Cash management bill auctions: page 3 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 3 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, %
3 Jun 2020	154-Day	0.180	0.183	3.11	40.000	40.000	56.4	3.9	39.8
3 Jun 2020	105-Day, reopening	0.170	0.172	3.25	40.000	40.000	58.8	1.0	40.2
2 Jun 2020	42-Day, reopening	0.135	0.137	2.83	65.000	65.002	55.6	2.8	41.6
2 Jun 2020	119-Day, reopening	0.165	0.167	3.10	40.000	40.001	48.6	6.9	44.5
28 May 2020	154-Day	0.170	0.172	3.16	40.000	40.000	57.0	3.7	39.3
27 May 2020	273-Day, reopening	0.180	0.183	3.17	25.000	25.000	17.1	7.4	75.5
27 May 2020	105-Day, reopening	0.165	0.167	3.06	40.000	40.000	62.5	1.2	36.3
27 May 2020	119-Day, reopening	0.170	0.172	2.75	40.000	40.000	29.7	2.8	67.6
26 May 2020	42-Day, reopening	0.120	0.122	2.83	65.000	65.001	60.6	1.0	38.4
20 May 2020	154-Day	0.150	0.152	2.93	40.000	40.001	36.5	6.0	57.5
20 May 2020	105-Day, reopening	0.140	0.142	3.04	40.000	40.001	46.0	2.4	51.6
19 May 2020	42-Day, reopening	0.105	0.106	2.90	65.000	65.000	60.3	1.6	38.1
19 May 2020	119-Day, reopening	0.140	0.142	3.10	40.000	40.002	39.5	3.5	57.0
13 May 2020	154-Day	0.155	0.157	2.97	40.000	40.000	38.1	10.1	51.8
13 May 2020	105-Day	0.140	0.142	3.51	35.000	35.000	43.9	2.5	53.6
12 May 2020	42-Day, reopening	0.110	0.112	2.93	65.000	65.001	54.0	3.5	42.6
12 May 2020	119-Day, reopening	0.145	0.147	3.38	35.000	35.001	52.6	3.0	44.4
7 May 2020	105-Day	0.125	0.127	3.00	30.000	30.000	47.1	3.5	49.4
6 May 2020	154-Day	0.150	0.152	2.91	35.000	35.000	39.2	2.1	58.8
5 May 2020	119-Day, reopening	0.130	0.132	3.38	30.000	30.000	50.4	1.5	48.1
5 May 2020	42-Day, reopening	0.115	0.117	2.74	65.000	65.000	58.1	1.7	40.2
4 May 2020	105-Day	0.115	0.117	3.35	30.000	30.000	40.6	1.8	57.5
30 Apr 2020	154-Day	0.140	0.142	2.90	30.000	30.000	40.6	3.7	55.7
29 Apr 2020	119-Day, reopening	0.110	0.112	3.50	25.000	25.001	45.3	2.7	52.0
29 Apr 2020	273-Day, reopening	0.165	0.167	2.98	25.000	25.000	27.7	4.8	67.5
29 Apr 2020	103-Day	0.115	0.117	3.05	30.000	30.000	47.9	1.8	50.3
28 Apr 2020	43-Day, reopening	0.085	0.086	3.22	55.000	55.001	56.3	0.7	43.0
22 Apr 2020	154-Day	0.135	0.137	3.08	30.000	30.000	43.4	2.1	54.5
22 Apr 2020	103-Day	0.105	0.106	3.10	30.000	30.000	45.6	1.6	52.7
21 Apr 2020	119-Day, reopening	0.110	0.112	3.51	25.000	25.000	30.6	13.4	56.1
20 Apr 2020	43-Day, reopening	0.120	0.122	2.89	65.000	65.000	56.8	0.4	42.7
15 Apr 2020	154-Day	0.190	0.193	3.14	30.000	30.000	41.6	8.9	49.5
15 Apr 2020	103-Day	0.165	0.167	3.32	30.000	30.000	48.9	1.7	49.4
14 Apr 2020	43-Day, reopening	0.190	0.193	3.12	65.000	65.000	63.3	9.0	27.7
14 Apr 2020	119-Day, reopening	0.220	0.223	4.13	25.000	25.000	33.0	19.8	47.2
13 Apr 2020	69-Day	0.270	0.274	3.22	35.000	35.000	51.6	3.6	44.8
8 Apr 2020	154-Day	0.250	0.254	2.60	40.000	40.001	43.4	1.6	55.0
8 Apr 2020	103-Day	0.200	0.203	2.79	40.000	40.000	62.1	1.6	36.2
8 Apr 2020	40-Day, reopening	0.160	0.162	2.65	45.000	45.000	45.5	5.4	49.0
7 Apr 2020	119-Day, reopening	0.180	0.183	2.74	40.000	40.000	49.9	2.2	47.9
7 Apr 2020	69-Day	0.135	0.137	2.71	45.000	45.000	46.2	0.9	52.9
6 Apr 2020	43-Day, reopening	0.095	0.096	3.15	60.000	60.000	62.1	0.6	37.4
2 Apr 2020	154-Day	0.150	0.152	2.90	40.000	40.000	49.6	1.3	49.2
2 Apr 2020	102-Day	0.125	0.127	3.06	40.000	40.000	54.5	0.5	45.0
1 Apr 2020	119-Day, reopening	0.130	0.132	2.99	40.000	40.001	56.4	1.6	42.0
1 Apr 2020	39-Day, reopening	0.080	0.081	3.07	45.000	45.000	48.2	1.9	49.9
31 Mar 2020	42-Day, reopening	0.080	0.081	2.79	60.000	60.000	61.5	0.8	37.8
31 Mar 2020	69-Day	0.070	0.071	2.87	45.000	45.000	65.9	1.1	33.0
30 Mar 2020	37-Day, reopening	0.025	0.025	2.88	60.000	60.000	60.6	0.9	38.5
19 Mar 2020	79-Day, reopening	0.050	0.051	3.03	20.000	20.000	11.4	16.5	72.1
18 Feb 2020	21-Day, reopening	1.585	1.613	2.71	40.000	40.000	32.4	4.6	63.0
11 Feb 2020	56-Day, reopening	1.555	1.585	3.45	30.000	30.000	35.0	2.3	62.6
20 Nov 2019	16-Day, reopening	1.540	1.567	3.63	15.000	15.000	17.3	3.0	79.7
1 Aug 2019	45-Day	2.110	2.151	2.58	35.000	35.000	28.2	1.1	70.7
2 May 2019	37-Day, reopening	2.385	2.431	3.27	20.000	20.000	30.7	4.9	64.4
5 Mar 2019	42-Day, reopening	2.410	2.457	3.06	30.000	30.000	40.4	2.8	56.7
28 Feb 2019	41-Day, reopening	2.400	2.447	3.34	23.000	23.000	42.0	2.8	55.2
6 Feb 2019	18-Day	2.395	2.431	3.00	50.000	50.000	46.5	2.4	51.1
13 Feb 2018	55-Day, reopening	1.560	1.585	2.54	50.000	50.001	19.1	5.4	75.4
6 Feb 2018	70-Day, reopening	1.440	1.464	3.80	30.000	30.001	60.0	4.1	35.9
19 Jan 2018	6-Day, reopening	1.210	1.227	5.62	0.025	0.025	0.0	0.0	100.0
8 Dec 2017	41-Day, reopening	1.170	1.188	4.01	9.000	9.000	13.5	1.4	85.1
30 Oct 2017	37-Day	1.030	1.045	3.33	50.000	50.000	41.9	9.3	48.8
8 Sep 2017	7-Day, reopening	1.010	1.024	4.28	20.000	20.000	24.7	1.5	73.8
5 Sep 2017	8-Day	1.010	1.024	3.54	25.000	25.000	47.0	2.2	50.8
29 Aug 2017	123-Day	1.060	1.079	3.04	40.000	40.001	24.3	6.4	69.2
27 Jul 2017	14-Day	1.010	1.024	3.94	20.000	20.000	13.9	12.0	74.1
30 May 2017	14-Day, reopening	0.735	0.745	3.14	25.000	25.000	30.8	12.6	56.7
7 Apr 2017	37-Day, reopening	0.720	0.731	4.61	0.025	0.025	0.0	0.0	100.0
14 Mar 2017	35-Day, reopening	0.780	0.791	3.31	35.000	35.000	39.6	3.6	56.8
13 Mar 2017	44-Day, reopening	0.770	0.781	3.02	33.000	33.001	20.8	3.5	75.7
7 Mar 2017	6-Day, reopening	0.515	0.522	3.68	20.000	20.000	33.8	4.0	62.2
7 Feb 2017	34-Day	0.525	0.533	3.48	50.000	50.001	38.4	5.3	56.4
17 Aug 2016	7-Day	0.200	0.203	5.02	0.025	0.025	0.0	0.0	100.0
2 Nov 2015	72-Day, reopening	0.080	0.081	2.76	45.000	45.000	12.2	7.4	80.4
29 Oct 2015	69-Day, reopening	0.070	0.071	2.99	35.000	35.000	21.8	6.4	71.8
6 Oct 2015	25-Day	0.000	0.000	7.93	15.000	15.007	34.7	7.4	57.9
9 Sep 2015	21-Day, reopening	0.015	0.015	3.18	25.000	25.001	2.5	3.8	93.7
31 Aug 2015	14-Day	0.075	0.076	3.68	25.000	25.000	36.4	7.6	56.0
11 Aug 2015	19-Day	0.075	0.076	3.44	25.000	25.000	32.5	6.0	61.5
2 Jun 2015	12-Day	0.050	0.051	3.86	30.000	30.000	9.2	6.3	84.6
3 Sep 2014	11-Day	0.025	0.025	4.54	15.000	15.000	3.2	3.0	93.8
3 Jun 2014	14-Day, reopening	0.050	0.051	4.66	25.000	25.001	0.8	6.2	93.0
28 Feb 2014	66-Day, reopening	0.050	0.051	4.53	20.000	20.001	8.5	6.3	85.2
14 Feb 2014	58-Day, reopening	0.050	0.051	3.81	45.000	45.001	10.9	9.6	79.4
10 Feb 2014	72-Day, reopening	0.090	0.091	3.38	50.000	50.000	11.0	9.5	79.5
16 Oct 2013	189-Day	0.135	0.137	3.83	26.000	26.000	32.5	10.7	56.9
9 Oct 2013	5-Day	0.300	0.304	2.84	35.000	35.001	10.3	5.0	84.7
2 Oct 2013	7-Day, reopening	0.030	0.030	4.37	20.000	20.001	10.1	9.8	80.2
10 Sep 2013	5-Day	0.040	0.041	3.77	35.000	35.001	0.9	7.3	91.8
4 Sep 2013	11-Day	0.030	0.030	4.27	30.000	30.001	3.5	7.5	88.9
27 Aug 2013	14-Day, reopening	0.035	0.035	5.31	25.000	25.001	14.6	10.6	74.8
13 Aug 2013	21-Day, reopening	0.060	0.061	4.81	25.000	25.000	17.0	4.1	79.0
3 Jun 2013	13-Day	0.050	0.051	4.28	30.000	30.001	5.4	5.6	89.0
5 Mar 2013	40-Day	0.105	0.106	5.05	30.000	30.001	31.2	8.5	60.3
19 Feb 2013	64-Day, reopening	0.130	0.132	4.58	35.000	35.001	9.0	6.8	84.2
12 Feb 2013	64-Day, reopening	0.100	0.101	4.27	40.000	40.001	9.3	8.9	81.8
13 Dec 2012	3-Day, reopening	0.090	0.091	5.62	10.000	10.000	0.0	5.8	94.2
4 Dec 2012	11-Day	0.165	0.167	5.11	25.000	25.001	16.2	18.1	65.7
20 Nov 2012	21-Day	0.155	0.157	5.23	20.000	20.001	25.1	4.4	70.6
14 Nov 2012	46-Day	0.190	0.193	4.69	25.000	25.000	13.4	14.7	72.0
7 Nov 2012	42-Day, reopening	0.125	0.127	4.72	25.000	25.001	1.8	10.9	87.3
5 Sep 2012	11-Day, reopening	0.145	0.147	3.98	35.000	35.000	6.4	9.3	84.3
29 Aug 2012	18-Day	0.125	0.127	3.98	35.000	35.001	8.1	7.5	84.4
22 Aug 2012	14-Day, reopening	0.100	0.101	5.84	10.000	10.000	0.6	8.4	91.0
14 Aug 2012	15-Day, reopening	0.110	0.112	4.77	25.000	25.001	5.8	7.3	86.8
28 Feb 2012	49-Day, reopening	0.105	0.106	4.99	20.000	20.000	8.8	12.9	78.4
14 Feb 2012	64-Day, reopening	0.120	0.122	4.52	20.000	20.000	1.0	10.2	88.8
6 Oct 2011	5-Day	0.000	0.000	6.04	10.000	10.000	0.0	3.7	96.3
6 Sep 2011	8-Day, reopening	0.030	0.031	5.09	15.000	15.000	6.8	9.2	84.0
30 Aug 2011	14-Day, reopening	0.005	0.005	4.75	30.000	30.001	42.7	8.9	48.4
17 Aug 2011	12-Day	0.015	0.015	5.10	20.000	20.000	36.4	7.6	56.1
4 Aug 2011	10-Day	0.000	0.000	5.07	20.000	20.001	12.3	4.5	83.2
27 Jul 2011	5-Day	0.000	0.000	4.58	12.000	12.001	0.0	10.6	89.4
13 Jul 2011	14-Day, reopening	0.000	0.000	7.55	5.000	5.000	1.0	11.6	87.4
8 Jun 2011	6-Day	0.040	0.041	5.51	15.000	15.000	4.5	12.0	83.5
18 May 2011	56-Day, reopening	0.020	0.020	6.85	5.000	5.000	10.5	10.5	79.0
23 Mar 2011	56-Day, reopening	0.055	0.056	6.79	5.000	5.000	7.5	15.7	76.8
1 Mar 2011	49-Day, reopening	0.125	0.127	5.11	25.000	25.001	34.3	10.4	55.3
23 Feb 2011	49-Day	0.125	0.127	4.75	25.000	25.000	21.6	3.6	74.7
26 Jan 2011	56-Day, reopening	0.160	0.162	4.75	25.000	25.002	8.7	17.8	73.5
19 Jan 2011	56-Day, reopening	0.160	0.162	4.65	25.000	25.001	19.6	10.7	69.7
12 Jan 2011	56-Day, reopening	0.155	0.157	4.63	25.000	25.000	7.0	14.5	78.5
5 Jan 2011	56-Day, reopening	0.140	0.142	4.66	25.000	25.001	9.9	14.6	75.5
29 Dec 2010	56-Day, reopening	0.120	0.122	4.67	25.000	25.000	17.6	9.5	72.9
22 Dec 2010	56-Day, reopening	0.130	0.132	4.25	25.000	25.001	12.4	12.9	74.7
15 Dec 2010	56-Day, reopening	0.125	0.127	4.18	25.000	25.000	8.5	11.4	80.1
8 Dec 2010	56-Day, reopening	0.125	0.127	4.43	25.000	25.001	10.8	16.4	72.7
7 Dec 2010	7-Day	0.140	0.142	5.14	18.000	18.000	28.1	18.2	53.8
1 Dec 2010	56-Day, reopening	0.155	0.157	4.59	25.000	25.001	18.3	12.1	69.6
24 Nov 2010	55-Day, reopening	0.160	0.162	4.39	25.000	25.000	38.2	12.4	49.4
17 Nov 2010	56-Day, reopening	0.125	0.127	4.28	25.000	25.001	9.5	8.9	81.6
10 Nov 2010	55-Day, reopening	0.095	0.096	4.70	25.000	25.000	9.4	12.8	77.8
3 Nov 2010	56-Day, reopening	0.145	0.147	4.85	25.000	25.000	26.3	9.7	63.9
27 Oct 2010	56-Day, reopening	0.150	0.152	4.31	25.000	25.000	15.1	11.0	73.9
20 Oct 2010	56-Day, reopening	0.150	0.152	4.60	25.000	25.001	19.2	10.9	69.9
13 Oct 2010	56-Day, reopening	0.150	0.152	4.43	25.000	25.000	24.0	8.9	67.1
6 Oct 2010	56-Day, reopening	0.145	0.147	4.38	25.000	25.001	7.1	15.8	77.0
29 Sep 2010	57-Day, reopening	0.130	0.132	4.57	25.000	25.000	6.5	18.1	75.4
22 Sep 2010	56-Day, reopening	0.145	0.147	4.44	25.000	25.001	11.4	11.1	77.5
15 Sep 2010	57-Day, reopening	0.145	0.147	4.57	25.000	25.001	35.9	11.4	52.7
8 Sep 2010	56-Day, reopening	0.120	0.122	4.32	25.000	25.001	13.5	13.8	72.7
1 Sep 2010	56-Day, reopening	0.125	0.127	4.92	25.000	25.000	28.7	11.6	59.7
25 Aug 2010	21-Day, reopening	0.170	0.172	3.79	35.000	35.002	6.1	15.1	78.7
25 Aug 2010	56-Day, reopening	0.140	0.142	4.65	25.000	25.001	19.3	13.9	66.8
18 Aug 2010	56-Day, reopening	0.145	0.147	4.96	25.000	25.000	30.0	9.9	60.0
11 Aug 2010	56-Day, reopening	0.135	0.137	4.95	25.000	25.000	20.8	18.9	60.3
4 Aug 2010	56-Day, reopening	0.160	0.162	4.64	25.000	25.001	18.3	17.8	63.8
28 Jul 2010	56-Day, reopening	0.155	0.157	4.44	25.000	25.000	13.1	16.0	70.9
21 Jul 2010	56-Day, reopening	0.160	0.162	4.63	25.000	25.001	23.2	15.9	60.9
14 Jul 2010	56-Day, reopening	0.160	0.162	4.61	25.000	25.000	16.5	11.9	71.5
7 Jul 2010	56-Day, reopening	0.165	0.167	4.40	25.000	25.001	28.3	17.2	54.6
30 Jun 2010	56-Day, reopening	0.180	0.183	4.50	25.000	25.001	44.3	11.1	44.6
23 Jun 2010	56-Day, reopening	0.120	0.122	4.33	25.000	25.000	34.3	19.7	46.0
16 Jun 2010	56-Day, reopening	0.090	0.091	4.11	25.000	25.000	11.8	14.6	73.6
9 Jun 2010	56-Day, reopening	0.095	0.096	4.24	25.000	25.000	17.5	10.9	71.6
8 Jun 2010	5-Day	0.160	0.162	4.20	26.000	26.000	0.5	13.2	86.3
2 Jun 2010	56-Day, reopening	0.140	0.142	4.47	25.000	25.001	35.0	8.0	57.0
26 May 2010	56-Day, reopening	0.150	0.152	4.08	25.000	25.001	14.1	15.1	70.9
19 May 2010	56-Day, reopening	0.160	0.162	4.73	25.000	25.000	29.5	23.7	46.8
12 May 2010	56-Day, reopening	0.150	0.152	4.64	25.000	25.002	31.1	19.7	49.3
5 May 2010	56-Day, reopening	0.150	0.152	4.47	25.000	25.001	5.4	25.4	69.2
28 Apr 2010	56-Day, reopening	0.155	0.157	4.18	25.000	25.000	13.2	16.9	69.9
21 Apr 2010	56-Day, reopening	0.150	0.152	4.31	25.000	25.002	17.8	13.2	69.0
14 Apr 2010	56-Day, reopening	0.150	0.152	4.60	25.000	25.000	24.3	19.5	56.2
7 Apr 2010	56-Day, reopening	0.165	0.167	3.85	25.000	25.000	19.2	21.7	59.1
1 Apr 2010	10-Day, reopening	0.170	0.172	3.99	21.000	21.001	3.2	19.7	77.1
31 Mar 2010	56-Day, reopening	0.160	0.162	3.61	25.000	25.000	22.1	13.4	64.5
30 Mar 2010	18-Day	0.150	0.152	4.27	17.000	17.001	15.1	10.6	74.3
24 Mar 2010	56-Day, reopening	0.130	0.132	4.40	25.000	25.001	12.6	12.7	74.7
17 Mar 2010	56-Day, reopening	0.145	0.147	4.71	25.000	25.001	27.8	15.3	56.9
10 Mar 2010	56-Day, reopening	0.145	0.147	4.54	25.000	25.001	12.3	10.3	77.3
3 Mar 2010	56-Day, reopening	0.125	0.127	4.29	25.000	25.000	18.3	8.2	73.5
24 Feb 2010	56-Day, reopening	0.100	0.101	3.93	25.000	25.001	8.9	11.2	80.0
3 Feb 2010	21-Day, reopening	0.020	0.020	5.94	5.000	5.000	0.0	11.4	88.6
30 Dec 2009	36-Day, reopening	0.000	0.000	6.66	5.000	5.001	20.5	0.3	79.2
9 Dec 2009	19-Day	0.080	0.081	5.38	15.000	15.000	14.0	14.6	71.4
8 Dec 2009	4-Day	0.070	0.071	5.87	12.000	12.000	7.0	1.4	91.6
28 Oct 2009	300-Day, reopening	0.315	0.320	3.85	25.000	25.000	32.3	5.9	61.8
21 Oct 2009	42-Day, reopening	0.060	0.061	5.22	15.000	15.000	5.5	4.2	90.3
8 Oct 2009	16-Day, reopening	0.040	0.041	6.29	10.000	10.000	11.3	4.1	84.6
3 Sep 2009	308-Day	0.385	0.391	3.82	29.000	29.000	54.0	4.2	41.8
19 Aug 2009	70-Day, reopening	0.145	0.147	4.74	30.000	30.000	19.1	4.6	76.3
13 Aug 2009	303-Day	0.445	0.452	3.28	36.000	36.001	32.2	4.5	63.4
7 Aug 2009	70-Day, reopening	0.185	0.188	3.88	35.000	35.000	52.4	6.8	40.8
5 Aug 2009	70-Day, reopening	0.185	0.188	3.31	35.000	35.000	16.7	16.7	66.6
24 Jul 2009	70-Day, reopening	0.185	0.188	4.22	30.000	30.000	45.5	12.4	42.0
22 Jul 2009	70-Day, reopening	0.180	0.183	3.60	35.000	35.000	40.3	12.0	47.7
15 Jul 2009	70-Day, reopening	0.185	0.188	3.20	35.000	35.000	20.7	9.9	69.5
1 Jul 2009	339-Day	0.540	0.550	2.74	30.000	30.000	33.1	9.7	57.1
5 Jun 2009	70-Day, reopening	0.180	0.183	3.21	30.000	30.000	24.2	11.1	64.7
3 Jun 2009	70-Day, reopening	0.130	0.132	2.98	35.000	35.000	25.5	16.0	58.5
3 Jun 2009	11-Day	0.160	0.162	3.33	26.000	26.000	3.6	13.8	82.6
21 May 2009	70-Day, reopening	0.170	0.172	3.78	35.000	35.000	40.5	11.2	48.3
15 May 2009	70-Day, reopening	0.175	0.177	3.76	30.000	30.000	21.0	16.2	62.8
13 May 2009	70-Day, reopening	0.170	0.172	3.62	35.000	35.000	31.1	9.8	59.1
12 May 2009	321-Day	0.500	0.509	2.96	35.000	35.001	27.3	13.5	59.2
30 Apr 2009	70-Day, reopening	0.145	0.147	3.27	35.000	35.000	40.3	15.5	44.2
3 Apr 2009	56-Day, reopening	0.210	0.213	3.86	35.000	35.000	46.7	8.7	44.6
1 Apr 2009	56-Day, reopening	0.230	0.233	3.31	35.000	35.000	39.7	4.1	56.3

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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.