Cash management bill auctions: page 4 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 4 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, %
1 Apr 2009	13-Day, reopening	0.230	0.233	3.35	29.000	29.000	25.4	0.6	74.0
20 Mar 2009	77-Day, reopening	0.220	0.223	2.84	30.000	30.001	23.8	7.4	68.8
18 Mar 2009	56-Day, reopening	0.180	0.183	3.20	35.000	35.002	50.9	8.2	40.9
6 Mar 2009	70-Day, reopening	0.210	0.213	3.56	30.000	30.000	36.0	5.6	58.4
4 Mar 2009	63-Day, reopening	0.220	0.223	2.89	35.000	35.000	40.2	5.1	54.6
25 Feb 2009	294-Day, reopening	0.705	0.718	2.51	40.000	40.000	39.1	8.5	52.4
19 Feb 2009	272-Day, reopening	0.645	0.656	2.46	35.000	35.000	29.7	3.5	66.8
4 Feb 2009	49-Day, reopening	0.290	0.294	3.12	30.000	30.000	39.7	3.7	56.6
28 Jan 2009	70-Day, reopening	0.200	0.203	2.49	35.000	35.001	34.7	0.1	65.3
21 Jan 2009	70-Day, reopening	0.100	0.101	2.65	35.000	35.000	43.9	0.4	55.7
14 Jan 2009	56-Day, reopening	0.085	0.086	3.21	30.000	30.000	45.3	1.1	53.6
7 Jan 2009	70-Day, reopening	0.100	0.101	3.56	35.000	35.000	42.3	0.3	57.5
30 Dec 2008	62-Day, reopening	0.140	0.142	2.36	35.000	35.000	56.6	0.3	43.1
10 Dec 2008	278-Day	0.390	0.396	3.22	20.000	20.000	22.4	1.5	76.2
25 Nov 2008	328-Day, reopening	1.000	1.021	2.25	35.000	35.000	47.7	0.6	51.8
17 Nov 2008	254-Day, reopening	1.050	1.071	2.68	35.000	35.000	27.2	0.2	72.6
13 Nov 2008	182-Day	0.990	1.009	2.29	40.000	40.000	36.6	2.3	61.1
5 Nov 2008	77-Day, reopening	0.420	0.426	2.95	30.000	30.000	35.1	0.9	64.1
4 Nov 2008	238-Day, reopening	1.330	1.358	2.34	40.000	40.000	46.3	2.3	51.4
29 Oct 2008	64-Day, reopening	0.700	0.711	2.89	40.000	40.000	39.0	0.7	60.3
22 Oct 2008	98-Day, reopening	1.240	1.261	2.17	40.000	40.000	34.1	0.7	65.3
20 Oct 2008	225-Day, reopening	1.600	1.636	1.90	35.000	35.000	20.6	1.2	78.3
17 Oct 2008	94-Day, reopening	0.930	0.945	2.34	30.000	30.000	20.1	0.8	79.0
17 Oct 2008	74-Day, reopening	0.800	0.812	2.56	30.000	30.000	30.3	0.9	68.9
16 Oct 2008	247-Day	1.350	1.379	1.99	35.000	35.000	25.8	2.3	71.9
16 Oct 2008	191-Day	1.350	1.378	2.40	35.000	35.000	35.0	0.9	64.0
15 Oct 2008	63-Day, reopening	0.490	0.497	2.18	45.000	45.000	37.6	0.6	61.8
9 Oct 2008	97-Day, reopening	0.800	0.813	3.30	30.000	30.000	38.9	0.5	60.6
8 Oct 2008	63-Day, reopening	0.770	0.782	2.76	40.000	40.000	43.5	2.5	54.1
7 Oct 2008	79-Day, reopening	1.190	1.210	2.87	30.000	30.000	44.4	0.1	55.5
6 Oct 2008	72-Day, reopening	0.500	0.507	2.99	30.000	30.000	33.4	1.7	65.0
2 Oct 2008	56-Day, reopening	0.770	0.782	2.86	45.000	45.000	37.7	0.6	61.7
1 Oct 2008	42-Day, reopening	1.100	1.117	2.80	50.000	50.000	43.2	6.4	50.3
30 Sep 2008	15-Day, reopening	0.990	1.004	1.99	45.000	45.000	23.4	0.9	75.7
26 Sep 2008	101-Day, reopening	1.650	1.681	3.43	60.000	60.000	40.9	3.0	56.0
25 Sep 2008	34-Day, reopening	0.990	1.005	2.11	40.000	40.000	38.5	1.5	60.0
24 Sep 2008	7-Day, reopening	0.050	0.051	2.59	40.000	40.000	34.0	20.0	45.9
19 Sep 2008	59-Day, reopening	1.990	2.024	2.39	30.000	30.000	33.9	0.7	65.4
19 Sep 2008	45-Day, reopening	1.800	1.829	1.87	30.000	30.000	30.5	1.1	68.4
18 Sep 2008	76-Day, reopening	0.250	0.254	2.16	30.000	30.000	29.3	1.7	69.0
18 Sep 2008	20-Day, reopening	0.100	0.101	3.24	30.000	30.000	46.8	1.5	51.7
17 Sep 2008	35-Day, reopening	0.300	0.304	2.45	40.000	40.000	51.1	2.2	46.7
8 Sep 2008	6-Day, reopening	2.000	2.028	2.69	20.000	20.001	0.0	0.0	100.0
25 Aug 2008	30-Day, reopening	1.750	1.777	3.62	11.000	11.000	35.7	0.0	64.3
14 Aug 2008	31-Day	1.940	1.970	2.37	29.000	29.000	20.4	0.5	79.1
12 Aug 2008	155-Day, reopening	1.950	1.994	2.76	26.000	26.000	26.5	1.0	72.5
21 Jul 2008	9-Day, reopening	1.565	1.587	3.55	9.000	9.000	20.0	1.4	78.6
8 Jul 2008	7-Day, reopening	1.930	1.958	4.70	6.000	6.000	11.4	0.5	88.1
10 Jun 2008	5-Day, reopening	2.190	2.221	2.39	22.000	22.000	2.3	0.0	97.7
29 May 2008	17-Day	2.150	2.182	3.13	19.000	19.000	27.3	0.5	72.3
19 May 2008	30-Day, reopening	1.990	2.021	3.31	18.000	18.000	21.6	0.3	78.2
14 May 2008	126-Day, reopening	1.865	1.903	3.26	32.000	32.000	34.8	0.3	64.9
15 Apr 2008	6-Day	2.000	2.028	2.60	20.000	20.000	11.9	0.0	88.1
8 Apr 2008	5-Day, reopening	2.290	2.323	2.79	25.000	25.000	19.6	0.0	80.4
27 Mar 2008	15-Day	1.800	1.826	2.89	26.000	26.001	–	–	–
25 Mar 2008	25-Day	1.340	1.360	2.43	20.000	20.000	–	–	–
28 Feb 2008	14-Day, reopening	2.550	2.588	2.81	30.000	30.000	–	–	–
26 Feb 2008	19-Day	2.400	2.443	3.82	10.000	10.000	–	–	–
14 Feb 2008	60-Day	2.510	2.563	3.14	30.000	30.000	–	–	–
13 Feb 2008	63-Day, reopening	2.440	2.491	3.49	19.000	19.000	–	–	–
11 Dec 2007	5-Day, reopening	4.000	4.069	3.79	8.000	8.000	–	–	–
29 Nov 2007	14-Day	3.860	3.930	3.61	30.000	30.000	–	–	–
14 Nov 2007	8-Day, reopening	4.100	4.172	3.01	15.000	15.000	–	–	–
12 Sep 2007	4-Day, reopening	4.620	4.699	4.01	7.000	7.000	–	–	–
29 Aug 2007	17-Day	4.500	4.585	2.47	20.000	20.000	–	–	–
15 Aug 2007	8-Day, reopening	4.100	4.172	3.16	10.000	10.000	–	–	–
14 Aug 2007	1-Day, reopening	5.030	5.114	2.43	26.000	26.000	–	–	–
4 Jun 2007	10-Day, reopening	5.090	5.182	3.74	12.000	12.001	–	–	–
31 May 2007	14-Day	5.090	5.185	2.56	27.000	27.001	–	–	–
12 Apr 2007	5-Day	5.210	5.301	4.36	8.000	8.000	–	–	–
10 Apr 2007	5-Day, reopening	5.230	5.321	2.43	15.000	15.000	–	–	–
4 Apr 2007	12-Day	5.200	5.296	2.47	16.000	16.000	–	–	–
2 Apr 2007	13-Day, reopening	5.195	5.292	2.21	16.000	16.000	–	–	–
28 Mar 2007	17-Day	5.070	5.167	2.76	17.000	17.000	–	–	–
1 Mar 2007	13-Day, reopening	5.185	5.281	2.40	23.000	23.000	–	–	–
15 Feb 2007	6-Day, reopening	5.140	5.216	4.20	6.000	6.000	–	–	–
4 Dec 2006	10-Day, reopening	5.195	5.275	3.57	11.000	11.000	–	–	–
29 Nov 2006	14-Day	5.215	5.298	2.40	29.000	29.000	–	–	–
14 Nov 2006	1-Day, reopening	5.190	5.263	4.87	5.000	5.000	–	–	–
13 Nov 2006	15-Day, reopening	5.170	5.253	3.08	11.000	11.000	–	–	–
13 Sep 2006	1-Day, reopening	5.200	5.273	4.39	8.000	8.000	–	–	–
5 Sep 2006	8-Day, reopening	5.165	5.243	3.23	12.000	12.000	–	–	–
30 Aug 2006	14-Day	5.170	5.252	2.44	29.000	29.000	–	–	–
5 Jun 2006	9-Day, reopening	4.875	4.949	3.29	9.000	9.000	–	–	–
30 May 2006	13-Day, reopening	4.870	4.946	2.20	22.000	22.000	–	–	–
12 Apr 2006	4-Day, reopening	4.720	4.788	2.63	17.000	17.000	–	–	–
6 Apr 2006	10-Day, reopening	4.685	4.756	3.46	8.000	8.000	–	–	–
5 Apr 2006	11-Day, reopening	4.675	4.747	3.13	13.000	13.000	–	–	–
30 Mar 2006	14-Day	4.685	4.759	2.42	20.000	20.000	–	–	–
14 Mar 2006	1-Day, reopening	4.410	4.472	4.50	4.000	4.000	–	–	–
7 Mar 2006	6-Day	4.380	4.444	4.29	7.000	7.000	–	–	–
1 Mar 2006	12-Day	4.445	4.513	2.57	25.000	25.000	–	–	–
29 Dec 2005	14-Day	4.100	4.164	2.10	12.000	12.000	–	–	–
7 Dec 2005	7-Day, reopening	4.080	4.140	3.05	11.000	11.000	–	–	–
30 Nov 2005	13-Day, reopening	3.960	4.021	3.24	18.000	18.000	–	–	–
29 Nov 2005	14-Day, reopening	3.980	4.042	2.28	20.000	20.000	–	–	–
7 Nov 2005	1-Day, reopening	3.850	3.904	5.13	4.000	4.000	–	–	–
5 Oct 2005	11-Day	3.500	3.552	2.68	13.000	13.000	–	–	–
6 Sep 2005	6-Day	3.450	3.500	3.63	8.000	8.000	–	–	–
31 Aug 2005	13-Day, reopening	3.470	3.523	2.51	20.000	20.000	–	–	–
30 Aug 2005	14-Day, reopening	3.470	3.523	2.27	18.000	18.000	–	–	–
29 Jun 2005	14-Day	3.165	3.213	2.57	18.000	18.000	–	–	–
6 Jun 2005	8-Day, reopening	2.940	2.983	2.75	12.000	12.000	–	–	–
2 Jun 2005	12-Day, reopening	2.935	2.979	2.06	16.000	16.000	–	–	–
31 May 2005	14-Day	2.895	2.939	2.60	10.000	10.000	–	–	–
13 Apr 2005	4-Day	2.640	2.677	3.30	7.000	7.000	–	–	–
6 Apr 2005	8-Day, reopening	2.660	2.699	2.89	15.000	15.001	–	–	–
30 Mar 2005	14-Day	2.720	2.761	2.34	25.000	25.000	–	–	–
7 Mar 2005	7-Day, reopening	2.465	2.500	2.75	13.000	13.000	–	–	–
2 Mar 2005	12-Day	2.440	2.476	3.06	11.000	11.000	–	–	–
9 Feb 2005	3-Day	2.380	2.413	4.53	5.000	5.000	–	–	–
11 Jan 2005	5-Day, reopening	2.040	2.069	5.53	4.000	4.000	–	–	–
30 Dec 2004	15-Day	2.090	2.121	1.99	15.000	15.000	–	–	–
3 Dec 2004	8-Day, reopening	1.980	2.008	2.30	14.000	14.000	–	–	–
1 Dec 2004	12-Day, reopening	1.960	1.989	2.34	24.000	24.000	–	–	–
30 Nov 2004	14-Day	1.950	1.979	4.34	4.000	4.000	–	–	–
17 Nov 2004	5-Day	1.890	1.917	4.03	7.000	7.000	–	–	–
12 Oct 2004	2-Day, reopening	1.680	1.703	3.48	8.000	8.001	–	–	–
29 Sep 2004	14-Day	1.595	1.618	2.20	14.000	14.000	–	–	–
7 Sep 2004	7-Day, reopening	1.480	1.513	3.27	9.000	9.000	–	–	–
2 Sep 2004	12-Day, reopening	1.460	1.491	2.34	16.000	16.000	–	–	–
31 Aug 2004	14-Day	1.480	1.513	2.42	16.000	16.000	–	–	–
6 Jul 2004	7-Day, reopening	1.160	1.200	3.54	6.000	6.000	–	–	–
1 Jul 2004	13-Day, reopening	1.150	1.180	2.09	21.000	21.001	–	–	–
8 Jun 2004	2-Day	0.970	0.913	3.73	4.000	4.000	–	–	–
2 Jun 2004	12-Day	0.965	0.974	2.46	30.000	30.000	–	–	–
27 May 2004	13-Day	0.905	0.927	5.08	5.000	5.000	–	–	–
7 Apr 2004	11-Day	0.970	0.996	2.81	16.000	16.000	–	–	–
5 Apr 2004	14-Day	0.935	0.939	5.94	5.000	5.000	–	–	–
1 Apr 2004	13-Day, reopening	0.960	0.983	3.13	25.000	25.004	–	–	–
2 Mar 2004	12-Day	0.980	1.004	3.38	27.000	27.000	–	–	–
30 Dec 2003	13-Day, reopening	0.905	0.929	1.68	15.000	15.000	–	–	–
2 Dec 2003	12-Day	0.975	0.976	3.06	32.000	32.001	–	–	–
2 Oct 2003	12-Day	0.920	0.946	2.73	20.000	20.001	–	–	–
10 Sep 2003	4-Day, reopening	0.940	0.915	4.44	10.000	10.000	–	–	–
2 Sep 2003	12-Day	0.980	1.007	2.49	23.000	23.000	–	–	–
4 Jun 2003	8-Day, reopening	1.170	1.190	2.90	18.000	18.000	–	–	–
2 Jun 2003	2-Day, reopening	1.175	1.281	2.35	24.000	24.003	–	–	–
27 May 2003	16-Day	1.160	1.190	4.46	4.000	4.000	–	–	–
20 May 2003	6-Day	1.150	1.159	5.07	4.000	4.000	–	–	–
12 May 2003	2-Day, reopening	1.175	1.281	3.63	15.000	15.000	–	–	–
7 May 2003	5-Day	1.145	1.171	3.84	10.000	10.000	–	–	–
8 Apr 2003	6-Day, reopening	1.200	1.220	3.62	8.000	8.000	–	–	–
2 Apr 2003	12-Day	1.180	1.190	2.59	20.000	20.000	–	–	–
27 Feb 2003	14-Day	1.240	1.255	2.36	26.000	26.000	–	–	–
9 Dec 2002	6-Day	1.235	1.278	3.62	13.000	13.001	–	–	–
10 Sep 2002	5-Day	1.695	1.752	3.55	9.000	9.000	–	–	–
11 Jun 2002	6-Day	1.715	1.765	2.90	21.000	21.001	–	–	–
31 May 2002	9-Day	1.720	1.745	2.46	20.000	20.000	–	–	–
9 May 2002	7-Day	1.725	1.773	3.87	12.000	12.000	–	–	–
10 Apr 2002	4-Day	1.710	1.734	3.15	16.000	16.000	–	–	–
3 Apr 2002	12-Day	1.780	1.796	3.34	23.000	23.000	–	–	–
2 Apr 2002	19-Day	1.780	1.807	2.58	23.000	23.000	–	–	–
2 Jul 2001	9-Day, reopening	3.750	3.820	3.08	13.000	13.000	–	–	–
31 May 2001	14-Day	3.970	4.020	1.97	35.000	35.000	–	–	–
30 May 2001	14-Day, reopening	3.950	4.020	2.99	20.000	20.001	–	–	–
18 Apr 2001	4-Day	4.490	4.560	1.72	39.000	39.000	–	–	–
2 Apr 2001	13-Day	5.000	5.090	2.08	35.000	35.049	–	–	–
27 Mar 2001	21-Day, reopening	4.930	5.020	1.49	40.000	40.010	–	–	–
28 Feb 2001	13-Day, reopening	5.390	5.490	2.15	26.000	26.027	–	–	–
27 Feb 2001	50-Day, reopening	4.950	5.050	1.67	28.000	28.036	–	–	–
2 Jan 2001	14-Day	6.440	6.530	2.09	30.000	30.013	–	–	–
30 Nov 2000	14-Day	6.450	6.560	1.88	36.000	36.033	–	–	–
14 Nov 2000	33-Day	6.370	6.500	3.00	12.000	12.035	–	–	–
31 Oct 2000	50-Day, reopening	6.380	6.530	1.63	32.000	32.021	–	–	–
31 Aug 2000	14-Day	6.440	6.530	2.46	25.000	25.011	–	–	–
14 Aug 2000	37-Day, reopening	6.350	6.480	2.76	21.000	21.018	–	–	–
1 Jun 2000	12-Day	5.200	5.270	2.86	7.000	7.018	–	–	–
29 Mar 2000	19-Day	6.000	6.110	1.90	30.000	30.071	–	–	–
28 Mar 2000	21-Day, reopening	5.990	6.090	1.54	35.000	35.003	–	–	–
2 Mar 2000	13-Day, reopening	5.670	5.770	2.92	25.000	25.014	–	–	–
17 Feb 2000	69-Day, reopening	5.700	5.860	1.87	30.000	30.006	–	–	–
20 Dec 1999	23-Day, reopening	5.440	5.560	2.79	10.000	10.004	–	–	–
30 Nov 1999	43-Day, reopening	5.300	5.420	2.53	28.000	28.006	–	–	–
10 Nov 1999	66-Day, reopening	5.170	5.310	2.24	16.000	16.042	–	–	–
26 Aug 1999	15-Day	5.180	5.280	–	33.000	33.011	–	–	–
2 Jun 1999	12-Day, reopening	4.700	4.800	–	20.000	20.007	–	–	–
27 May 1999	14-Day	4.730	4.820	–	11.000	11.030	–	–	–
22 Apr 1999	1-Day	4.510	4.760	–	8.000	8.020	–	–	–
31 Mar 1999	14-Day, reopening	4.850	4.950	–	26.000	26.024	–	–	–
30 Mar 1999	19-Day	4.830	4.920	–	20.000	20.025	–	–	–
2 Mar 1999	12-Day	4.790	4.890	–	19.000	19.041	–	–	–
25 Feb 1999	52-Day, reopening	4.740	4.850	–	42.000	42.000	–	–	–
11 Feb 1999	65-Day, reopening	4.480	4.580	–	8.000	8.027	–	–	–
30 Nov 1998	14-Day	4.860	4.940	–	23.000	23.012	–	–	–
2 Nov 1998	79-Day, reopening	4.670	4.780	–	25.000	25.000	–	–	–
27 Aug 1998	15-Day	5.490	5.590	–	40.000	40.010	–	–	–
2 Jun 1998	12-Day	5.310	5.390	–	15.000	15.004	–	–	–
1 Apr 1998	13-Day, reopening	5.450	5.540	–	19.000	19.125	–	–	–
26 Feb 1998	44-Day, reopening	5.370	5.480	–	23.000	23.376	–	–	–
12 Feb 1998	65-Day, reopening	5.300	5.430	–	22.000	22.389	–	–	–
25 Nov 1997	15-Day	5.560	5.660	–	35.000	35.209	–	–	–
30 Oct 1997	80-Day, reopening	5.180	5.310	–	21.000	21.139	–	–	–
28 Aug 1997	13-Day	5.470	5.570	–	26.000	26.224	–	–	–
31 Jul 1997	48-Day, reopening	5.360	5.480	–	18.000	18.060	–	–	–
2 Jun 1997	14-Day	5.280	5.360	–	30.000	30.022	–	–	–
1 Apr 1997	19-Day	5.430	5.530	–	17.000	17.066	–	–	–
1 Apr 1997	14-Day, reopening	5.390	5.490	–	10.000	10.039	–	–	–
27 Feb 1997	45-Day, reopening	5.160	5.270	–	23.000	23.140	–	–	–
2 Dec 1996	14-Day	5.190	5.280	–	9.000	9.060	–	–	–

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.