Treasury auctions · bills
Treasury bill auction results, every term
The latest US Treasury bill auction, the 4-week bill on , sold at a discount rate of 4.000% (investment rate 4.068%), bid-to-cover 2.56.
Investment and discount rates at each bill term's latest auction, by term in weeks
- Investment rate
- Discount rate
- 7 terms, a dot each
Not drawn: cash management bill, which has no length in weeks. It is in the table.
Each point is one bill term at its latest auction, its term in weeks to scale; the chips give the newest of them, the 4-week bill. Every term's figures are in the table under "The numbers behind the chart".
The linesLatest:
- Investment rate4.068%
- Discount rate4.000%
- Bid-to-cover2.56
- Sold$117.413 billion
The four rankings, a bar for each bill term
Investment rate at each bill term's latest auction
High discount rate at each bill term's latest auction
Bid-to-cover ratio at each bill term's latest auction
Amount sold at each bill term's latest auction
Observed .
Right now
At their latest auctions, the 52-week bill had the highest investment rate, 4.616%, and the cash management bill the lowest, 3.665%.
Each term's latest auction falls on its own day, the newest on .
Next
The next auction of each bill term, announced or on Treasury's tentative schedule.
- 4-week bill, tentative
- 6-week bill, tentative
- 8-week bill, tentative
- 13-week bill, tentative
- 17-week bill, tentative
- 26-week bill, tentative
- 52-week bill, tentative
Understanding Treasury bill results
Where it stands today
The 4-week bill sold at a high discount rate of 4.000% on , an investment rate of 4.068%.
What do these figures measure?
Bills pay no coupon: they sell below face value and pay face value at maturity. The high discount rate is the highest rate Treasury accepted, quoted on Treasury's bank-discount basis; the investment rate is the same result as a bond-equivalent yield, the one to set beside a note's yield.
Read more
The bid-to-cover ratio is bids received divided by the amount sold. Each term's latest auction falls on its own day, so the bars compare auctions held on different days.
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
What was the latest result for every bill term?Both rates, the amount sold and the next auction
| Term | Latest auction | Discount rate | Investment rate | Bid-to-cover | Sold | Next auction |
|---|---|---|---|---|---|---|
| 4-week bill | 4.000% | 4.068% | 2.56 | $117.413 billion | ||
| 6-week bill | 3.980% | 4.055% | 2.58 | $100.406 billion | ||
| 8-week bill | 4.050% | 4.132% | 2.26 | $112.076 billion | ||
| 13-week bill | 4.085% | 4.185% | 2.68 | $100.405 billion | ||
| 17-week bill | 4.195% | 4.313% | 2.79 | $80.055 billion | ||
| 26-week bill | 4.200% | 4.351% | 2.76 | $86.665 billion | ||
| 52-week bill | 4.400% | 4.616% | 3.07 | $59.167 billion | ||
| cash management bill | 3.605% | 3.665% | 4.60 | $25 billion | – |
The table scrolls sideways; the first column stays in place.
When are the figures from?
Observed .
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