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

The 26-week bill auctioned on sold at a discount rate of 4.165% (investment rate 4.314%), bid-to-cover 2.79.

Discount rate

4.165%

5 October 2026 · Auction results

Investment rate

4.314%

Bond-equivalent

Bid-to-cover

2.79

5 October 2026 · Auction results

Sold

$88.18 billion

$82 billion offered

When is the next 26-week bill auction?

Tentative 26-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 26-week bill auctions; the latest was 2.79

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 26-week bill auctions; the latest was 2.792.42.62.83.03.2Latest 2.7920262026Bid-to-cover of the last 36 26-week bill auctions; the latest was 2.792.42.62.83.03.22.7920262026

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 26-week bill auctions
AuctionBid-to-cover
2.79
2.64
2.62
2.74
2.88
2.63
3.05
2.97
2.85
2.98
3.12
2.94
3.11
3.05
2.58
2.51
2.76
2.75
2.84
2.77
3.07
2.91
2.79
2.95
2.89
2.84
3.06
2.83
3.03
2.64
3.09
3.10
3.03
3.08
3.09
3.08

Discount rate of the last 36 26-week bill auctions; the latest was 4.165%

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

Discount rate of the last 36 26-week bill auctions; the latest was 4.165%3.403.603.804.004.204.40Latest 4.165%20262026Discount rate of the last 36 26-week bill auctions; the latest was 4.165%3.403.603.804.004.204.404.16520262026
The numbers behind this chart
These auctions as a table
Discount rate of the last 36 26-week bill auctions, %
AuctionDiscount rate, %
4.165
4.285
4.155
4.060
3.890
3.885
3.790
3.780
3.830
3.855
3.945
3.835
3.860
3.830
3.840
3.840
3.680
3.690
3.665
3.650
3.615
3.615
3.610
3.590
3.590
3.610
3.615
3.605
3.630
3.570
3.535
3.535
3.525
3.500
3.500
3.525

The latest auction against its own history

Each measure against earlier 26-week bill auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.79Last 12 auctions8 of 124 of 122.91
Bid-to-cover ratio2.79Last 24 auctions14 of 249 of 242.86
Bid-to-cover ratio2.79Since 7 April 2008832 of 965125 of 9653.23
Bid-to-cover ratio2.79All 1407 since 18 October 1999923 of 1407474 of 14073.04
High discount rate4.165Last 12 auctions1 of 1211 of 123.872
High discount rate4.165Last 24 auctions1 of 2423 of 243.830
High discount rate4.165Since 7 April 2008119 of 965845 of 9650.440
High discount rate4.165All 2440 since 28 December 19791199 of 24401240 of 24404.122
Indirect bidders' share63.2Last 12 auctions3 of 129 of 1260.0
Indirect bidders' share63.2Last 24 auctions6 of 2418 of 2457.9
Indirect bidders' share63.2All 965 since 7 April 2008117 of 965848 of 96546.4
Direct bidders' share10.6Last 12 auctions4 of 128 of 129.9
Direct bidders' share10.6Last 24 auctions5 of 2419 of 249.4
Direct bidders' share10.6All 965 since 7 April 2008130 of 965835 of 9655.8
Primary dealers' share26.2Last 12 auctions10 of 122 of 1230.4
Primary dealers' share26.2Last 24 auctions20 of 244 of 2432.7
Primary dealers' share26.2All 965 since 7 April 2008906 of 96559 of 96547.3
High minus median, basis points3.0Last 12 auctions5 of 126 of 122.8
High minus median, basis points3.0Last 24 auctions7 of 2410 of 243.0
High minus median, basis points3.0Since 7 April 2008178 of 965689 of 9652.0
High minus median, basis points3.0All 2440 since 28 December 1979224 of 24402073 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 26-week bill auction, page 1 of 13

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

26-week bill auctions, newest first
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
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
26-Week3.9454.0813.1279.00084.55259.710.629.6
26-Week, reopening3.8353.9652.9479.00083.81058.411.030.6
Show 188 more rows
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
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
26-Week4.5504.7222.8645.00046.53261.93.234.9
26-Week, reopening4.6304.8072.6645.00048.90545.97.946.2

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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