Cash management bill auctions: page 2 of 5

The cash management bill auctioned on 21 May 2026 sold at a discount rate of 3.605% (investment rate 3.665%), bid-to-cover 4.60.

Every cash management bill auction, page 2 of 5

Auctions with results since 4 March 1980: 934.

cash management bill auctions, newest first
Auction	Offered as	Discount rate, %	Investment rate, %	Bid-to-cover	Offered, $ billion	Sold, $ billion	Indirect, %	Direct, %	Dealers, %
17 Aug 2021	42-Day, reopening	0.040	0.041	4.24	20.000	20.001	38.2	7.6	54.3
11 Aug 2021	119-Day	0.045	0.046	4.45	30.000	30.002	68.3	2.7	29.0
10 Aug 2021	42-Day, reopening	0.040	0.041	4.00	20.000	20.000	41.2	10.2	48.7
4 Aug 2021	119-Day	0.050	0.051	4.11	30.000	30.001	51.2	4.0	44.8
3 Aug 2021	42-Day, reopening	0.040	0.041	4.35	20.000	20.001	51.5	9.7	38.8
28 Jul 2021	119-Day	0.050	0.051	3.50	30.000	30.001	39.0	8.3	52.7
27 Jul 2021	42-Day, reopening	0.040	0.041	4.41	20.000	20.001	29.5	11.2	59.3
21 Jul 2021	119-Day	0.050	0.051	4.18	30.000	30.001	39.8	7.2	53.0
20 Jul 2021	42-Day, reopening	0.045	0.046	3.97	35.000	35.001	36.3	9.6	54.2
14 Jul 2021	119-Day	0.050	0.051	4.00	30.000	30.003	54.9	7.4	37.8
13 Jul 2021	42-Day, reopening	0.045	0.046	3.89	35.000	35.001	49.7	5.4	44.9
7 Jul 2021	119-Day	0.050	0.051	3.81	35.000	35.001	47.2	7.2	45.7
6 Jul 2021	42-Day, reopening	0.045	0.046	3.70	40.000	40.002	49.9	19.1	31.0
30 Jun 2021	119-Day	0.050	0.051	4.16	35.000	35.002	36.4	6.5	57.1
29 Jun 2021	42-Day, reopening	0.050	0.051	3.43	40.000	40.002	46.7	6.9	46.4
23 Jun 2021	119-Day	0.050	0.051	3.90	35.000	35.001	47.3	7.6	45.1
22 Jun 2021	42-Day, reopening	0.040	0.041	3.06	40.000	40.001	31.4	13.3	55.3
16 Jun 2021	119-Day	0.035	0.035	3.72	35.000	35.002	46.4	7.5	46.1
15 Jun 2021	42-Day, reopening	0.015	0.015	3.22	40.000	40.001	55.0	4.8	40.2
9 Jun 2021	119-Day	0.030	0.030	3.95	35.000	35.002	57.3	4.8	37.8
8 Jun 2021	42-Day, reopening	0.010	0.010	3.12	40.000	40.001	44.2	7.9	47.9
2 Jun 2021	119-Day	0.030	0.030	3.29	35.000	35.002	33.0	7.9	59.0
1 Jun 2021	42-Day, reopening	0.005	0.005	3.46	40.000	40.000	69.1	3.9	27.0
26 May 2021	119-Day	0.020	0.020	3.12	35.000	35.001	36.7	8.2	55.1
25 May 2021	42-Day, reopening	0.005	0.005	3.60	40.000	40.002	49.5	4.5	46.1
19 May 2021	119-Day	0.015	0.015	3.51	35.000	35.001	40.1	9.8	50.1
18 May 2021	42-Day, reopening	0.005	0.005	3.86	40.000	40.004	33.4	5.9	60.7
12 May 2021	119-Day	0.020	0.020	3.24	35.000	35.001	32.9	8.2	58.9
11 May 2021	42-Day, reopening	0.005	0.005	3.95	40.000	40.000	51.0	8.9	40.0
5 May 2021	119-Day	0.025	0.025	3.62	35.000	35.000	54.4	4.7	40.9
4 May 2021	42-Day, reopening	0.010	0.010	3.58	40.000	40.002	54.7	4.3	40.9
28 Apr 2021	119-Day	0.025	0.025	3.56	35.000	35.001	39.3	7.6	53.1
27 Apr 2021	42-Day, reopening	0.010	0.010	3.41	40.000	40.002	46.7	8.6	44.7
21 Apr 2021	119-Day	0.025	0.025	3.55	35.000	35.000	41.5	12.5	46.0
20 Apr 2021	42-Day, reopening	0.010	0.010	3.56	40.000	40.001	57.3	8.6	34.0
14 Apr 2021	119-Day	0.025	0.025	3.60	35.000	35.000	41.2	4.8	54.0
13 Apr 2021	42-Day, reopening	0.015	0.015	3.34	40.000	40.002	37.3	9.0	53.7
7 Apr 2021	119-Day	0.025	0.025	4.06	35.000	35.001	55.0	8.1	36.9
6 Apr 2021	42-Day, reopening	0.020	0.020	3.50	40.000	40.002	30.7	10.9	58.4
31 Mar 2021	119-Day	0.030	0.030	3.49	35.000	35.002	53.2	5.2	41.5
30 Mar 2021	42-Day, reopening	0.015	0.015	2.97	40.000	40.001	45.0	10.3	44.7
24 Mar 2021	119-Day	0.030	0.030	3.65	35.000	35.000	74.2	5.0	20.8
23 Mar 2021	42-Day, reopening	0.010	0.010	3.16	40.000	40.000	43.1	9.0	47.9
17 Mar 2021	119-Day, reopening	0.040	0.041	3.42	35.000	35.000	45.2	6.8	48.0
16 Mar 2021	42-Day, reopening	0.015	0.015	3.75	35.000	35.000	41.3	8.5	50.2
10 Mar 2021	119-Day, reopening	0.050	0.051	3.75	30.000	30.001	40.4	9.4	50.2
9 Mar 2021	42-Day, reopening	0.030	0.030	3.75	30.000	30.001	42.0	6.9	51.1
3 Mar 2021	119-Day, reopening	0.050	0.051	3.71	30.000	30.001	62.4	7.8	29.7
2 Mar 2021	42-Day, reopening	0.040	0.041	3.54	30.000	30.000	47.7	8.3	44.0
24 Feb 2021	119-Day, reopening	0.045	0.046	3.16	30.000	30.000	35.4	4.9	59.7
23 Feb 2021	42-Day, reopening	0.025	0.025	3.24	30.000	30.001	37.5	8.8	53.7
16 Feb 2021	42-Day, reopening	0.040	0.041	3.10	30.000	30.000	36.7	7.4	55.8
16 Feb 2021	119-Day, reopening	0.050	0.051	3.24	30.000	30.000	32.2	9.4	58.4
10 Feb 2021	154-Day	0.055	0.056	3.23	30.000	30.000	32.7	7.0	60.3
10 Feb 2021	105-Day, reopening	0.045	0.046	3.61	25.000	25.000	36.3	10.1	53.5
9 Feb 2021	119-Day, reopening	0.040	0.041	3.80	30.000	30.002	45.4	13.2	41.5
9 Feb 2021	42-Day, reopening	0.035	0.035	3.43	30.000	30.001	14.5	20.8	64.7
3 Feb 2021	154-Day	0.055	0.056	3.57	30.000	30.000	35.7	14.8	49.5
3 Feb 2021	105-Day, reopening	0.055	0.056	3.84	25.000	25.001	18.3	21.5	60.2
2 Feb 2021	119-Day, reopening	0.060	0.061	3.97	30.000	30.000	39.2	7.9	52.9
2 Feb 2021	42-Day, reopening	0.050	0.051	4.05	30.000	30.002	34.3	8.3	57.4
27 Jan 2021	154-Day	0.080	0.081	3.59	30.000	30.001	37.9	6.5	55.5
27 Jan 2021	105-Day, reopening	0.075	0.076	4.07	25.000	25.001	32.7	9.6	57.7
26 Jan 2021	119-Day, reopening	0.075	0.076	3.95	30.000	30.000	35.8	5.5	58.7
26 Jan 2021	42-Day, reopening	0.070	0.071	3.94	30.000	30.002	31.5	9.2	59.3
20 Jan 2021	154-Day	0.090	0.091	3.63	30.000	30.000	52.7	6.1	41.2
20 Jan 2021	105-Day, reopening	0.085	0.086	4.21	25.000	25.001	48.8	8.0	43.2
19 Jan 2021	42-Day, reopening	0.085	0.086	3.34	30.000	30.002	24.1	12.2	63.7
19 Jan 2021	119-Day, reopening	0.090	0.091	3.78	30.000	30.000	51.4	5.9	42.7
13 Jan 2021	154-Day	0.090	0.091	3.62	30.000	30.001	34.7	6.8	58.6
13 Jan 2021	105-Day, reopening	0.090	0.091	3.84	25.000	25.001	40.9	8.2	50.9
12 Jan 2021	42-Day, reopening	0.085	0.086	3.18	30.000	30.000	23.9	7.6	68.4
12 Jan 2021	119-Day, reopening	0.090	0.091	3.61	30.000	30.002	42.0	6.5	51.4
6 Jan 2021	154-Day	0.090	0.091	3.57	30.000	30.001	39.7	15.1	45.3
6 Jan 2021	105-Day, reopening	0.090	0.091	3.73	25.000	25.002	40.6	9.1	50.2
5 Jan 2021	119-Day, reopening	0.085	0.086	3.93	30.000	30.000	47.3	5.5	47.2
5 Jan 2021	42-Day, reopening	0.085	0.086	3.13	30.000	30.001	18.3	7.4	74.3
30 Dec 2020	154-Day	0.090	0.091	3.52	30.000	30.000	33.4	4.9	61.6
30 Dec 2020	105-Day, reopening	0.090	0.091	3.55	25.000	25.000	39.3	4.6	56.1
29 Dec 2020	119-Day, reopening	0.095	0.096	3.73	30.000	30.001	58.2	2.2	39.6
29 Dec 2020	42-Day, reopening	0.085	0.086	3.66	30.000	30.001	51.2	2.5	46.3
23 Dec 2020	154-Day	0.095	0.096	3.48	30.000	30.000	52.5	5.5	42.0
23 Dec 2020	105-Day, reopening	0.090	0.091	3.62	25.000	25.000	49.1	9.6	41.3
22 Dec 2020	42-Day, reopening	0.080	0.081	3.38	30.000	30.001	36.1	8.2	55.6
22 Dec 2020	119-Day, reopening	0.090	0.091	3.42	30.000	30.000	41.1	5.4	53.5
17 Dec 2020	8-Day, reopening	0.060	0.061	6.53	0.025	0.025	0.0	0.0	100.0
16 Dec 2020	154-Day	0.090	0.091	3.28	30.000	30.001	30.0	6.9	63.1
16 Dec 2020	105-Day, reopening	0.085	0.086	3.82	25.000	25.000	54.0	2.9	43.2
15 Dec 2020	42-Day, reopening	0.075	0.076	3.21	30.000	30.001	32.4	11.5	56.2
15 Dec 2020	119-Day, reopening	0.085	0.086	3.47	30.000	30.001	35.9	7.8	56.3
9 Dec 2020	154-Day	0.090	0.091	3.51	30.000	30.001	37.7	5.9	56.5
9 Dec 2020	105-Day, reopening	0.085	0.086	3.70	25.000	25.000	36.9	6.0	57.1
8 Dec 2020	119-Day, reopening	0.080	0.081	3.58	30.000	30.001	37.7	9.9	52.4
8 Dec 2020	42-Day, reopening	0.070	0.071	3.81	30.000	30.000	44.5	6.6	48.9
2 Dec 2020	154-Day	0.090	0.091	3.84	30.000	30.000	54.1	2.2	43.7
2 Dec 2020	105-Day, reopening	0.085	0.086	3.94	25.000	25.000	48.3	4.5	47.2
1 Dec 2020	119-Day, reopening	0.090	0.091	3.57	30.000	30.001	31.9	2.9	65.3
1 Dec 2020	42-Day, reopening	0.080	0.081	3.34	30.000	30.001	25.5	7.6	66.9
25 Nov 2020	154-Day	0.090	0.091	3.65	30.000	30.002	56.5	3.0	40.5
25 Nov 2020	105-Day, reopening	0.085	0.086	4.35	25.000	25.001	58.7	3.3	38.0
24 Nov 2020	41-Day, reopening	0.075	0.076	3.15	30.000	30.001	21.3	8.5	70.2
24 Nov 2020	118-Day, reopening	0.090	0.091	3.48	30.000	30.000	41.6	3.5	54.9
18 Nov 2020	154-Day	0.090	0.091	3.47	30.000	30.001	25.6	10.3	64.1
18 Nov 2020	105-Day, reopening	0.090	0.091	3.90	25.000	25.001	36.3	8.8	54.8
17 Nov 2020	42-Day, reopening	0.095	0.096	3.76	30.000	30.000	38.9	7.6	53.6
17 Nov 2020	119-Day, reopening	0.095	0.096	3.82	30.000	30.003	32.7	9.1	58.2
12 Nov 2020	154-Day	0.100	0.101	3.38	30.000	30.001	36.6	4.1	59.3
12 Nov 2020	105-Day, reopening	0.095	0.096	3.78	25.000	25.001	39.5	5.2	55.3
9 Nov 2020	119-Day, reopening	0.100	0.101	3.77	30.000	30.000	42.9	5.1	52.0
9 Nov 2020	42-Day, reopening	0.095	0.096	3.31	30.000	30.001	40.2	8.9	50.9
4 Nov 2020	154-Day	0.105	0.107	3.55	30.000	30.000	37.7	4.3	58.1
4 Nov 2020	105-Day, reopening	0.100	0.101	3.36	25.000	25.001	31.2	6.0	62.8
3 Nov 2020	119-Day, reopening	0.105	0.106	3.20	30.000	30.000	24.8	4.6	70.7
3 Nov 2020	42-Day, reopening	0.085	0.086	3.21	30.000	30.000	33.0	8.9	58.0
28 Oct 2020	154-Day	0.105	0.107	3.23	30.000	30.000	40.7	2.4	56.8
28 Oct 2020	105-Day, reopening	0.095	0.096	4.08	25.000	25.000	53.2	9.5	37.2
27 Oct 2020	119-Day, reopening	0.100	0.101	3.26	30.000	30.001	20.9	4.9	74.2
27 Oct 2020	42-Day, reopening	0.080	0.081	3.44	30.000	30.001	40.2	9.4	50.4
21 Oct 2020	154-Day	0.115	0.117	3.61	30.000	30.001	40.3	13.5	46.1
21 Oct 2020	105-Day, reopening	0.100	0.101	3.84	25.000	25.001	32.5	9.6	57.9
20 Oct 2020	42-Day, reopening	0.090	0.091	3.67	30.000	30.000	54.3	5.2	40.5
20 Oct 2020	119-Day, reopening	0.105	0.106	3.54	30.000	30.000	39.9	2.5	57.6
14 Oct 2020	154-Day	0.120	0.122	3.25	30.000	30.000	45.5	2.4	52.1
14 Oct 2020	105-Day, reopening	0.105	0.106	3.52	25.000	25.001	41.1	3.0	55.9
13 Oct 2020	119-Day, reopening	0.110	0.112	3.36	30.000	30.000	50.5	2.2	47.3
13 Oct 2020	43-Day, reopening	0.095	0.096	3.43	30.000	30.000	31.7	12.9	55.4
7 Oct 2020	154-Day	0.110	0.112	3.17	30.000	30.000	39.2	2.0	58.8
7 Oct 2020	105-Day, reopening	0.100	0.101	3.45	25.000	25.000	37.6	2.6	59.8
6 Oct 2020	119-Day, reopening	0.105	0.106	3.13	30.000	30.000	28.1	4.6	67.3
6 Oct 2020	42-Day, reopening	0.090	0.091	3.30	30.000	30.001	43.8	14.8	41.3
30 Sep 2020	154-Day	0.105	0.107	3.53	30.000	30.001	66.1	3.3	30.6
30 Sep 2020	105-Day, reopening	0.095	0.096	3.61	25.000	25.001	50.9	4.9	44.2
29 Sep 2020	119-Day, reopening	0.090	0.091	4.19	30.000	30.001	49.5	3.4	47.2
29 Sep 2020	42-Day, reopening	0.085	0.086	3.42	30.000	30.000	32.0	11.9	56.1
23 Sep 2020	154-Day	0.100	0.101	3.29	30.000	30.000	32.3	4.1	63.6
23 Sep 2020	105-Day, reopening	0.090	0.091	4.08	25.000	25.000	33.6	12.4	54.0
22 Sep 2020	42-Day, reopening	0.085	0.086	3.61	30.000	30.000	29.3	10.7	60.0
22 Sep 2020	119-Day, reopening	0.095	0.096	3.95	30.000	30.000	53.3	2.2	44.5
16 Sep 2020	154-Day	0.110	0.112	3.45	30.000	30.001	46.2	3.0	50.8
16 Sep 2020	105-Day, reopening	0.100	0.101	3.76	25.000	25.001	35.2	10.6	54.2
15 Sep 2020	119-Day, reopening	0.110	0.112	3.88	30.000	30.002	27.8	11.5	60.7
15 Sep 2020	42-Day, reopening	0.095	0.096	3.37	30.000	30.001	25.8	12.0	62.2
9 Sep 2020	154-Day	0.120	0.122	3.29	30.000	30.001	45.7	3.8	50.5
9 Sep 2020	105-Day, reopening	0.115	0.117	3.70	25.000	25.001	44.2	7.8	48.0
8 Sep 2020	119-Day, reopening	0.120	0.122	3.55	30.000	30.000	50.7	4.9	44.3
8 Sep 2020	42-Day, reopening	0.105	0.106	3.19	30.000	30.001	35.7	8.3	56.1
2 Sep 2020	154-Day	0.120	0.122	3.26	30.000	30.001	41.3	4.8	54.0
2 Sep 2020	105-Day, reopening	0.115	0.117	3.54	25.000	25.001	40.6	7.6	51.8
1 Sep 2020	119-Day, reopening	0.115	0.117	3.21	30.000	30.001	38.6	3.7	57.7
1 Sep 2020	42-Day, reopening	0.090	0.091	3.42	30.000	30.001	44.8	6.5	48.6
26 Aug 2020	154-Day	0.110	0.112	3.67	30.000	30.001	50.8	3.2	46.0
26 Aug 2020	105-Day, reopening	0.100	0.101	3.68	25.000	25.000	38.8	8.0	53.2
25 Aug 2020	42-Day, reopening	0.085	0.086	3.39	30.000	30.000	42.0	5.5	52.5
25 Aug 2020	119-Day, reopening	0.110	0.112	3.05	30.000	30.001	28.8	2.9	68.3
19 Aug 2020	154-Day	0.115	0.117	3.39	30.000	30.000	33.8	6.3	60.0
19 Aug 2020	105-Day, reopening	0.105	0.106	3.36	25.000	25.001	32.5	6.0	61.5
18 Aug 2020	119-Day, reopening	0.110	0.112	3.36	30.000	30.001	43.2	3.3	53.5
18 Aug 2020	42-Day, reopening	0.090	0.091	3.22	30.000	30.001	39.3	5.8	54.9
12 Aug 2020	154-Day	0.120	0.122	3.28	30.000	30.001	55.0	3.2	41.8
12 Aug 2020	105-Day, reopening	0.110	0.112	3.42	25.000	25.000	42.9	6.5	50.6
11 Aug 2020	119-Day, reopening	0.110	0.112	3.39	30.000	30.001	40.2	2.4	57.3
11 Aug 2020	42-Day, reopening	0.095	0.096	3.19	30.000	30.000	45.2	5.4	49.4
5 Aug 2020	154-Day	0.110	0.112	2.91	30.000	30.001	23.1	3.2	73.7
5 Aug 2020	105-Day, reopening	0.105	0.106	3.34	25.000	25.001	33.6	3.7	62.6
4 Aug 2020	119-Day, reopening	0.100	0.101	3.45	30.000	30.001	33.9	4.6	61.5
4 Aug 2020	42-Day, reopening	0.085	0.086	3.45	30.000	30.000	45.2	6.0	48.8
29 Jul 2020	154-Day	0.110	0.112	3.48	30.000	30.001	50.7	4.5	44.8
29 Jul 2020	105-Day, reopening	0.105	0.106	3.53	25.000	25.000	40.1	7.5	52.4
28 Jul 2020	42-Day, reopening	0.100	0.101	3.22	30.000	30.000	35.4	6.8	57.8
28 Jul 2020	120-Day, reopening	0.110	0.112	3.40	30.000	30.000	37.6	3.3	59.1
22 Jul 2020	154-Day	0.135	0.137	3.18	30.000	30.000	52.1	2.1	45.8
22 Jul 2020	105-Day, reopening	0.120	0.122	3.50	25.000	25.001	26.9	6.7	66.4
21 Jul 2020	42-Day, reopening	0.100	0.101	3.34	30.000	30.000	43.0	4.0	53.0
21 Jul 2020	119-Day, reopening	0.120	0.122	3.08	30.000	30.000	24.7	5.1	70.2
21 Jul 2020	273-Day, reopening	0.140	0.142	3.35	20.000	20.000	23.4	4.5	72.1
15 Jul 2020	154-Day	0.145	0.147	3.40	30.000	30.001	40.8	1.6	57.6
15 Jul 2020	105-Day, reopening	0.130	0.132	3.95	25.000	25.000	42.0	4.4	53.5
14 Jul 2020	42-Day, reopening	0.120	0.122	3.25	35.000	35.000	53.9	6.2	39.9
14 Jul 2020	119-Day, reopening	0.145	0.147	3.21	35.000	35.001	42.1	2.8	55.1
8 Jul 2020	154-Day	0.155	0.157	3.33	30.000	30.000	42.5	3.9	53.7
8 Jul 2020	105-Day, reopening	0.145	0.147	3.68	25.000	25.000	34.1	7.6	58.4
7 Jul 2020	42-Day, reopening	0.125	0.127	3.32	35.000	35.000	48.6	6.4	45.0
7 Jul 2020	119-Day, reopening	0.150	0.152	3.18	35.000	35.000	36.9	3.9	59.2
1 Jul 2020	154-Day	0.155	0.157	3.18	30.000	30.000	33.1	2.3	64.5
1 Jul 2020	105-Day, reopening	0.140	0.142	3.91	25.000	25.001	31.1	5.2	63.7
30 Jun 2020	42-Day, reopening	0.130	0.132	3.27	35.000	35.000	51.4	3.2	45.4
30 Jun 2020	119-Day, reopening	0.155	0.157	3.17	35.000	35.000	44.3	2.4	53.3
24 Jun 2020	154-Day	0.165	0.167	3.22	35.000	35.001	46.6	2.9	50.6
24 Jun 2020	105-Day, reopening	0.150	0.152	3.35	30.000	30.001	38.2	5.1	56.7
23 Jun 2020	42-Day, reopening	0.125	0.127	3.20	40.000	40.001	50.6	4.7	44.7
23 Jun 2020	119-Day, reopening	0.155	0.157	3.33	40.000	40.001	46.7	2.1	51.1
23 Jun 2020	273-Day, reopening	0.180	0.183	3.53	20.000	20.000	20.0	8.3	71.7
17 Jun 2020	154-Day	0.185	0.188	3.22	40.000	40.001	48.8	1.5	49.6
17 Jun 2020	105-Day, reopening	0.170	0.172	3.25	35.000	35.001	50.7	1.7	47.6
16 Jun 2020	42-Day, reopening	0.150	0.152	2.82	50.000	50.001	41.4	2.1	56.5
16 Jun 2020	119-Day, reopening	0.180	0.183	3.37	40.000	40.000	40.6	1.9	57.5
10 Jun 2020	154-Day	0.190	0.193	2.95	40.000	40.001	47.1	1.2	51.8
10 Jun 2020	105-Day, reopening	0.180	0.183	3.50	35.000	35.001	44.9	1.4	53.7
9 Jun 2020	42-Day, reopening	0.165	0.167	2.70	60.000	60.000	42.2	10.8	47.1
9 Jun 2020	119-Day, reopening	0.185	0.188	3.30	40.000	40.000	44.7	10.9	44.4

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

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed 21 May 2026.

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Sources and licence

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.