Treasury auctions · 8-week bill

What was the rate at the latest 8-week Treasury bill auction?

The 8-week bill auctioned on sold at a discount rate of 4.050% (investment rate 4.132%), bid-to-cover 2.26.

Discount rate at each 8-week bill auction

419 auctions with results since 16 Oct 2018200 on this page

Discount rate at each 8-week bill auction, 22 Dec 2022 to 15 Oct 2026
Discount rate at each 8-week bill auction, 17 Oct 2024 to 15 Oct 2026

The linesLatest:

  • Discount rate4.050%
  • Investment rate4.132%

Bid-to-cover ratio at each 8-week bill auction

419 auctions with results since 16 Oct 2018200 on this page

Bid-to-cover ratio at each 8-week bill auction, 22 Dec 2022 to 15 Oct 2026
Bid-to-cover ratio at each 8-week bill auction, 17 Oct 2024 to 15 Oct 2026

Who bought each 8-week bill auction: shares of the competitive bids accepted

419 auctions with results since 16 Oct 2018200 on this page

Who bought each 8-week bill auction: shares of the competitive bids accepted, 22 Dec 2022 to 15 Oct 2026
Who bought each 8-week bill auction: shares of the competitive bids accepted, 17 Oct 2024 to 15 Oct 2026

The linesLatest:

  • Indirect bidders46.9%
  • Direct bidders5.7%
  • Primary dealers47.4%

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

The 8-week bill auction of 15 Oct 2026 beside earlier ones
MeasureLatestThe auction beforeA year earlier
Auction
Discount rate, %4.0503.9803.955
Investment rate, %4.1324.0604.035
Bid-to-cover2.262.772.88
Indirect bidders, %46.970.362.1
Direct bidders, %5.76.33.2
Primary dealers, %47.423.434.6
Sold, $ billion112.076113.92495.259

Observed .

Right now

The high discount rate of 4.050% on 15 October 2026 was the highest for a 8-week bill since 4 September 2025.

The bid-to-cover ratio of 2.26 was the lowest of all 418 earlier 8-week bill auctions we hold.

Higher than 274 of the 418 since 16 October 2018

Its own history

Against the previous 24 8-week bill auctions, the discount rate was higher than all 24.

The bid-to-cover ratio was lower than all 24.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted at the 15 Oct 2026 auction.

  • Indirect bidders 46.9%
  • Direct bidders 5.7%
  • Primary dealers 47.4%

Size

Treasury offered $105 billion and sold $112.076 billion on 15 Oct 2026.

Next

Treasury has announced no 8-week bill auction yet; its tentative schedule names these dates.

  • Tentative
  • Tentative
  • Tentative
  • Tentative

See every auction announced and scheduled

Understanding the 8-week bill auction

Where it stands today

The high discount rate was 4.050% at the 8-week bill auction of , with a bid-to-cover ratio of 2.26.

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
  • Bid-to-cover ratio: Lowest of all 418 earlier 8-week bill auctions we hold.
  • High discount rate: Highest for a 8-week bill since 4 September 2025 (57 auctions in between).
Each measure against earlier 8-week bill auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.26Last 12 auctions12 of 120 of 122.77
Bid-to-cover ratio2.26Last 24 auctions24 of 240 of 242.79
Bid-to-cover ratio2.26All 418 since 16 October 2018418 of 4180 of 4182.90
High discount rate4.050Last 12 auctions0 of 1212 of 123.772
High discount rate4.050Last 24 auctions0 of 2424 of 243.658
High discount rate4.050All 418 since 16 October 2018144 of 418274 of 4183.355
Indirect bidders' share46.9Last 12 auctions11 of 121 of 1260.6
Indirect bidders' share46.9Last 24 auctions23 of 241 of 2463.6
Indirect bidders' share46.9All 418 since 16 October 2018283 of 418135 of 41854.1
Direct bidders' share5.7Last 12 auctions6 of 126 of 125.4
Direct bidders' share5.7Last 24 auctions7 of 2417 of 244.2
Direct bidders' share5.7All 418 since 16 October 2018106 of 418312 of 4183.9
Primary dealers' share47.4Last 12 auctions1 of 1211 of 1234.2
Primary dealers' share47.4Last 24 auctions1 of 2423 of 2432.5
Primary dealers' share47.4All 418 since 16 October 2018142 of 418276 of 41842.1
High minus median, basis points6.5Last 12 auctions0 of 1211 of 123.0
High minus median, basis points6.5Last 24 auctions0 of 2423 of 242.8
High minus median, basis points6.5All 418 since 16 October 201826 of 418388 of 4182.5

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

What were the results of every 8-week bill auction?Page 1 of 3: 200 auctions, newest first

419 8-week bill auctions with results since 16 October 2018; this page holds 200 of them, newest first.

8-week bill auctions, newest first
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
8-Week, reopening4.0504.1322.26105.000112.07646.95.747.4
8-Week, reopening3.9804.0602.77105.000113.92470.36.323.4
8-Week, reopening3.9904.0712.7095.00099.83856.87.136.1
8-Week, reopening3.9904.0712.7685.00092.02658.86.035.2
8-Week, reopening3.9203.9992.9485.00092.22262.44.832.8
8-Week, reopening3.8453.9222.8285.00091.66866.36.027.7
8-Week, reopening3.7503.8243.0285.00090.08770.24.625.2
8-Week, reopening3.6703.7422.7790.00097.67157.33.439.3
8-Week, reopening3.6553.7273.06100.000106.38766.72.730.7
8-Week, reopening3.6653.7372.85100.000107.42956.56.137.4
8-Week, reopening3.7103.7832.74100.000104.65954.46.339.3
8-Week, reopening3.6753.7472.74100.000105.46462.94.033.1
Show 188 more rows
8-week bill auctions, newest first (continued)
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
8-Week, reopening3.7953.8712.31100.000105.99239.74.655.6
8-Week, reopening3.6503.7222.84100.000105.86167.63.928.4
8-Week, reopening3.6353.7062.9595.000100.87774.64.521.0
8-Week, reopening3.6503.7222.7085.00088.19161.73.934.4
8-Week, reopening3.6603.7322.7975.00080.88469.52.627.9
8-Week, reopening3.6403.7122.5775.00079.64351.54.044.6
8-Week, reopening3.6103.6812.9475.00080.01669.62.328.1
8-Week, reopening3.6103.6813.2075.00079.02865.13.031.9
8-Week, reopening3.6153.6863.0880.00083.14064.73.132.2
8-Week, reopening3.6003.6712.7795.00098.70668.43.827.8
8-Week, reopening3.6103.6812.7295.00098.98754.45.440.2
8-Week, reopening3.5953.6652.9185.00085.79464.26.629.2
8-Week, reopening3.6203.6912.7975.00077.14759.82.138.1
8-Week, reopening3.6053.6762.9175.00075.99960.94.035.1
8-Week, reopening3.6153.6863.2275.00075.53962.52.535.0
8-Week, reopening3.5753.6453.1675.00075.83670.65.224.2
8-Week, reopening3.6203.6913.2675.00075.39959.45.934.7
8-Week, reopening3.6303.7013.1480.00080.84459.06.534.6
8-Week, reopening3.6353.7062.8385.00085.58757.44.837.8
8-Week, reopening3.6253.6963.1090.00090.67463.53.632.9
8-Week, reopening3.6303.7013.2195.00095.29966.33.230.5
8-Week, reopening3.6303.7012.8095.00096.63753.23.743.0
8-Week, reopening3.6303.7012.8295.00095.26754.55.240.2
8-Week, reopening3.6303.7012.8895.00095.25560.04.235.8
8-Week, reopening3.6303.7012.6495.00095.28054.14.541.4
8-Week, reopening3.6353.7062.8795.00095.35367.74.427.9
8-Week, reopening3.6303.7012.8495.00095.25760.64.834.6
8-Week, reopening3.6003.6712.7190.00090.25259.94.335.8
8-Week, reopening3.5403.6092.8580.00080.24756.55.937.7
8-Week, reopening3.5803.6502.8380.00080.25261.64.733.7
8-Week, reopening3.5853.6552.9280.00080.27665.74.629.6
8-Week, reopening3.5853.6553.0180.00080.25861.95.232.9
8-Week, reopening3.6103.6812.7980.00080.25147.85.047.2
8-Week, reopening3.6203.6912.9880.00080.24666.55.128.4
8-Week, reopening3.8403.9172.8785.00085.26563.84.931.3
8-Week, reopening3.8503.9272.6495.00095.25558.95.235.9
8-Week, reopening3.8353.9122.8795.00095.25560.57.632.0
8-Week, reopening3.8153.8912.9095.00095.26064.04.331.7
8-Week, reopening3.8903.9682.8895.00095.31063.73.832.5
8-Week, reopening3.9003.9782.7795.00095.26760.43.735.9
8-Week, reopening3.9604.0402.9195.00095.26165.23.631.2
8-Week, reopening3.9554.0352.8895.00095.25962.13.234.6
8-Week, reopening3.9604.0403.0190.00090.25667.24.028.8
8-Week, reopening4.0004.0812.6585.00085.24260.86.133.2
8-Week, reopening3.9654.0452.7685.00085.24158.37.534.2
8-Week, reopening4.0004.0812.8185.00085.24065.95.628.5
8-Week, reopening4.1004.1842.7985.00085.23654.37.038.7
8-Week, reopening4.1454.2302.9285.00085.22363.54.631.8
8-Week, reopening4.2204.3072.7185.00085.23066.75.727.7
8-Week, reopening4.1854.2712.7285.00085.23154.24.641.2
8-Week, reopening4.2354.3223.1685.00085.22871.53.824.7
8-Week, reopening4.2904.3792.5285.00085.23152.95.341.8
8-Week, reopening4.2654.3532.6385.00085.24159.97.033.1
8-Week, reopening4.2704.3582.6080.00080.24052.54.842.8
8-Week, reopening4.2754.3632.8670.00070.22852.57.240.3
8-Week, reopening4.3004.3893.1045.00045.19652.16.241.7
8-Week, reopening4.3904.4823.2450.00050.21053.211.435.4
8-Week, reopening4.4704.5642.7055.00055.21742.29.148.7
8-Week, reopening4.3804.4712.6755.00055.21334.49.256.4
8-Week, reopening4.2254.3123.3855.00055.22058.03.638.3
8-Week, reopening4.2254.3123.0765.00065.23863.94.531.5
8-Week, reopening4.2354.3222.8975.00075.24756.94.338.8
8-Week, reopening4.2354.3222.8575.00075.24266.52.630.8
8-Week, reopening4.2254.3122.9875.00075.24862.53.434.1
8-Week, reopening4.2204.3073.2875.00075.25272.22.924.9
8-Week, reopening4.2254.3123.0175.00075.24763.63.033.4
8-Week, reopening4.2354.3222.9475.00075.23962.63.533.9
8-Week, reopening4.2354.3223.1075.00075.24870.12.727.2
8-Week, reopening4.2404.3272.8775.00075.25865.82.931.3
8-Week, reopening4.2454.3332.6875.00075.25656.94.538.6
8-Week, reopening4.2154.3022.7475.00075.25354.43.542.1
8-Week, reopening4.2204.3073.0475.00075.25663.83.532.7
8-Week, reopening4.2204.3073.0275.00075.26261.64.134.3
8-Week, reopening4.2354.3222.9875.00075.24863.14.632.3
8-Week, reopening4.2354.3222.8880.00080.24763.32.834.0
8-Week, reopening4.2404.3272.9485.00085.25564.43.032.6
8-Week, reopening4.2404.3272.7790.00090.26863.32.734.0
8-Week, reopening4.2404.3272.6390.00090.26459.55.135.4
8-Week, reopening4.2504.3382.7590.00090.26162.93.733.4
8-Week, reopening4.2354.3222.8990.00090.26059.13.937.0
8-Week, reopening4.2404.3272.8190.00090.26559.89.131.1
8-Week, reopening4.2404.3272.9680.00080.25465.43.331.3
8-Week, reopening4.2654.3532.9070.00070.23970.93.625.6
8-Week, reopening4.2304.3172.9875.00075.23770.44.025.6
8-Week, reopening4.2604.3482.8175.00075.25655.64.539.9
8-Week, reopening4.3504.4403.5080.00080.26275.14.520.4
8-Week, reopening4.5004.5952.6190.00090.26659.73.936.4
8-Week, reopening4.4804.5742.5290.00090.26250.34.145.7
8-Week, reopening4.4604.5542.7790.00090.26569.34.326.4
8-Week, reopening4.4904.5842.5990.00090.26153.85.940.4
8-Week, reopening4.5554.6512.6890.00090.25362.03.334.7
8-Week, reopening4.5904.6872.8390.00090.25266.63.330.2
8-Week, reopening4.6304.7282.6890.00090.27759.93.636.5
8-Week, reopening4.6404.7392.9290.00090.28963.63.832.5
8-Week, reopening4.6554.7542.7290.00090.28063.64.232.2
8-Week, reopening4.6504.7492.4285.00085.27540.34.155.6
8-Week, reopening4.6904.7902.8080.00080.27060.73.835.5
8-Week, reopening4.9905.0992.4580.00080.26236.39.854.0
8-Week, reopening5.0405.1502.7880.00080.25061.94.933.3
8-Week, reopening5.1005.2122.6080.00080.24248.75.945.4
8-Week, reopening5.1255.2382.8390.00090.24865.32.931.8
8-Week, reopening5.1755.2892.7790.00090.28663.03.633.4
8-Week, reopening5.1905.3052.7490.00090.27867.34.228.5
8-Week, reopening5.2305.3462.7485.00085.26655.34.340.4
8-Week, reopening5.2605.3772.8985.00085.26463.23.833.0
8-Week, reopening5.2605.3772.6885.00085.23748.74.047.3
8-Week, reopening5.2605.3772.6385.00085.21759.65.035.4
8-Week, reopening5.2755.3932.7680.00080.20953.34.442.3
8-Week, reopening5.2605.3772.8475.00075.20366.85.028.2
8-Week, reopening5.2605.3772.6570.00070.29158.14.037.9
8-Week, reopening5.2655.3822.9870.00070.29362.82.634.7
8-Week, reopening5.2655.3823.2370.00070.28660.32.936.7
8-Week, reopening5.2755.3932.9470.00070.28465.34.130.5
8-Week, reopening5.2755.3932.6380.00080.29450.26.643.3
8-Week, reopening5.2705.3872.7480.00080.24654.68.337.0
8-Week, reopening5.2755.3932.9880.00080.23759.77.732.5
8-Week, reopening5.2705.3872.9975.00075.23962.45.132.4
8-Week, reopening5.2755.3933.0275.00075.24466.54.928.6
8-Week, reopening5.2755.3932.9075.00075.29558.95.635.5
8-Week, reopening5.2705.3873.1475.00075.29461.26.132.7
8-Week, reopening5.2605.3772.8775.00075.28950.85.443.8
8-Week, reopening5.2755.3932.8980.00080.30263.43.932.7
8-Week, reopening5.2705.3872.9385.00085.09754.13.742.2
8-Week, reopening5.2755.3932.8790.00090.09256.05.138.9
8-Week, reopening5.2805.3982.9090.00090.09157.53.738.8
8-Week, reopening5.2855.4032.7190.00090.09154.73.242.1
8-Week, reopening5.2755.4072.7890.00090.44554.43.142.6
8-Week, reopening5.2705.4022.6690.00090.44657.24.638.2
8-Week, reopening5.2705.4022.7590.00090.43155.83.241.0
8-Week, reopening5.2655.3972.7590.00090.44350.93.645.4
8-Week, reopening5.2755.4072.8590.00090.42446.04.549.4
8-Week, reopening5.2755.4073.0685.00085.44553.23.243.6
8-Week, reopening5.2755.4072.9880.00080.40855.84.040.1
8-Week, reopening5.2855.4182.8080.00080.42060.63.336.1
8-Week, reopening5.2855.4182.5980.00080.41564.51.733.8
8-Week, reopening5.2705.4022.7480.00080.37957.71.241.1
8-Week, reopening5.2755.4072.8380.00080.37051.22.846.0
8-Week, reopening5.2755.4072.8280.00080.37856.53.440.2
8-Week, reopening5.2805.4122.7580.00080.38257.53.239.2
8-Week, reopening5.2805.4122.7380.00080.67460.64.934.4
8-Week, reopening5.2805.4122.6385.00085.59154.94.041.1
8-Week, reopening5.2855.4182.7085.00085.59955.53.541.0
8-Week, reopening5.3005.4332.7085.00085.61360.25.234.6
8-Week, reopening5.3305.4642.5285.00085.55955.83.740.5
8-Week, reopening5.3255.4592.6385.00085.59059.94.036.1
8-Week, reopening5.3455.4802.8885.00085.59764.22.932.9
8-Week, reopening5.3555.4902.4680.00080.61050.35.843.9
8-Week, reopening5.3305.4642.5975.00075.64758.04.437.6
8-Week, reopening5.3005.4332.5870.00070.47145.95.348.8
8-Week, reopening5.2955.4282.7770.00070.44854.93.541.6
8-Week, reopening5.2905.4232.7970.00070.46951.52.945.6
8-Week, reopening5.2905.4232.7770.00070.43060.12.337.6
8-Week, reopening5.2905.4232.8270.00070.83960.72.137.2
8-Week, reopening5.2805.4122.8970.00070.81252.19.938.0
8-Week, reopening5.2805.4122.9665.00065.82157.92.539.6
8-Week, reopening5.2855.4182.7760.00060.77253.64.641.9
8-Week, reopening5.2855.4182.8660.00060.76454.44.341.2
8-Week, reopening5.2555.3872.9960.00060.66860.73.935.5
8-Week, reopening5.2305.3612.8760.00060.71458.51.839.7
8-Week, reopening5.2005.3302.8860.00060.71166.11.932.0
8-Week, reopening5.1905.3192.6160.00060.67449.02.448.5
8-Week, reopening5.1405.2682.7860.00060.68048.02.749.3
8-Week, reopening5.0805.2063.0655.00055.70853.32.544.2
8-Week, reopening5.1205.2472.8650.00050.67953.82.743.5
8-Week, reopening5.2205.3502.8335.00035.68139.23.057.7
8-Week, reopening5.3505.4852.8235.00035.83556.02.941.1
8-Week, reopening5.0205.1442.3935.00035.89034.33.462.3
8-Week, reopening4.6804.7933.0435.00036.02481.30.018.7
8-Week, reopening5.4005.5372.9345.00046.06382.71.016.2
8-Week, reopening4.9405.0612.7045.00046.03957.43.139.6
8-Week, reopening4.8504.9682.4745.00046.07645.62.052.4
8-Week, reopening4.7904.9062.5250.00051.15744.83.451.9
8-Week, reopening4.6504.7622.5050.00051.04852.13.144.7
8-Week, reopening4.6004.7102.4750.00051.07461.50.837.7
8-Week, reopening4.4004.5042.9750.00050.99671.61.526.8
8-Week, reopening4.4504.5562.8550.00051.08771.10.228.6
8-Week, reopening4.8204.9372.3055.00056.00434.52.762.8
8-Week, reopening4.6554.7672.7960.00061.04356.72.041.4
8-Week, reopening4.6604.7592.6460.00061.04458.71.639.7
8-Week, reopening4.6504.7492.5160.00061.18658.81.939.4
8-Week, reopening4.6004.6982.3260.00060.79257.51.141.4
8-Week, reopening4.5054.6002.5660.00060.91755.92.441.7
8-Week, reopening4.5254.6202.5760.00060.74055.82.241.9
8-Week, reopening4.5204.6152.5360.00060.96552.51.446.2
8-Week, reopening4.4654.5592.7355.00055.95854.62.842.6
8-Week, reopening4.4304.5232.2945.00046.13734.53.162.4
8-Week, reopening4.2504.3382.4145.00045.94445.51.952.5
8-Week, reopening3.9854.0662.6845.00046.21964.21.434.4

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

When are the next 8-week bill auctions?Treasury's tentative schedule, from its quarterly refunding
Tentative 8-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 15 October 2026. Compiled by 500metrics, "What was the rate at the latest 8-week Treasury bill auction?", https://500metrics.com/treasury/auctions/8-week-bill.

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