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What was the rate at the latest 13-week Treasury bill auction?

The 13-week bill auctioned on sold at a discount rate of 4.050% (investment rate 4.149%), bid-to-cover 2.51.

Discount rate

4.050%

5 October 2026 · Auction results

Investment rate

4.149%

Bond-equivalent

Bid-to-cover

2.51

5 October 2026 · Auction results

Sold

$102.16 billion

$95 billion offered

When is the next 13-week bill auction?

Tentative 13-week bill auction dates
AuctionIssueAnnouncementSettles
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Tentative: Treasury plans these dates in its quarterly refunding and may change them; amounts come with each announcement. Treasury's file: tentative auction schedule (XML).

Bid-to-cover, last 36 auctions

Bid-to-cover of the last 36 13-week bill auctions; the latest was 2.51

Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

Bid-to-cover of the last 36 13-week bill auctions; the latest was 2.512.32.52.83.03.33.5Latest 2.5120262026Bid-to-cover of the last 36 13-week bill auctions; the latest was 2.512.32.52.83.03.32.5120262026

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. 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.

The numbers behind this chart
These auctions as a table
Bid-to-cover of the last 36 13-week bill auctions
AuctionBid-to-cover
2.51
2.99
2.77
2.64
2.61
2.77
3.08
2.86
2.88
2.61
3.06
3.00
2.84
2.58
2.32
2.68
2.47
2.79
2.69
3.08
3.17
2.86
2.76
3.09
2.94
2.77
2.58
2.66
2.84
2.94
2.92
3.16
3.30
2.71
2.76
2.81

Discount rate of the last 36 13-week bill auctions; the latest was 4.050%

Discount rate, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

Discount rate of the last 36 13-week bill auctions; the latest was 4.050%3.403.603.804.004.20Latest 4.050%20262026Discount rate of the last 36 13-week bill auctions; the latest was 4.050%3.403.603.804.004.204.05020262026
The numbers behind this chart
These auctions as a table
Discount rate of the last 36 13-week bill auctions, %
AuctionDiscount rate, %
4.050
4.110
4.015
3.970
3.800
3.770
3.715
3.715
3.735
3.750
3.815
3.730
3.760
3.735
3.740
3.695
3.640
3.640
3.630
3.595
3.600
3.610
3.610
3.590
3.610
3.620
3.635
3.620
3.635
3.610
3.605
3.610
3.590
3.600
3.600
3.600

The latest auction against its own history

  • Bid-to-cover ratio: Lowest for a 13-week bill since 29 June 2026 (13 auctions in between).
  • Indirect bidders' share: Lowest for a 13-week bill since 6 July 2026 (12 auctions in between).
  • Primary dealers' share: Highest for a 13-week bill since 29 June 2026 (13 auctions in between).
Each measure against earlier 13-week bill auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.51Last 12 auctions12 of 120 of 122.85
Bid-to-cover ratio2.51Last 24 auctions22 of 242 of 242.82
Bid-to-cover ratio2.51Since 7 April 2008932 of 96529 of 9653.14
Bid-to-cover ratio2.51All 1407 since 18 October 19991057 of 1407341 of 14072.92
High discount rate4.050Last 12 auctions1 of 1211 of 123.765
High discount rate4.050Last 24 auctions1 of 2423 of 243.722
High discount rate4.050Since 7 April 2008149 of 965816 of 9650.285
High discount rate4.050All 2440 since 28 December 19791224 of 24401214 of 24404.088
Indirect bidders' share48.6Last 12 auctions12 of 120 of 1255.5
Indirect bidders' share48.6Last 24 auctions22 of 242 of 2456.0
Indirect bidders' share48.6All 965 since 7 April 2008305 of 965660 of 96538.9
Direct bidders' share7.2Last 12 auctions5 of 127 of 127.0
Direct bidders' share7.2Last 24 auctions7 of 2417 of 247.0
Direct bidders' share7.2All 965 since 7 April 2008389 of 965576 of 9656.5
Primary dealers' share44.2Last 12 auctions0 of 1212 of 1237.5
Primary dealers' share44.2Last 24 auctions2 of 2422 of 2437.5
Primary dealers' share44.2All 965 since 7 April 2008684 of 965281 of 96553.7
High minus median, basis points4.0Last 12 auctions3 of 129 of 122.8
High minus median, basis points4.0Last 24 auctions5 of 2418 of 243.0
High minus median, basis points4.0Since 7 April 2008105 of 965825 of 9652.0
High minus median, basis points4.0All 2440 since 28 December 1979130 of 24402260 of 24401.0

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

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.

Every 13-week bill auction, page 1 of 13

Auctions with results since 28 December 1979: 2,441.

13-week bill auctions, newest first
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
13-Week, reopening4.0504.1492.5195.000102.15648.67.244.2
13-Week, reopening4.1104.2112.9995.000104.09066.67.126.3
13-Week, reopening4.0154.1132.7792.00098.21454.18.337.6
13-Week, reopening3.9704.0662.6492.000100.21455.16.838.1
13-Week, reopening3.8003.8902.6192.00099.06851.98.140.0
13-Week, reopening3.7703.8592.7792.00097.54752.07.540.5
13-Week, reopening3.7153.8033.0892.00096.14559.28.032.9
13-Week, reopening3.7153.8022.8692.00098.72653.86.839.4
13-Week, reopening3.7353.8232.8892.00097.57457.26.836.0
13-Week, reopening3.7503.8382.6192.00099.29454.16.339.5
13-Week, reopening3.8153.9063.0692.00098.46566.95.927.2
13-Week, reopening3.7303.8183.0092.00097.60255.86.837.4
Show 188 more rows
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
13-Week, reopening3.7603.8492.8492.00095.73056.88.235.0
13-Week, reopening3.7353.8232.5892.00096.88548.57.743.8
13-Week, reopening3.7403.8282.3292.00097.96141.07.151.9
13-Week, reopening3.6953.7822.6889.00095.11259.84.935.4
13-Week, reopening3.6403.7252.4789.00096.46249.84.845.4
13-Week, reopening3.6403.7252.7989.00094.72456.25.937.9
13-Week, reopening3.6303.7142.6989.00094.63551.07.042.0
13-Week, reopening3.5953.6783.0889.00092.43160.37.032.8
13-Week, reopening3.6003.6843.1789.00094.37163.26.430.4
13-Week, reopening3.6103.6942.8689.00094.58658.87.034.2
13-Week, reopening3.6103.6942.7689.00094.64249.38.042.8
13-Week, reopening3.5903.6733.0989.00095.17565.26.728.1
13-Week, reopening3.6103.6942.9489.00095.39958.57.034.6
13-Week, reopening3.6203.7042.7789.00092.51556.77.735.6
13-Week, reopening3.6353.7202.5889.00095.49546.87.645.5
13-Week, reopening3.6203.7042.6689.00094.05847.28.844.0
13-Week, reopening3.6353.7202.8489.00093.40959.85.534.8
13-Week, reopening3.6103.6942.9489.00096.13656.84.638.6
13-Week, reopening3.6053.6892.9289.00094.07055.27.537.3
13-Week, reopening3.6103.6943.1689.00091.99160.56.233.3
13-Week, reopening3.5903.6733.3089.00092.33768.16.625.3
13-Week, reopening3.6003.6842.7189.00093.06757.96.635.5
13-Week, reopening3.6003.6842.7689.00094.18860.56.233.3
13-Week, reopening3.6003.6842.8189.00093.02657.07.036.0
13-Week, reopening3.5803.6632.9089.00093.11361.86.431.9
13-Week, reopening3.5903.6732.7089.00092.86857.46.436.2
13-Week, reopening3.5703.6532.7986.00088.81849.38.941.8
13-Week, reopening3.5403.6222.8486.00090.43052.67.939.5
13-Week, reopening3.5703.6522.6686.00091.10156.86.536.7
13-Week, reopening3.5603.6422.8686.00089.95459.87.932.2
13-Week, reopening3.5603.6422.6886.00089.03754.36.539.2
13-Week, reopening3.6503.7352.7386.00089.70952.08.139.9
13-Week, reopening3.7253.8132.8286.00088.32063.16.830.1
13-Week, reopening3.7453.8332.8586.00089.98063.56.729.8
13-Week, reopening3.7953.8852.7986.00090.17654.07.538.4
13-Week, reopening3.7803.8692.8386.00091.48658.86.035.2
13-Week, reopening3.8153.9062.6286.00090.05847.46.546.1
13-Week, reopening3.7303.8183.0786.00090.81969.75.225.1
13-Week, reopening3.8103.9003.0186.00088.98059.85.434.8
13-Week, reopening3.8453.9372.8886.00088.79564.06.229.8
13-Week, reopening3.8503.9422.9184.00088.12557.36.136.6
13-Week, reopening3.8603.9532.7482.00086.71058.87.034.2
13-Week, reopening3.8603.9533.3382.00085.35774.26.419.4
13-Week, reopening3.9053.9993.1182.00084.30364.36.629.1
13-Week, reopening3.9404.0352.8182.00084.71655.28.336.5
13-Week, reopening4.0454.1442.9682.00083.65164.77.228.0
13-Week, reopening4.1004.2013.0782.00085.55064.07.128.9
13-Week, reopening4.1304.2322.7082.00085.85759.88.531.7
13-Week, reopening4.1504.2522.6482.00087.60457.75.636.7
13-Week, reopening4.1654.2683.1782.00086.57369.17.223.7
13-Week, reopening4.2354.3403.2182.00086.89972.05.922.2
13-Week, reopening4.2404.3452.9882.00085.15762.16.731.2
13-Week, reopening4.2454.3513.1082.00085.34561.95.932.2
13-Week, reopening4.2554.3612.7582.00086.72064.56.129.4
13-Week, reopening4.2354.3403.0479.00084.33071.57.421.1
13-Week, reopening4.1954.2993.4976.00079.22681.36.911.9
13-Week, reopening4.2404.3452.9976.00077.80962.88.228.9
13-Week, reopening4.2504.3562.6976.00078.48459.87.232.9
13-Week, reopening4.2504.3562.6876.00077.64948.56.445.1
13-Week, reopening4.2554.3613.1876.00080.28160.28.331.5
13-Week, reopening4.2854.3922.7676.00080.75259.74.535.8
13-Week, reopening4.3004.4082.5176.00082.67248.74.746.6
13-Week, reopening4.2204.3252.7476.00080.60758.14.637.3
13-Week, reopening4.2004.3043.1076.00081.61568.54.227.2
13-Week, reopening4.2254.3303.0176.00079.31861.98.130.0
13-Week, reopening4.2254.3302.9676.00079.72363.14.332.6
13-Week, reopening4.1754.2782.8276.00080.27766.14.629.3
13-Week, reopening4.2054.3092.7476.00080.84855.95.738.4
13-Week, reopening4.1904.2942.9676.00076.88662.68.229.1
13-Week, reopening4.2054.3102.8976.00076.21456.27.036.8
13-Week, reopening4.2004.3042.8276.00076.76655.85.738.5
13-Week, reopening4.2104.3142.7776.00076.59452.48.838.8
13-Week, reopening4.1954.2992.9076.00079.63964.64.830.6
13-Week, reopening4.2254.3302.8180.00084.18053.88.038.2
13-Week, reopening4.2254.3303.0184.00091.41459.25.335.4
13-Week, reopening4.2204.3252.6584.00090.46848.05.646.4
13-Week, reopening4.1954.2993.1884.00092.30366.45.528.0
13-Week, reopening4.2154.3202.8084.00088.58855.26.937.9
13-Week, reopening4.2254.3303.0984.00088.84757.98.233.9
13-Week, reopening4.2054.3093.0184.00088.51254.15.540.4
13-Week, reopening4.2304.3352.3884.00088.98041.75.153.2
13-Week, reopening4.2404.3452.8681.00082.58671.21.827.0
13-Week, reopening4.2504.3562.6281.00081.31852.87.639.6
13-Week, reopening4.3004.4082.8981.00082.29760.410.828.8
13-Week, reopening4.4004.5112.8981.00081.87359.67.033.4
13-Week, reopening4.4154.5263.1081.00086.60762.36.631.1
13-Week, reopening4.4204.5322.6881.00086.91951.96.141.9
13-Week, reopening4.4204.5322.8781.00088.36662.09.129.0
13-Week, reopening4.4404.5532.4481.00087.39738.98.752.5
13-Week, reopening4.4904.6052.9081.00089.22363.96.529.6
13-Week, reopening4.5104.6253.0781.00085.55766.95.028.1
13-Week, reopening4.5154.6312.9681.00085.87565.85.329.0
13-Week, reopening4.5504.6672.6281.00085.43455.65.239.1
13-Week, reopening4.5004.6152.7179.00083.92863.84.831.3
13-Week, reopening4.5404.6562.8476.00076.98658.96.334.8
13-Week, reopening4.7504.8742.6176.00076.26055.96.337.8
13-Week, reopening4.8955.0253.2276.00076.93362.55.731.7
13-Week, reopening4.9705.1032.6276.00076.86853.47.339.3
13-Week, reopening4.9805.1143.0376.00081.29863.88.028.3
13-Week, reopening5.0555.1923.1276.00081.60164.85.030.1
13-Week, reopening5.0705.2072.9576.00082.95463.54.831.6
13-Week, reopening5.0755.2122.6276.00082.09654.95.140.0
13-Week, reopening5.1455.2853.0176.00083.81460.05.035.0
13-Week, reopening5.1905.3323.0876.00080.31060.65.434.1
13-Week, reopening5.1955.3372.6976.00080.47850.05.244.8
13-Week, reopening5.2305.3742.8476.00080.28254.76.239.1
13-Week, reopening5.2405.3832.7673.00077.50754.24.441.3
13-Week, reopening5.2355.3792.8570.00071.42157.39.832.9
13-Week, reopening5.2505.3952.9370.00070.34053.54.641.9
13-Week, reopening5.2505.3952.7570.00071.49844.07.748.3
13-Week, reopening5.2505.3952.7470.00070.78152.97.339.9
13-Week, reopening5.2555.4002.8770.00075.30752.37.739.9
13-Week, reopening5.2455.3892.8970.00075.58157.56.136.4
13-Week, reopening5.2505.3952.7770.00076.95958.36.135.6
13-Week, reopening5.2505.3952.7270.00075.98953.37.739.0
13-Week, reopening5.2505.3952.6770.00077.78847.98.044.1
13-Week, reopening5.2555.4002.7870.00074.29756.66.636.7
13-Week, reopening5.2505.3952.9570.00074.73156.27.336.6
13-Week, reopening5.2255.3682.7970.00074.09449.15.245.7
13-Week, reopening5.2305.3742.8370.00074.66059.14.936.0
13-Week, reopening5.2305.3742.8873.00073.49458.37.534.2
13-Week, reopening5.2455.3892.8176.00076.17347.210.242.6
13-Week, reopening5.2505.3952.5379.00079.33144.06.349.7
13-Week, reopening5.2405.3842.6579.00079.31150.95.943.1
13-Week, reopening5.2555.4002.9379.00084.49859.33.637.0
13-Week, reopening5.2305.3882.8479.00084.84460.83.735.6
13-Week, reopening5.2305.3882.9279.00086.22262.05.432.6
13-Week, reopening5.2355.3942.9179.00085.32855.56.538.0
13-Week, reopening5.2105.3682.8479.00087.15356.05.138.9
13-Week, reopening5.2255.3833.0377.00081.38151.15.443.6
13-Week, reopening5.2255.3832.9975.00079.27157.74.337.9
13-Week, reopening5.2355.3942.9575.00079.10751.36.242.5
13-Week, reopening5.2455.4042.7175.00079.59456.43.739.9
13-Week, reopening5.2605.4203.0775.00077.59063.33.733.0
13-Week, reopening5.2605.4202.8975.00075.56054.42.942.7
13-Week, reopening5.2605.4202.9975.00076.53355.56.937.6
13-Week, reopening5.2505.4092.9875.00076.38162.35.332.4
13-Week, reopening5.2805.4412.8775.00080.64155.83.940.3
13-Week, reopening5.2705.4292.9075.00080.86762.24.733.1
13-Week, reopening5.2855.4462.7675.00082.23262.14.033.8
13-Week, reopening5.2855.4462.9175.00081.22761.86.132.1
13-Week, reopening5.3255.4882.7875.00083.18661.25.133.7
13-Week, reopening5.3105.4722.8575.00079.64864.36.429.3
13-Week, reopening5.3405.5033.1675.00079.84068.14.227.7
13-Week, reopening5.3405.5032.7973.00077.51462.64.932.5
13-Week, reopening5.3455.5092.7771.00076.24254.74.840.6
13-Week, reopening5.3305.4932.7769.00071.72751.85.642.6
13-Week, reopening5.3155.4772.8669.00069.73352.45.642.0
13-Week, reopening5.3155.4772.9869.00070.91259.53.736.8
13-Week, reopening5.3155.4772.9469.00070.86650.34.645.1
13-Week, reopening5.3405.5033.0469.00074.26351.12.946.0
13-Week, reopening5.3005.4622.9669.00074.65757.23.938.9
13-Week, reopening5.2955.4563.1269.00076.11157.34.638.1
13-Week, reopening5.2905.4512.8367.00073.37558.14.937.0
13-Week, reopening5.2805.4412.9365.00073.06155.85.738.5
13-Week, reopening5.2705.4302.9265.00070.00558.33.438.3
13-Week, reopening5.2505.4093.1165.00070.17560.84.634.6
13-Week, reopening5.2505.4093.1265.00070.13258.82.838.3
13-Week, reopening5.2305.3883.0065.00070.47260.62.337.1
13-Week, reopening5.1805.3362.9965.00070.17348.34.447.3
13-Week, reopening5.1305.2842.5865.00066.37151.93.444.7
13-Week, reopening5.1505.3052.9965.00068.86363.94.231.9
13-Week, reopening5.2205.3783.1565.00068.31867.35.027.8
13-Week, reopening5.3005.4622.3863.00068.03442.13.054.9
13-Week, reopening5.2505.4092.5657.00062.83564.23.032.8
13-Week, reopening5.0605.2112.7957.00064.46266.93.929.2
13-Week, reopening5.1405.2942.6657.00063.52854.74.141.2
13-Week, reopening5.1205.2742.4457.00065.41548.56.644.9
13-Week, reopening5.0655.2162.7457.00063.20961.32.736.1
13-Week, reopening5.0805.2322.5957.00063.55560.34.235.5
13-Week, reopening4.9805.1282.2857.00062.73740.84.255.1
13-Week, reopening4.7804.9192.4957.00063.62452.92.744.5
13-Week, reopening4.6754.8102.5157.00063.31542.89.447.8
13-Week, reopening4.6754.8102.4157.00058.72053.78.138.2
13-Week, reopening4.7504.8882.1557.00061.14734.23.562.4
13-Week, reopening4.7654.9032.9357.00061.04260.43.636.1
13-Week, reopening4.7504.8882.5960.00066.19551.73.844.5
13-Week, reopening4.7204.8432.7260.00066.13052.84.243.1
13-Week, reopening4.6804.8022.6060.00067.54749.53.746.9
13-Week, reopening4.5904.7082.6960.00066.60954.54.041.5
13-Week, reopening4.5954.7142.4760.00068.54549.93.546.6
13-Week, reopening4.5754.6932.6860.00066.41841.213.045.8
13-Week, reopening4.5604.6772.6960.00066.46555.75.139.2
13-Week, reopening4.5604.6772.6157.00062.86354.63.841.6
13-Week, reopening4.4104.5222.5054.00060.93051.84.244.0
13-Week, reopening4.3504.4592.3854.00061.14837.63.059.4
13-Week, reopening4.2904.3972.5754.00055.83858.72.738.6
13-Week, reopening4.2704.3772.5154.00058.68645.94.249.9

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

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government

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