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What was the rate at the latest 52-week Treasury bill auction?

The 52-week bill auctioned on sold at a discount rate of 4.400% (investment rate 4.616%), bid-to-cover 3.07.

Discount rate

4.400%

29 September 2026 · Auction results

Investment rate

4.616%

Bond-equivalent

Bid-to-cover

3.07

29 September 2026 · Auction results

Sold

$59.17 billion

$54 billion offered

When is the next 52-week bill auction?

Tentative 52-week bill auction dates
AuctionIssueAnnouncementSettles
–
–
–
–

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 52-week bill auctions; the latest was 3.07

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 52-week bill auctions; the latest was 3.072.53.03.54.0Latest 3.0720242026Bid-to-cover of the last 36 52-week bill auctions; the latest was 3.072.83.03.33.53.84.03.0720242026

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 52-week bill auctions
AuctionBid-to-cover
3.07
3.61
3.62
3.14
3.34
3.41
3.21
3.43
2.96
3.42
3.74
3.08
3.21
2.92
3.82
2.85
3.23
3.22
3.31
2.94
3.13
3.03
3.14
3.37
3.26
3.05
3.45
3.00
2.93
2.85
2.87
3.00
2.88
2.88
2.76
3.05

Discount rate of the last 36 52-week bill auctions; the latest was 4.400%

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

Discount rate of the last 36 52-week bill auctions; the latest was 4.400%3.003.504.004.505.00Latest 4.400%20242026Discount rate of the last 36 52-week bill auctions; the latest was 4.400%3.003.504.004.504.40020242026
The numbers behind this chart
These auctions as a table
Discount rate of the last 36 52-week bill auctions, %
AuctionDiscount rate, %
4.400
3.980
3.880
3.860
3.750
3.650
3.560
3.485
3.345
3.390
3.380
3.460
3.445
3.540
3.660
3.760
3.925
3.940
3.930
3.820
3.945
4.050
4.025
4.070
4.190
4.100
3.780
4.150
4.255
4.775
4.915
4.895
4.915
4.810
4.695
4.570

The latest auction against its own history

  • High discount rate: Highest for a 52-week bill since 9 July 2024 (28 auctions in between).
Each measure against earlier 52-week bill auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio3.07Last 12 auctions11 of 121 of 123.38
Bid-to-cover ratio3.07Last 24 auctions19 of 245 of 243.22
Bid-to-cover ratio3.07Since 3 June 2008180 of 23958 of 2393.39
Bid-to-cover ratio3.07All 248 since 9 November 1999183 of 24864 of 2483.37
High discount rate4.400Last 12 auctions0 of 1212 of 123.522
High discount rate4.400Last 24 auctions0 of 2424 of 243.790
High discount rate4.400Since 3 June 200822 of 239217 of 2390.630
High discount rate4.400All 507 since 2 January 1980253 of 507253 of 5074.400
Indirect bidders' share70.9Last 12 auctions2 of 1210 of 1268.0
Indirect bidders' share70.9Last 24 auctions6 of 2418 of 2468.0
Indirect bidders' share70.9All 239 since 3 June 200812 of 239227 of 23942.3
Direct bidders' share4.6Last 12 auctions1 of 1211 of 123.4
Direct bidders' share4.6Last 24 auctions3 of 2421 of 243.1
Direct bidders' share4.6All 239 since 3 June 2008125 of 239114 of 2394.7
Primary dealers' share24.6Last 12 auctions11 of 121 of 1229.3
Primary dealers' share24.6Last 24 auctions19 of 245 of 2429.5
Primary dealers' share24.6All 239 since 3 June 2008229 of 23910 of 23950.7
High minus median, basis points1.5Last 12 auctions10 of 121 of 123.2
High minus median, basis points1.5Last 24 auctions20 of 242 of 243.0
High minus median, basis points1.5Since 3 June 2008124 of 23981 of 2392.0
High minus median, basis points1.5All 507 since 2 January 1980159 of 507311 of 5071.0

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 52-week bill auction, page 1 of 3

Auctions with results since 2 January 1980: 508.

52-week bill auctions, newest first
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
52-Week4.4004.6163.0754.00059.16770.94.624.6
52-Week3.9804.1613.6152.00055.13575.23.321.4
52-Week3.8804.0543.6252.00056.12370.82.327.0
52-Week3.8604.0323.1452.00054.76160.14.635.3
52-Week3.7503.9143.3450.00053.21668.22.229.6
52-Week3.6503.8063.4150.00053.13869.13.527.5
52-Week3.5603.7103.2150.00051.97555.85.239.0
52-Week3.4853.6303.4350.00054.00964.93.531.6
52-Week3.3453.4802.9650.00052.28467.83.129.1
52-Week3.3903.5283.4250.00052.17372.32.325.4
52-Week3.3803.5173.7450.00052.29964.13.032.8
52-Week3.4603.6033.0850.00052.31468.83.527.7
Show 188 more rows
52-week bill auctions, newest first (continued)
AuctionOffered asDiscount rate, %Investment rate, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %
52-Week3.4453.5873.2150.00052.80253.54.442.1
52-Week3.5403.6882.9250.00052.87355.24.340.5
52-Week3.6603.8173.8250.00051.00682.22.315.5
52-Week3.7603.9242.8550.00052.78956.64.838.6
52-Week3.9254.1023.2350.00052.87863.24.931.9
52-Week3.9404.1183.2248.00049.56972.83.224.0
52-Week3.9304.1073.3148.00052.21477.02.021.0
52-Week3.8203.9892.9448.00050.35169.02.728.3
52-Week3.9454.1243.1348.00048.13558.02.040.0
52-Week4.0504.2373.0348.00050.50866.61.731.8
52-Week4.0254.2103.1448.00050.62268.71.829.5
52-Week4.0704.2593.3748.00048.94076.11.222.7
52-Week4.1904.3883.2648.00051.32364.32.832.9
52-Week4.1004.2913.0548.00052.87357.04.238.9
52-Week3.7803.9463.4548.00050.99557.92.939.1
52-Week4.1504.3453.0046.00046.52565.12.232.7
52-Week4.2554.4582.9346.00049.69054.72.542.8
52-Week4.7755.0242.8546.00048.59252.13.044.8
52-Week4.9155.1772.8746.00046.98448.33.148.6
52-Week4.8955.1553.0046.00050.57368.13.128.8
52-Week4.9155.1772.8846.00049.10865.82.431.8
52-Week4.8105.0622.8846.00046.10551.42.945.7
52-Week4.6954.9502.7646.00049.40370.94.924.2
52-Week4.5704.8143.0546.00048.61776.11.322.6
52-Week4.5954.8413.2744.00045.51977.61.421.0
52-Week4.9355.2143.5644.00047.30972.50.227.3
52-Week5.1355.4332.8944.00048.80264.31.833.9
52-Week5.1855.4883.2144.00047.24976.40.123.5
52-Week5.1205.4173.1442.00043.13667.32.030.7
52-Week5.0605.3512.9740.00043.80659.73.237.1
52-Week5.1305.4282.8838.00041.00068.32.329.4
52-Week4.9305.2082.8338.00040.25861.42.436.2
52-Week4.6454.8962.4936.00040.71351.42.346.3
52-Week4.5304.7702.9734.00037.91069.91.928.2
52-Week4.3904.6172.8534.00035.02657.42.040.6
52-Week4.7955.0462.8934.00037.47474.71.124.2
52-Week4.4704.6922.8734.00037.63765.00.834.3
52-Week4.5154.7413.2434.00038.50064.20.135.8
52-Week4.5554.7842.8334.00038.32765.30.334.3
52-Week4.5054.7302.8334.00039.25566.60.732.7
52-Week3.9554.1342.6834.00038.26858.73.537.8
52-Week3.4603.6032.7534.00036.76256.51.541.9
52-Week3.2003.3253.0534.00038.07562.92.434.7
52-Week2.9603.0703.1734.00038.54950.83.845.4
52-Week3.0203.1343.1434.00037.94365.22.332.4
52-Week2.1002.1643.1234.00039.17860.73.535.8
52-Week1.8701.9233.3134.00038.39945.110.644.3
52-Week1.5901.6323.2934.00035.30446.717.835.5
52-Week1.1451.1712.8134.00037.44934.920.145.1
52-Week0.6300.6422.9834.00038.13843.79.346.9
52-Week0.3900.3973.1534.00038.79948.13.348.6
52-Week0.2400.2443.0134.00038.68665.92.531.6
52-Week0.1600.1623.2534.00039.10742.14.653.3
52-Week0.0900.0913.3734.00039.63240.85.353.9
52-Week0.0750.0763.7534.00037.42049.45.445.2
52-Week0.0800.0813.6234.00037.84748.77.843.5
52-Week0.0750.0763.4634.00038.16643.66.749.6
52-Week0.0700.0713.1934.00037.33231.95.562.6
52-Week0.0550.0563.3234.00038.26035.76.957.4
52-Week0.0650.0663.6934.00038.01050.42.846.8
52-Week0.0700.0713.4634.00035.21142.82.854.4
52-Week0.0700.0713.3634.00037.77244.53.552.1
52-Week0.0900.0913.9234.00038.63646.47.945.7
52-Week0.1100.1123.2134.00039.73229.911.858.4
52-Week0.1100.1123.7334.00038.98849.12.748.3
52-Week0.1350.1373.5434.00039.37738.53.058.5
52-Week0.1400.1423.1534.00039.16541.12.756.2
52-Week0.1400.1423.0434.00037.59630.45.364.3
52-Week0.1400.1423.3234.00037.99742.94.752.4
52-Week0.1550.1573.1434.00038.58026.111.762.2
52-Week0.2000.2032.9134.00038.05417.96.076.0
52-Week0.1600.1623.3031.00035.16142.09.448.6
52-Week0.1650.1683.3828.00030.95542.87.849.4
52-Week0.2600.2642.5326.00027.15631.83.364.9
52-Week1.2701.3043.5626.00026.55242.62.255.2
52-Week1.4901.5323.3626.00026.36140.53.056.4
52-Week1.5501.5952.9526.00026.00028.61.869.5
52-Week1.5251.5693.3926.00026.00058.22.639.2
52-Week1.5651.6102.8428.00028.00035.74.659.7
52-Week1.6001.6472.9828.00028.00038.36.055.7
52-Week1.7401.7932.8128.00028.00037.52.460.1
52-Week1.8001.8552.6628.00028.00033.43.463.1
52-Week1.9151.9762.8726.00026.00048.93.148.0
52-Week1.9852.0492.8826.00026.00045.31.653.0
52-Week2.2802.3592.9526.00026.00048.13.348.6
52-Week2.3602.4433.4426.00026.00064.41.933.7
52-Week2.3602.4433.6926.00026.00044.17.348.6
52-Week2.4702.5523.6026.00026.00050.55.144.5
52-Week2.5152.6003.1626.00026.00036.55.558.0
52-Week2.5452.6313.1326.00026.00040.17.852.1
52-Week2.6352.7263.0526.00026.00048.75.945.4
52-Week2.6452.7373.0526.00026.00041.96.551.6
52-Week2.5802.6683.4826.00026.00057.17.135.8
52-Week2.4652.5473.7626.00026.00059.67.433.0
52-Week2.3652.4423.2126.00026.00036.612.750.7
52-Week2.3352.4103.0326.00026.00042.210.047.8
52-Week2.2752.3473.4126.00026.00045.96.947.1
52-Week2.2752.3473.6826.00026.00050.17.542.3
52-Week2.2002.2683.3926.00026.00038.79.451.8
52-Week2.0702.1322.9924.00024.00030.98.160.9
52-Week2.0202.0803.0022.00022.00028.25.965.9
52-Week1.8301.8823.3620.00020.00037.88.353.9
52-Week1.7801.8292.9120.00020.00030.35.963.8
52-Week1.6501.6943.4420.00020.00054.96.938.2
52-Week1.4851.5233.3420.00020.00042.37.949.8
52-Week1.3651.3983.2720.00020.00035.06.258.8
52-Week1.2401.2693.1620.00020.00037.06.956.2
52-Week1.2301.2593.2520.00020.00032.46.061.5
52-Week1.1901.2183.1720.00020.00043.08.049.0
52-Week1.2151.2433.3120.00020.00048.26.445.3
52-Week1.1451.1712.8420.00020.00023.23.473.4
52-Week1.0601.0833.2320.00020.00038.73.158.1
52-Week1.0251.0473.1720.00020.00046.93.249.9
52-Week0.8500.8673.1420.00020.00037.03.060.0
52-Week0.8100.8263.4820.00020.00049.54.346.2
52-Week0.8700.8883.3920.00020.00050.21.947.9
52-Week0.8300.8473.5820.00020.00041.95.153.0
52-Week0.6950.7083.3520.00020.00035.21.563.3
52-Week0.6800.6933.4620.00020.00044.32.253.5
52-Week0.6300.6423.4820.00020.00043.61.954.5
52-Week0.5700.5803.5920.00020.00049.01.949.1
52-Week0.5500.5603.6520.00020.00017.92.679.5
52-Week0.5600.5703.7120.00020.00055.52.342.2
52-Week0.6850.6983.7720.00020.00035.02.162.9
52-Week0.6050.6163.5720.00020.00044.42.553.1
52-Week0.6600.6733.1420.00020.00032.25.861.9
52-Week0.6600.6733.2920.00020.00026.65.567.8
52-Week0.5300.5413.5918.00018.00025.75.568.8
52-Week0.6700.6853.9516.00016.00027.04.468.6
52-Week0.7400.7573.5814.00014.00033.26.660.3
52-Week0.5000.5104.0312.00012.00047.94.647.5
52-Week0.2050.2094.1210.00010.00036.64.558.9
52-Week0.4400.4493.1720.00020.00026.45.967.7
52-Week0.4100.4183.8022.00022.00150.91.847.2
52-Week0.3300.3363.3725.00025.00024.14.571.4
52-Week0.2900.2953.4425.00025.00029.35.964.9
52-Week0.2550.2603.7825.00025.00036.36.657.1
52-Week0.2450.2504.1125.00025.00047.01.951.1
52-Week0.2600.2653.7125.00025.00045.64.450.0
52-Week0.2600.2653.9125.00025.00048.93.148.0
52-Week0.2050.2083.8125.00025.00039.24.656.3
52-Week0.2500.2543.8425.00025.00144.13.952.0
52-Week0.2100.2133.4425.00025.00014.87.178.1
52-Week0.1400.1423.5925.00025.00128.63.967.5
52-Week0.1000.1013.8625.00025.00128.73.268.1
52-Week0.1200.1224.0625.00025.00035.73.261.1
52-Week0.1050.1074.1025.00025.00137.03.060.0
52-Week0.1100.1124.2725.00025.00128.63.368.1
52-Week0.1100.1124.0525.00025.00040.33.556.2
52-Week0.0950.0964.5725.00025.00035.65.658.8
52-Week0.1050.1074.5025.00025.00029.87.962.3
52-Week0.1250.1274.9925.00025.00148.96.544.6
52-Week0.1200.1224.8525.00025.00042.16.551.4
52-Week0.1150.1173.7018.00018.00010.312.477.3
52-Week0.1250.1274.8323.00023.00032.111.955.9
52-Week0.1350.1374.4825.00025.00029.78.661.7
52-Week0.1350.1374.4425.00025.00123.615.660.7
52-Week0.1600.1624.1222.00022.00019.810.070.2
52-Week0.1200.1224.5122.00022.00120.915.863.3
52-Week0.1350.1374.6725.00025.00121.16.672.3
52-Week0.1150.1174.6525.00025.00120.312.567.2
52-Week0.1600.1624.1025.00025.00027.17.964.9
52-Week0.1350.1374.1925.00025.00040.48.351.3
52-Week0.1050.1074.9123.00023.00129.67.762.8
52-Week0.1400.1424.8925.00025.00032.77.359.9
52-Week0.1500.1524.9825.00025.00136.27.456.4
52-Week0.1450.1474.5625.00025.00026.36.467.3
52-Week0.1400.1424.7225.00025.00010.07.083.0
52-Week0.1600.1624.9625.00025.00126.615.557.9
52-Week0.1800.1835.0825.00025.00230.28.661.2
52-Week0.1800.1834.8625.00025.00043.78.148.2
52-Week0.1750.1784.9225.00025.00131.67.860.6
52-Week0.1950.1984.5525.00025.00133.08.258.8
52-Week0.1750.1784.7125.00025.00017.45.976.7
52-Week0.2050.2084.1525.00025.00014.212.573.4
52-Week0.1850.1885.0725.00025.00117.718.863.5
52-Week0.1850.1884.5626.00026.00021.97.570.6
52-Week0.1850.1884.3126.00026.00018.99.571.6
52-Week0.1700.1734.7426.00026.00132.48.159.5
52-Week0.1400.1424.6126.00026.00124.59.765.8
52-Week0.1050.1074.8225.00025.00028.612.259.2
52-Week0.1100.1124.5925.00025.00121.011.068.0
52-Week0.1000.1024.7625.00025.00129.910.259.9
52-Week0.1200.1224.5225.00025.00127.69.662.8
52-Week0.0900.0924.6525.00025.00035.48.556.1
52-Week0.1000.1024.2625.00025.00019.713.466.9
52-Week0.2000.2044.6320.00020.00029.816.853.3
52-Week0.2000.2044.1524.00024.00027.412.360.3

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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