Treasury auctions · cash management bill
Cash management bill auctions: page 5 of 5
The cash management bill auctioned on sold at a discount rate of 3.605% (investment rate 3.665%), bid-to-cover 4.60.
Older cash management bill auctions, page 5 of 5: 934 auctions with results since 4 March 1980.
The auctions on this page
What were the results of every cash management bill auction?Page 5 of 5: 134 auctions, newest first
934 cash management bill auctions with results since 4 March 1980; this page holds 134 of them, newest first.
| Auction | Offered as | Discount rate, % | Investment rate, % | Bid-to-cover | Offered, $ billion | Sold, $ billion | Indirect, % | Direct, % | Dealers, % |
|---|---|---|---|---|---|---|---|---|---|
| 34-Day, reopening | 5.200 | 5.300 | – | 13.000 | 13.217 | – | – | – | |
| 48-Day, reopening | 5.180 | 5.290 | – | 17.000 | 17.047 | – | – | – | |
| 14-Day | 5.260 | 5.360 | – | 30.000 | 30.010 | – | – | – | |
| 10-Day, reopening | 5.200 | 5.260 | – | 7.000 | 7.011 | – | – | – | |
| 15-Day | 5.230 | 5.320 | – | 23.000 | 23.086 | – | – | – | |
| 36-Day, reopening | 5.050 | 5.150 | – | 13.000 | 13.045 | – | – | – | |
| 22-Day, reopening | 5.250 | 5.340 | – | 11.000 | 11.062 | – | – | – | |
| 15-Day, reopening | 5.310 | 5.390 | – | 14.000 | 14.008 | – | – | – | |
| 9-Day | 5.340 | 5.400 | – | 30.000 | 33.111 | – | – | – | |
| 42-Day, reopening | 5.120 | 5.220 | – | 9.000 | 9.060 | – | – | – | |
| 13-Day, reopening | 5.070 | 5.150 | – | 6.000 | 6.003 | – | – | – | |
| 55-Day, reopening | 5.020 | 5.140 | – | 29.000 | 29.192 | – | – | – | |
| 7-Day, reopening | 5.170 | 5.290 | – | 8.000 | 8.055 | – | – | – | |
| 27-Day, reopening | 5.400 | 5.510 | – | 10.000 | 10.007 | – | – | – | |
| 13-Day, reopening | 5.650 | 5.760 | – | 10.000 | 10.017 | – | – | – | |
| 36-Day, reopening | 5.650 | 5.780 | – | 26.000 | 26.052 | – | – | – | |
| 9-Day, reopening | 5.800 | 5.910 | – | 31.500 | 31.521 | – | – | – | |
| 83-Day, reopening | 5.310 | 5.460 | – | 8.000 | 8.061 | – | – | – | |
| 48-Day, reopening | 5.370 | 5.500 | – | 6.000 | 6.008 | – | – | – | |
| 8-Day | 5.680 | 5.770 | – | 5.000 | 5.000 | – | – | – | |
| 20-Day, reopening | 5.580 | 5.690 | – | 18.000 | 18.031 | – | – | – | |
| 13-Day, reopening | 5.860 | 5.980 | – | 17.000 | 17.126 | – | – | – | |
| 38-Day, reopening | 5.810 | 5.940 | – | 17.000 | 17.136 | – | – | – | |
| 17-Day, reopening | 5.970 | 6.090 | – | 25.000 | 25.109 | – | – | – | |
| 9-Day, reopening | 5.830 | 5.950 | – | 8.000 | 8.033 | – | – | – | |
| 64-Day, reopening | 5.760 | 5.900 | – | 9.000 | 9.117 | – | – | – | |
| 16-Day, reopening | 5.620 | 5.720 | – | 14.000 | 14.009 | – | – | – | |
| 20-Day, reopening | 5.470 | 5.560 | – | 8.000 | 8.005 | – | – | – | |
| 37-Day, reopening | 5.120 | 5.220 | – | 12.000 | 12.009 | – | – | – | |
| 66-Day, reopening | 4.980 | 5.100 | – | 15.000 | 15.040 | – | – | – | |
| 7-Day | 4.670 | 4.750 | – | 4.000 | 4.003 | – | – | – | |
| 16-Day, reopening | 4.600 | 4.660 | – | 7.000 | 7.005 | – | – | – | |
| 38-Day, reopening | 4.390 | 4.470 | – | 7.000 | 7.005 | – | – | – | |
| 69-Day, reopening | 4.340 | 4.440 | – | 6.000 | 6.035 | – | – | – | |
| 13-Day, reopening | 4.110 | 4.160 | – | 14.000 | 14.007 | – | – | – | |
| 21-Day, reopening | 3.480 | 3.540 | – | 14.000 | 14.006 | – | – | – | |
| 10-Day, reopening | 3.010 | 3.070 | – | 4.000 | 4.020 | – | – | – | |
| 66-Day, reopening | 3.100 | 3.160 | – | 14.000 | 14.102 | – | – | – | |
| 36-Day, reopening | 3.040 | 3.090 | – | 10.000 | 10.045 | – | – | – | |
| 13-Day, reopening | 3.050 | 3.090 | – | 7.000 | 7.010 | – | – | – | |
| 129-Day, reopening | 3.000 | 3.070 | – | 15.000 | 16.037 | – | – | – | |
| 15-Day, reopening | 3.070 | 3.120 | – | 17.000 | 17.129 | – | – | – | |
| 5-Day | 3.070 | 3.140 | – | 15.000 | 15.141 | – | – | – | |
| 48-Day, reopening | 2.980 | 3.030 | – | 11.000 | 11.091 | – | – | – | |
| 49-Day, reopening | 3.320 | 3.380 | – | 16.000 | 16.207 | – | – | – | |
| 41-Day, reopening | 3.000 | 3.060 | – | 15.000 | 15.042 | – | – | – | |
| 15-Day, reopening | 3.790 | 3.850 | – | 6.000 | 6.014 | – | – | – | |
| 34-Day, reopening | 3.630 | 3.690 | – | 10.000 | 10.019 | – | – | – | |
| 13-Day, reopening | 4.150 | 4.220 | – | 22.000 | 22.015 | – | – | – | |
| 57-Day, reopening | 3.970 | 4.050 | – | 14.000 | 14.081 | – | – | – | |
| 16-Day, reopening | 5.390 | 5.500 | – | 5.000 | 5.014 | – | – | – | |
| 17-Day, reopening | 5.650 | 5.760 | – | 7.000 | 7.067 | – | – | – | |
| 335-Day | 5.900 | 6.260 | – | 16.000 | 16.014 | – | – | – | |
| 15-Day, reopening | 6.070 | 6.190 | – | 13.500 | 13.505 | – | – | – | |
| 161-Day, reopening | 7.080 | 7.410 | – | 12.000 | 12.032 | – | – | – | |
| 69-Day, reopening | 7.380 | 7.590 | – | 12.500 | 12.546 | – | – | – | |
| 36-Day, reopening | 7.800 | 7.970 | – | 10.000 | 10.088 | – | – | – | |
| 44-Day, reopening | 7.600 | 7.780 | – | 4.000 | 4.030 | – | – | – | |
| 111-Day, reopening | 7.780 | 8.080 | – | 6.000 | 6.008 | – | – | – | |
| 20-Day, reopening | 7.930 | 8.080 | – | 6.000 | 6.024 | – | – | – | |
| 16-Day, reopening | 8.170 | 8.310 | – | 13.000 | 13.004 | – | – | – | |
| 52-Day, reopening | 7.950 | 8.150 | – | 10.000 | 10.177 | – | – | – | |
| 10-Day, reopening | 8.240 | 8.380 | – | 7.000 | 7.008 | – | – | – | |
| 36-Day, reopening | 8.150 | 8.330 | – | 10.000 | 10.049 | – | – | – | |
| 51-Day, reopening | 7.900 | 8.100 | – | 2.000 | 2.005 | – | – | – | |
| 8-Day, reopening | 8.300 | 8.410 | – | 4.000 | 4.011 | – | – | – | |
| 247-Day | 7.900 | 8.380 | – | 15.000 | 15.020 | – | – | – | |
| 45-Day, reopening | 8.000 | 8.190 | – | 5.000 | 5.002 | – | – | – | |
| 17-Day, reopening | 9.650 | 9.840 | – | 15.000 | 15.506 | – | – | – | |
| 37-Day, reopening | 8.080 | 8.260 | – | 11.000 | 11.025 | – | – | – | |
| 20-Day, reopening | 7.940 | 8.080 | – | 10.000 | 10.052 | – | – | – | |
| 248-Day | 7.740 | 8.200 | – | 7.000 | 7.021 | – | – | – | |
| 9-Day, reopening | 6.960 | 7.070 | – | 4.000 | 4.005 | – | – | – | |
| 17-Day, reopening | 6.370 | 6.480 | – | 9.000 | 9.022 | – | – | – | |
| 22-Day, reopening | 6.220 | 6.330 | – | 4.000 | 4.055 | – | – | – | |
| 20-Day, reopening | 5.840 | 5.950 | – | 6.000 | 6.009 | – | – | – | |
| 9-Day, reopening | 6.100 | 6.190 | – | 11.000 | 11.006 | – | – | – | |
| 79-Day, reopening | 5.210 | 5.340 | – | 4.000 | 4.011 | – | – | – | |
| 15-Day, reopening | 6.730 | 6.830 | – | 5.000 | 5.000 | – | – | – | |
| 14-Day, reopening | 7.240 | 7.370 | – | 15.000 | 15.030 | – | – | – | |
| 69-Day, reopening | 7.500 | 7.710 | – | 4.000 | 4.009 | – | – | – | |
| 14-Day, reopening | 8.340 | 8.470 | – | 18.000 | 18.006 | – | – | – | |
| 142-Day, reopening | 7.280 | 7.600 | – | 3.000 | 3.004 | – | – | – | |
| 78-Day, reopening | 7.250 | 7.470 | – | 5.000 | 5.010 | – | – | – | |
| 16-Day, reopening | 7.340 | 7.460 | – | 3.000 | 3.004 | – | – | – | |
| 17-Day, reopening | 7.330 | 7.450 | – | 7.000 | 7.052 | – | – | – | |
| 3-Day, reopening | 8.460 | 8.520 | – | 4.000 | 4.001 | – | – | – | |
| 45-Day, reopening | 8.260 | 8.460 | – | 5.000 | 5.007 | – | – | – | |
| 17-Day, reopening | 8.490 | 8.640 | – | 5.000 | 5.013 | – | – | – | |
| 20-Day, reopening | 11.300 | 11.530 | – | 8.000 | 8.004 | – | – | – | |
| 59-Day, reopening | 9.900 | 10.200 | – | 3.000 | 3.003 | – | – | – | |
| 150-Day, reopening | 10.640 | 11.290 | – | 3.000 | 3.005 | – | – | – | |
| 17-Day, reopening | 10.350 | 10.550 | – | 3.000 | 3.009 | – | – | – | |
| 22-Day, reopening | 10.100 | 10.300 | – | 6.000 | 6.001 | – | – | – | |
| 168-Day, reopening | 10.550 | 11.250 | – | 2.000 | 2.004 | – | – | – | |
| 77-Day, reopening | 9.980 | 10.340 | – | 2.000 | 2.002 | – | – | – | |
| 17-Day, reopening | 8.920 | 9.100 | – | 5.000 | 5.006 | – | – | – | |
| 153-Day, reopening | 9.040 | 9.560 | – | 2.500 | 2.503 | – | – | – | |
| 62-Day, reopening | 8.740 | 9.020 | – | 2.500 | 2.502 | – | – | – | |
| 164-Day, reopening | 8.680 | 9.190 | – | 2.500 | 2.507 | – | – | – | |
| 73-Day, reopening | 8.530 | 8.830 | – | 2.500 | 2.502 | – | – | – | |
| 15-Day, reopening | 8.640 | 8.820 | – | 6.000 | 6.003 | – | – | – | |
| 10-Day, reopening | 8.856 | 9.030 | – | 3.000 | 3.018 | – | – | – | |
| 45-Day, reopening | 8.096 | 8.320 | – | 9.000 | 9.004 | – | – | – | |
| 143-Day, reopening | 8.378 | 8.790 | – | 3.000 | 3.002 | – | – | – | |
| 50-Day, reopening | 7.783 | 7.980 | – | 5.000 | 5.008 | – | – | – | |
| 73-Day, reopening | 8.379 | 8.640 | – | 4.000 | 4.002 | – | – | – | |
| 13-Day, reopening | 8.751 | 8.900 | – | 4.500 | 4.509 | – | – | – | |
| 43-Day, reopening | 10.197 | 10.470 | – | 4.500 | 4.501 | – | – | – | |
| 14-Day, reopening | 12.189 | 12.420 | – | 6.000 | 6.001 | – | – | – | |
| 20-Day, reopening | 14.436 | 14.750 | – | 8.000 | 8.016 | – | – | – | |
| 163-Day, reopening | 12.278 | 13.180 | – | 3.000 | 3.003 | – | – | – | |
| 45-Day, reopening | 10.496 | 10.780 | – | 3.000 | 3.000 | – | – | – | |
| 136-Day, reopening | 11.081 | 11.730 | – | 2.000 | 2.001 | – | – | – | |
| 9-Day, reopening | 17.160 | 17.470 | – | 2.000 | 2.003 | – | – | – | |
| 16-Day, reopening | 16.223 | 16.570 | – | 4.500 | 4.503 | – | – | – | |
| 23-Day, reopening | 15.981 | 16.370 | – | 3.000 | 3.000 | – | – | – | |
| 15-Day, reopening | 18.240 | 18.630 | – | 3.000 | 3.002 | – | – | – | |
| 20-Day, reopening | 17.658 | 18.080 | – | 6.000 | 6.003 | – | – | – | |
| 22-Day, reopening | 13.598 | 13.900 | – | 6.000 | 6.004 | – | – | – | |
| 38-Day, reopening | 14.552 | 14.980 | – | 3.000 | 3.000 | – | – | – | |
| 114-Day, reopening | 14.605 | 15.530 | – | 4.000 | 4.002 | – | – | – | |
| 16-Day, reopening | 16.290 | 16.640 | – | 2.500 | 2.500 | – | – | – | |
| 120-Day, reopening | 14.745 | 15.720 | – | 4.000 | 4.000 | – | – | – | |
| 141-Day, reopening | 15.120 | 16.290 | – | 3.000 | 3.000 | – | – | – | |
| 44-Day | 13.745 | 14.170 | – | 4.000 | 4.002 | – | – | – | |
| 43-Day | 8.447 | 8.650 | – | 3.000 | 3.004 | – | – | – | |
| 2-Day, reopening | 10.080 | 10.230 | – | 2.000 | 2.002 | – | – | – | |
| 13-Day, reopening | 9.471 | 9.640 | – | 2.000 | 2.001 | – | – | – | |
| 19-Day | 7.768 | 7.910 | – | 2.700 | 2.702 | – | – | – | |
| 80-Day, reopening | 15.647 | 16.440 | – | 4.000 | 4.026 | – | – | – | |
| 77-Day, reopening | 16.602 | 17.450 | – | 5.000 | 5.041 | – | – | – | |
| 37-Day, reopening | 15.723 | 16.200 | – | 6.000 | 6.904 | – | – | – | |
| 43-Day, reopening | 15.195 | 15.690 | – | 4.000 | 4.002 | – | – | – |
The table scrolls sideways; the first column stays in place.
What do the figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- 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.
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 21 May 2026. Compiled by 500metrics, "Cash management bill auctions: page 5 of 5", https://500metrics.com/treasury/auctions/cash-management-bills/page-5.
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