble-borrowing-in-the-bond-market/