Treasury auctions · 26-week bill

What was the rate at the latest 26-week Treasury bill auction?

The 26-week bill auctioned on sold at a discount rate of 4.200% (investment rate 4.351%), bid-to-cover 2.76.

Last updated . This page normally updates every week; the latest update is late.

Discount rate at each 26-week bill auction

2,442 auctions with results since 28 Dec 1979200 on this page

Discount rate at each 26-week bill auction, 27 Dec 2022 to 19 Oct 2026
Discount rate at each 26-week bill auction, 21 Oct 2024 to 19 Oct 2026

The linesLatest:

  • Discount rate4.200%
  • Investment rate4.351%

Bid-to-cover ratio at each 26-week bill auction

2,442 auctions with results since 28 Dec 1979200 on this page

Bid-to-cover ratio at each 26-week bill auction, 27 Dec 2022 to 19 Oct 2026
Bid-to-cover ratio at each 26-week bill auction, 21 Oct 2024 to 19 Oct 2026

Who bought each 26-week bill auction: shares of the competitive bids accepted

2,442 auctions with results since 28 Dec 1979200 on this page

Who bought each 26-week bill auction: shares of the competitive bids accepted, 27 Dec 2022 to 19 Oct 2026
Who bought each 26-week bill auction: shares of the competitive bids accepted, 21 Oct 2024 to 19 Oct 2026

The linesLatest:

  • Indirect bidders66.3%
  • Direct bidders10.5%
  • Primary dealers23.2%

Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".

Select a line to followLatest:

Inspect and compare dates

The latest 26-week bill auction beside the one before it and the nearest ones a year, five and ten years earlier.

The 26-week bill auction of 13 Oct 2026 beside earlier ones
MeasureLatestThe auction beforeA year earlier
Auction
Discount rate, %–4.2003.685
Investment rate, %–4.3513.807
Bid-to-cover–2.762.95
Indirect bidders, %–66.370.0
Direct bidders, %–10.58.1
Primary dealers, %–23.221.9
Sold, $ billion–86.66579.503

Observed .

Right now

The high discount rate was 4.200% on 13 October 2026, up from 4.165% at the auction before.

The indirect bidders' share of 66.3% was the highest for a 26-week bill since 13 July 2026, with 12 auctions in between.

The primary dealers' share of 23.2% was the lowest for a 26-week bill since 17 February 2026, with 33 auctions in between.

Higher than 851 of the 966 since 7 April 2008

Its own history

Against the previous 24 26-week bill auctions, the primary dealers' share was lower than all 24.

The discount rate was higher than 23 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted at the 13 Oct 2026 auction.

  • Indirect bidders 66.3%
  • Direct bidders 10.5%
  • Primary dealers 23.2%

Size

Treasury offered $82 billion and sold $86.665 billion on 13 Oct 2026.

Next

Treasury has announced no 26-week bill auction yet; its tentative schedule names these dates.

  • Tentative
  • Tentative
  • Tentative
  • Tentative

See every auction announced and scheduled

Understanding the 26-week bill auction

Where it stands today

The high discount rate was 4.200% at the 26-week bill auction of , with a bid-to-cover ratio of 2.76.

What do these figures measure?

The high discount rate is the highest rate Treasury accepted; every winning bidder gets it. The investment rate states the same result as a bond-equivalent yield. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted.

Read more

What these figures cannot tell

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The cost over the bill's life in other terms. The discount rate is Treasury's quoting convention; the investment rate states the same result as a bond-equivalent yield.
  • Demand on another day. Bill sizes change week to week, so a bid-to-cover ratio is comparable only with care.

The numbers behind the chart

How does the latest auction compare with earlier ones?Every measure, window by window
  • Indirect bidders' share: Highest for a 26-week bill since 13 July 2026 (12 auctions in between).
  • Primary dealers' share: Lowest for a 26-week bill since 17 February 2026 (33 auctions in between).
Each measure against earlier 26-week bill auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.76Last 12 auctions8 of 124 of 122.86
Bid-to-cover ratio2.76Last 24 auctions16 of 247 of 242.84
Bid-to-cover ratio2.76Since 7 April 2008855 of 966107 of 9663.23
Bid-to-cover ratio2.76All 1408 since 18 October 1999949 of 1408455 of 14083.04
High discount rate4.200Last 12 auctions1 of 1211 of 123.888
High discount rate4.200Last 24 auctions1 of 2423 of 243.832
High discount rate4.200Since 7 April 2008114 of 966851 of 9660.442
High discount rate4.200All 2441 since 28 December 19791187 of 24411251 of 24414.125
Indirect bidders' share66.3Last 12 auctions0 of 1212 of 1260.0
Indirect bidders' share66.3Last 24 auctions2 of 2422 of 2459.1
Indirect bidders' share66.3All 966 since 7 April 200863 of 966903 of 96646.4
Direct bidders' share10.5Last 12 auctions5 of 127 of 1210.4
Direct bidders' share10.5Last 24 auctions5 of 2419 of 249.4
Direct bidders' share10.5All 966 since 7 April 2008132 of 966834 of 9665.8
Primary dealers' share23.2Last 12 auctions12 of 120 of 1230.4
Primary dealers' share23.2Last 24 auctions24 of 240 of 2431.7
Primary dealers' share23.2All 966 since 7 April 2008940 of 96626 of 96647.3
High minus median, basis points2.5Last 12 auctions7 of 123 of 123.0
High minus median, basis points2.5Last 24 auctions14 of 247 of 243.0
High minus median, basis points2.5Since 7 April 2008277 of 966590 of 9662.0
High minus median, basis points2.5All 2441 since 28 December 1979368 of 24411939 of 24411.0

The table scrolls sideways; the first column stays in place.

What were the results of every 26-week bill auction?Page 1 of 13: 200 auctions, newest first

2,442 26-week bill auctions with results since 28 December 1979; this page holds 200 of them, newest first.

26-week bill auctions, newest first
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
26-WeekNo result––82.000––––
26-Week, reopening4.2004.3512.7682.00086.66566.310.523.2
26-Week4.1654.3142.7982.00088.17763.210.626.2
26-Week4.2854.4412.6482.00089.84560.39.530.2
26-Week4.1554.3032.6279.00084.33654.911.733.4
26-Week, reopening4.0604.2032.7479.00086.05360.86.233.1
26-Week3.8904.0232.8879.00085.06964.48.527.1
26-Week3.8854.0182.6379.00083.76347.39.343.4
26-Week3.7903.9183.0579.00082.55960.211.228.6
26-Week, reopening3.7803.9072.9779.00084.77564.910.524.6
26-Week3.8303.9602.8579.00083.78654.58.936.7
26-Week3.8553.9862.9879.00085.26357.010.332.7
Show 188 more rows
26-week bill auctions, newest first (continued)
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
26-Week3.9454.0813.1279.00084.55259.710.629.6
26-Week, reopening3.8353.9652.9479.00083.81058.411.030.6
26-Week3.8603.9923.1179.00082.20366.58.125.4
26-Week3.8303.9603.0579.00083.19559.89.630.5
26-Week3.8403.9702.5879.00084.11956.47.236.4
26-Week, reopening3.8403.9702.5177.00082.28853.04.043.0
26-Week3.6803.8022.7677.00083.45570.16.623.3
26-Week3.6903.8122.7577.00081.95253.95.540.6
26-Week3.6653.7862.8477.00081.87556.49.634.0
26-Week, reopening3.6503.7712.7777.00079.96857.48.434.2
26-Week3.6153.7333.0777.00081.64763.29.227.6
26-Week3.6153.7332.9177.00081.83256.08.835.3
26-Week3.6103.7282.7977.00081.88253.910.335.8
26-Week, reopening3.5903.7072.9577.00082.34364.69.825.7
26-Week3.5903.7072.8977.00082.53756.510.832.7
26-Week3.6103.7282.8477.00080.04161.19.229.7
26-Week3.6153.7333.0677.00082.62059.610.030.4
26-Week, reopening3.6053.7232.8377.00081.37660.78.830.6
26-Week3.6303.7493.0377.00080.81564.510.724.8
26-Week3.5703.6862.6477.00083.17450.67.541.9
26-Week3.5353.6493.0977.00081.38666.68.125.3
26-Week, reopening3.5353.6493.1077.00079.58865.19.125.8
26-Week3.5253.6393.0377.00079.88761.710.128.2
26-Week3.5003.6133.0877.00080.51868.39.422.4
26-Week3.5003.6133.0977.00081.48870.88.021.3
26-Week, reopening3.5253.6393.0877.00080.48259.79.031.3
26-Week3.5253.6393.0777.00080.55867.38.624.1
26-Week3.5203.6342.9577.00080.34661.66.232.2
26-Week3.4903.6023.1777.00079.52269.19.921.0
26-Week, reopening3.4753.5863.2877.00080.96762.911.825.3
26-Week3.5003.6122.5277.00081.56642.38.749.0
26-Week3.4853.5963.1877.00080.54172.86.420.8
26-Week3.4953.6072.8477.00079.71956.08.835.1
26-Week, reopening3.5803.6973.0177.00080.32059.910.329.7
26-Week3.6353.7543.0277.00079.07769.110.820.1
26-Week3.6703.7912.7777.00080.56359.79.530.8
26-Week3.7103.8332.8077.00080.73960.79.130.2
26-Week, reopening3.6903.8122.9577.00081.91159.28.732.0
26-Week3.7003.8232.9277.00080.63466.19.724.2
26-Week3.6403.7603.0677.00081.31570.27.722.0
26-Week3.6603.7813.0277.00079.66865.69.025.5
26-Week, reopening3.6853.8072.9577.00079.50370.08.121.9
26-Week3.6953.8183.0475.00078.68362.69.228.2
26-Week3.7153.8393.0073.00077.19366.38.425.4
26-Week3.7053.8283.0173.00075.98965.410.124.5
26-Week, reopening3.7153.8393.0973.00075.05067.06.926.1
26-Week3.7303.8543.1773.00075.41867.89.622.6
26-Week3.8804.0132.7073.00074.46954.711.034.3
26-Week3.9154.0503.3673.00076.16169.514.216.4
26-Week, reopening3.9454.0812.9573.00076.43366.110.223.7
26-Week3.9704.1083.2173.00077.98971.98.519.6
26-Week3.9804.1183.1473.00077.07174.69.116.3
26-Week4.1204.2663.3673.00077.36269.19.621.3
26-Week, reopening4.1154.2613.0673.00075.81161.611.027.3
26-Week4.1254.2713.1073.00075.97865.610.623.8
26-Week4.1454.2933.0073.00077.20264.311.724.0
26-Week4.1104.2562.7771.00075.79061.58.729.8
26-Week, reopening4.1204.2672.7068.00070.88554.47.438.1
26-Week4.1554.3032.7368.00069.61956.111.332.6
26-Week4.1504.2982.7468.00070.22350.512.037.5
26-Week4.1504.2983.1368.00069.47659.411.329.3
26-Week, reopening4.1604.3092.9568.00071.82954.99.735.5
26-Week4.1404.2872.5968.00072.25250.510.638.9
26-Week4.1054.2503.2668.00073.97065.112.822.1
26-Week4.0904.2343.5268.00072.12267.19.223.7
26-Week, reopening4.0654.2082.8068.00073.02359.710.030.3
26-Week4.0504.1922.9368.00070.96963.313.423.3
26-Week4.0604.2032.8068.00071.33166.89.523.7
26-Week4.0004.1392.7968.00071.82771.94.223.9
26-Week, reopening4.0704.2132.9968.00072.33872.14.723.2
26-Week4.0854.2293.2768.00068.79373.75.620.7
26-Week4.1004.2453.0168.00068.19166.77.026.3
26-Week4.0754.2193.0368.00068.68566.68.025.3
26-Week, reopening4.1354.2823.2768.00068.53268.87.723.5
26-Week4.1804.3303.0568.00071.25762.614.123.3
26-Week4.2204.3722.6370.00073.65751.711.736.6
26-Week4.1854.3352.8672.00078.35556.210.033.8
26-Week, reopening4.1554.3033.0472.00077.54467.97.224.9
26-Week4.1404.2872.9272.00079.11760.68.131.3
26-Week4.1654.3143.0472.00075.93362.212.825.0
26-Week4.1804.3302.8172.00076.15356.811.731.5
26-Week, reopening4.1104.2563.2072.00075.86770.58.021.6
26-Week4.1354.2823.0372.00076.26969.87.822.5
26-Week4.1704.3192.8772.00073.41076.52.620.9
26-Week4.1604.3093.2972.00072.28268.011.320.7
26-Week, reopening4.2004.3512.9072.00073.15362.67.729.7
26-Week4.3054.4623.0272.00072.77763.96.829.3
26-Week4.3404.4982.6972.00076.98357.14.438.5
26-Week4.3104.4672.8772.00077.26273.04.622.4
26-Week, reopening4.3104.4672.7372.00078.54753.99.336.9
26-Week4.2604.4143.0072.00077.68671.58.220.3
26-Week4.3254.4833.2572.00079.30971.27.921.0
26-Week4.3104.4672.9272.00076.05064.09.126.9
26-Week, reopening4.2704.4253.0572.00076.33363.79.127.1
26-Week4.3054.4623.3872.00075.94261.210.128.7
26-Week4.2154.3673.2872.00076.49174.33.322.4
26-Week4.2704.4253.4270.00070.90864.07.628.5
26-Week, reopening4.4104.5732.9870.00070.24062.14.833.0
26-Week4.5304.7012.9870.00070.85963.26.530.3
26-Week4.6454.8233.0870.00070.79968.66.325.1
26-Week4.6854.8653.0570.00074.88060.04.635.4
26-Week, reopening4.7704.9563.0570.00075.15858.27.234.6
26-Week4.7954.9822.7370.00076.40553.77.938.4
26-Week4.7004.8812.6770.00075.61554.53.941.6
26-Week4.9305.1262.9570.00077.19872.96.021.1
26-Week, reopening4.9905.1902.8570.00073.97059.78.731.6
26-Week4.9855.1852.8570.00074.12465.97.326.8
26-Week5.0805.2862.9570.00073.94464.18.227.7
26-Week5.1155.3232.9970.00074.32065.78.625.7
26-Week, reopening5.1405.3503.1670.00071.42266.24.329.5
26-Week5.1505.3612.8270.00070.34061.56.332.2
26-Week5.1655.3773.0970.00071.49758.49.132.5
26-Week5.1555.3662.9570.00070.78359.29.131.8
26-Week, reopening5.1705.3833.0670.00075.30762.08.529.5
26-Week5.1605.3722.9270.00075.58162.95.032.1
26-Week5.1655.3773.0270.00076.95961.27.331.5
26-Week5.1555.3662.9170.00075.98767.78.623.7
26-Week, reopening5.1655.3772.9870.00077.78862.69.428.0
26-Week5.1605.3722.8070.00074.29763.69.626.8
26-Week5.1555.3662.7970.00074.73061.010.228.8
26-Week5.1205.3293.0070.00074.09465.47.427.2
26-Week, reopening5.1255.3342.8570.00074.66167.25.527.2
26-Week5.1055.3132.7270.00070.47366.13.830.1
26-Week5.1305.3402.7670.00070.16056.83.639.6
26-Week5.1005.3082.9570.00070.29461.46.032.6
26-Week, reopening5.1055.3132.5970.00070.27651.78.240.1
26-Week5.1305.3402.9270.00074.87370.11.928.0
26-Week5.1005.3222.9670.00075.17762.85.831.5
26-Week5.0655.2852.7770.00076.39964.94.930.2
26-Week, reopening5.0455.2632.9170.00075.60859.35.934.8
26-Week4.9855.1993.1470.00077.22573.64.322.1
26-Week5.0205.2372.9270.00073.98270.16.823.1
26-Week4.9755.1883.1768.00071.87268.65.426.0
26-Week, reopening5.0305.2473.0668.00071.72357.65.337.1
26-Week5.0455.2643.0668.00072.16662.97.729.4
26-Week5.0805.3013.2368.00070.34871.60.527.9
26-Week5.1305.3543.1068.00068.50766.62.730.7
26-Week, reopening5.1905.4193.0368.00069.39049.54.546.1
26-Week5.1905.4192.6668.00069.25243.610.246.2
26-Week5.2405.4723.0168.00073.11459.13.837.1
26-Week5.2305.4612.5568.00073.31845.45.549.1
26-Week, reopening5.2705.5042.7568.00074.55657.73.738.6
26-Week5.2605.4942.9268.00073.64658.87.733.5
26-Week5.3205.5582.9068.00075.42258.07.234.8
26-Week5.3255.5642.7068.00072.21451.18.640.3
26-Week, reopening5.3355.5742.9168.00072.38864.52.832.7
26-Week5.3205.5582.7966.00070.08259.25.135.7
26-Week5.3405.5802.8864.00068.72666.92.830.3
26-Week5.3155.5532.9162.00064.45058.95.136.0
26-Week, reopening5.3005.5373.0562.00062.65960.55.134.4
26-Week5.3005.5373.1562.00063.71770.52.427.0
26-Week5.3005.5373.0262.00063.67863.12.634.3
26-Week5.3505.5903.1762.00066.72965.62.332.2
26-Week, reopening5.2955.5312.9562.00067.08362.12.835.1
26-Week5.2905.5262.7862.00068.38959.04.936.1
26-Week5.2655.4992.9260.00065.70963.95.031.1
26-Week5.2705.5042.9558.00065.19171.02.926.1
26-Week, reopening5.2705.5042.8958.00062.46663.53.133.5
26-Week5.2505.4833.0558.00062.61768.42.529.0
26-Week5.2705.5042.9358.00062.57965.22.432.3
26-Week5.2605.4943.0258.00062.88267.01.531.5
26-Week, reopening5.2155.4452.7358.00062.61559.42.438.2
26-Week5.1705.3972.6558.00059.22355.04.240.8
26-Week5.1555.3813.0258.00061.44665.22.432.4
26-Week5.2505.4833.1458.00060.96161.73.135.2
26-Week, reopening5.2905.5262.5856.00060.47550.02.147.9
26-Week5.1705.3982.9654.00059.52864.73.332.1
26-Week4.9805.1942.6151.00057.67652.33.144.6
26-Week4.8905.0982.8348.00053.49760.51.837.7
26-Week, reopening4.9005.1082.6048.00055.08655.11.942.9
26-Week4.8405.0442.7748.00053.22963.52.933.6
26-Week4.8705.0762.7848.00053.52067.02.630.5
26-Week4.7954.9962.7048.00052.83152.33.044.7
26-Week, reopening4.7054.9002.7948.00053.57861.12.236.7
26-Week4.6504.8412.8548.00053.31865.01.733.3
26-Week4.6204.8092.8748.00049.44957.12.240.7
26-Week4.7004.8952.2948.00051.49233.94.561.6
26-Week, reopening4.9705.1832.8048.00051.40456.12.940.9
26-Week4.9405.1512.8048.00052.95655.02.342.7
26-Week4.9155.1102.7148.00052.90453.94.042.1
26-Week4.8405.0302.5448.00054.03855.82.441.8
26-Week, reopening4.7554.9402.6348.00053.28749.32.847.9
26-Week4.6804.8602.9348.00054.83660.63.535.8
26-Week4.6854.8652.7648.00053.13463.72.334.0
26-Week4.6854.8652.6848.00053.17246.86.946.3
26-Week, reopening4.7104.8922.4848.00052.93739.15.855.1
26-Week4.6354.8122.7845.00050.77558.12.439.4
26-Week4.6004.7752.5645.00050.95740.63.456.0

The table scrolls sideways; the first column stays in place.

When are the next 26-week bill auctions?Treasury's tentative schedule, from its quarterly refunding
Tentative 26-week bill auction dates
AuctionIssueAnnouncementSettles
–
–
–
–
–
–
–
–
–
–
–
–
–
–

Tentative: Treasury plans these dates in its quarterly refunding and may change them; amounts come with each announcement.

What do the figures leave out, and how are they cited?Limits, dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 13 October 2026. Compiled by 500metrics, "What was the rate at the latest 26-week Treasury bill auction?", https://500metrics.com/treasury/auctions/26-week-bill.

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