Cash management bill auctions: page 5 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 5 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, %
13 Nov 1996	34-Day, reopening	5.200	5.300	–	13.000	13.217	–	–	–
31 Oct 1996	48-Day, reopening	5.180	5.290	–	17.000	17.047	–	–	–
29 Aug 1996	14-Day	5.260	5.360	–	30.000	30.010	–	–	–
30 May 1996	10-Day, reopening	5.200	5.260	–	7.000	7.011	–	–	–
30 May 1996	15-Day	5.230	5.320	–	23.000	23.086	–	–	–
9 May 1996	36-Day, reopening	5.050	5.150	–	13.000	13.045	–	–	–
2 Apr 1996	22-Day, reopening	5.250	5.340	–	11.000	11.062	–	–	–
2 Apr 1996	15-Day, reopening	5.310	5.390	–	14.000	14.008	–	–	–
1 Apr 1996	9-Day	5.340	5.400	–	30.000	33.111	–	–	–
13 Mar 1996	42-Day, reopening	5.120	5.220	–	9.000	9.060	–	–	–
28 Feb 1996	13-Day, reopening	5.070	5.150	–	6.000	6.003	–	–	–
22 Feb 1996	55-Day, reopening	5.020	5.140	–	29.000	29.192	–	–	–
8 Feb 1996	7-Day, reopening	5.170	5.290	–	8.000	8.055	–	–	–
30 Nov 1995	27-Day, reopening	5.400	5.510	–	10.000	10.007	–	–	–
30 Nov 1995	13-Day, reopening	5.650	5.760	–	10.000	10.017	–	–	–
14 Nov 1995	36-Day, reopening	5.650	5.780	–	26.000	26.052	–	–	–
14 Nov 1995	9-Day, reopening	5.800	5.910	–	31.500	31.521	–	–	–
2 Nov 1995	83-Day, reopening	5.310	5.460	–	8.000	8.061	–	–	–
2 Nov 1995	48-Day, reopening	5.370	5.500	–	6.000	6.008	–	–	–
6 Sep 1995	8-Day	5.680	5.770	–	5.000	5.000	–	–	–
31 Aug 1995	20-Day, reopening	5.580	5.690	–	18.000	18.031	–	–	–
31 May 1995	13-Day, reopening	5.860	5.980	–	17.000	17.126	–	–	–
11 May 1995	38-Day, reopening	5.810	5.940	–	17.000	17.136	–	–	–
30 Mar 1995	17-Day, reopening	5.970	6.090	–	25.000	25.109	–	–	–
1 Mar 1995	9-Day, reopening	5.830	5.950	–	8.000	8.033	–	–	–
9 Feb 1995	64-Day, reopening	5.760	5.900	–	9.000	9.117	–	–	–
29 Dec 1994	16-Day, reopening	5.620	5.720	–	14.000	14.009	–	–	–
30 Nov 1994	20-Day, reopening	5.470	5.560	–	8.000	8.005	–	–	–
10 Nov 1994	37-Day, reopening	5.120	5.220	–	12.000	12.009	–	–	–
12 Oct 1994	66-Day, reopening	4.980	5.100	–	15.000	15.040	–	–	–
9 Sep 1994	7-Day	4.670	4.750	–	4.000	4.003	–	–	–
31 Aug 1994	16-Day, reopening	4.600	4.660	–	7.000	7.005	–	–	–
11 Aug 1994	38-Day, reopening	4.390	4.470	–	7.000	7.005	–	–	–
13 Jul 1994	69-Day, reopening	4.340	4.440	–	6.000	6.035	–	–	–
1 Jun 1994	13-Day, reopening	4.110	4.160	–	14.000	14.007	–	–	–
29 Mar 1994	21-Day, reopening	3.480	3.540	–	14.000	14.006	–	–	–
2 Dec 1993	10-Day, reopening	3.010	3.070	–	4.000	4.020	–	–	–
9 Nov 1993	66-Day, reopening	3.100	3.160	–	14.000	14.102	–	–	–
4 Nov 1993	36-Day, reopening	3.040	3.090	–	10.000	10.045	–	–	–
2 Jun 1993	13-Day, reopening	3.050	3.090	–	7.000	7.010	–	–	–
13 May 1993	129-Day, reopening	3.000	3.070	–	15.000	16.037	–	–	–
6 Apr 1993	15-Day, reopening	3.070	3.120	–	17.000	17.129	–	–	–
31 Mar 1993	5-Day	3.070	3.140	–	15.000	15.141	–	–	–
3 Mar 1993	48-Day, reopening	2.980	3.030	–	11.000	11.091	–	–	–
1 Dec 1992	49-Day, reopening	3.320	3.380	–	16.000	16.207	–	–	–
5 Nov 1992	41-Day, reopening	3.000	3.060	–	15.000	15.042	–	–	–
27 May 1992	15-Day, reopening	3.790	3.850	–	6.000	6.014	–	–	–
13 May 1992	34-Day, reopening	3.630	3.690	–	10.000	10.019	–	–	–
1 Apr 1992	13-Day, reopening	4.150	4.220	–	22.000	22.015	–	–	–
27 Feb 1992	57-Day, reopening	3.970	4.050	–	14.000	14.081	–	–	–
29 Aug 1991	16-Day, reopening	5.390	5.500	–	5.000	5.014	–	–	–
29 May 1991	17-Day, reopening	5.650	5.760	–	7.000	7.067	–	–	–
21 May 1991	335-Day	5.900	6.260	–	16.000	16.014	–	–	–
28 Mar 1991	15-Day, reopening	6.070	6.190	–	13.500	13.505	–	–	–
8 Nov 1990	161-Day, reopening	7.080	7.410	–	12.000	12.032	–	–	–
19 Oct 1990	69-Day, reopening	7.380	7.590	–	12.500	12.546	–	–	–
9 Aug 1990	36-Day, reopening	7.800	7.970	–	10.000	10.088	–	–	–
2 Aug 1990	44-Day, reopening	7.600	7.780	–	4.000	4.030	–	–	–
30 May 1990	111-Day, reopening	7.780	8.080	–	6.000	6.008	–	–	–
30 May 1990	20-Day, reopening	7.930	8.080	–	6.000	6.024	–	–	–
29 Mar 1990	16-Day, reopening	8.170	8.310	–	13.000	13.004	–	–	–
1 Mar 1990	52-Day, reopening	7.950	8.150	–	10.000	10.177	–	–	–
30 Nov 1989	10-Day, reopening	8.240	8.380	–	7.000	7.008	–	–	–
10 Nov 1989	36-Day, reopening	8.150	8.330	–	10.000	10.049	–	–	–
30 Oct 1989	51-Day, reopening	7.900	8.100	–	2.000	2.005	–	–	–
31 Aug 1989	8-Day, reopening	8.300	8.410	–	4.000	4.011	–	–	–
10 Aug 1989	247-Day	7.900	8.380	–	15.000	15.020	–	–	–
3 Aug 1989	45-Day, reopening	8.000	8.190	–	5.000	5.002	–	–	–
30 Mar 1989	17-Day, reopening	9.650	9.840	–	15.000	15.506	–	–	–
10 Nov 1988	37-Day, reopening	8.080	8.260	–	11.000	11.025	–	–	–
30 Aug 1988	20-Day, reopening	7.940	8.080	–	10.000	10.052	–	–	–
11 Aug 1988	248-Day	7.740	8.200	–	7.000	7.021	–	–	–
1 Jun 1988	9-Day, reopening	6.960	7.070	–	4.000	4.005	–	–	–
30 Mar 1988	17-Day, reopening	6.370	6.480	–	9.000	9.022	–	–	–
25 Mar 1988	22-Day, reopening	6.220	6.330	–	4.000	4.055	–	–	–
2 Apr 1987	20-Day, reopening	5.840	5.950	–	6.000	6.009	–	–	–
2 Apr 1987	9-Day, reopening	6.100	6.190	–	11.000	11.006	–	–	–
30 Oct 1986	79-Day, reopening	5.210	5.340	–	4.000	4.011	–	–	–
3 Jun 1986	15-Day, reopening	6.730	6.830	–	5.000	5.000	–	–	–
1 Apr 1986	14-Day, reopening	7.240	7.370	–	15.000	15.030	–	–	–
15 Nov 1985	69-Day, reopening	7.500	7.710	–	4.000	4.009	–	–	–
15 Nov 1985	14-Day, reopening	8.340	8.470	–	18.000	18.006	–	–	–
5 Nov 1985	142-Day, reopening	7.280	7.600	–	3.000	3.004	–	–	–
9 Oct 1985	78-Day, reopening	7.250	7.470	–	5.000	5.010	–	–	–
29 Aug 1985	16-Day, reopening	7.340	7.460	–	3.000	3.004	–	–	–
30 May 1985	17-Day, reopening	7.330	7.450	–	7.000	7.052	–	–	–
12 Apr 1985	3-Day, reopening	8.460	8.520	–	4.000	4.001	–	–	–
29 Nov 1984	45-Day, reopening	8.260	8.460	–	5.000	5.007	–	–	–
29 Nov 1984	17-Day, reopening	8.490	8.640	–	5.000	5.013	–	–	–
28 Aug 1984	20-Day, reopening	11.300	11.530	–	8.000	8.004	–	–	–
31 May 1984	59-Day, reopening	9.900	10.200	–	3.000	3.003	–	–	–
31 May 1984	150-Day, reopening	10.640	11.290	–	3.000	3.005	–	–	–
31 May 1984	17-Day, reopening	10.350	10.550	–	3.000	3.009	–	–	–
29 May 1984	22-Day, reopening	10.100	10.300	–	6.000	6.001	–	–	–
23 May 1984	168-Day, reopening	10.550	11.250	–	2.000	2.004	–	–	–
23 May 1984	77-Day, reopening	9.980	10.340	–	2.000	2.002	–	–	–
1 Dec 1983	17-Day, reopening	8.920	9.100	–	5.000	5.006	–	–	–
30 Nov 1983	153-Day, reopening	9.040	9.560	–	2.500	2.503	–	–	–
30 Nov 1983	62-Day, reopening	8.740	9.020	–	2.500	2.502	–	–	–
2 Jun 1983	164-Day, reopening	8.680	9.190	–	2.500	2.507	–	–	–
2 Jun 1983	73-Day, reopening	8.530	8.830	–	2.500	2.502	–	–	–
27 May 1983	15-Day, reopening	8.640	8.820	–	6.000	6.003	–	–	–
6 Apr 1983	10-Day, reopening	8.856	9.030	–	3.000	3.018	–	–	–
2 Mar 1983	45-Day, reopening	8.096	8.320	–	9.000	9.004	–	–	–
30 Nov 1982	143-Day, reopening	8.378	8.790	–	3.000	3.002	–	–	–
30 Nov 1982	50-Day, reopening	7.783	7.980	–	5.000	5.008	–	–	–
12 Nov 1982	73-Day, reopening	8.379	8.640	–	4.000	4.002	–	–	–
1 Sep 1982	13-Day, reopening	8.751	8.900	–	4.500	4.509	–	–	–
29 Jul 1982	43-Day, reopening	10.197	10.470	–	4.500	4.501	–	–	–
1 Jun 1982	14-Day, reopening	12.189	12.420	–	6.000	6.001	–	–	–
30 Mar 1982	20-Day, reopening	14.436	14.750	–	8.000	8.016	–	–	–
29 Dec 1981	163-Day, reopening	12.278	13.180	–	3.000	3.003	–	–	–
1 Dec 1981	45-Day, reopening	10.496	10.780	–	3.000	3.000	–	–	–
1 Dec 1981	136-Day, reopening	11.081	11.730	–	2.000	2.001	–	–	–
2 Sep 1981	9-Day, reopening	17.160	17.470	–	2.000	2.003	–	–	–
28 Aug 1981	16-Day, reopening	16.223	16.570	–	4.500	4.503	–	–	–
31 Jul 1981	23-Day, reopening	15.981	16.370	–	3.000	3.000	–	–	–
3 Jun 1981	15-Day, reopening	18.240	18.630	–	3.000	3.002	–	–	–
2 Jun 1981	20-Day, reopening	17.658	18.080	–	6.000	6.003	–	–	–
25 Mar 1981	22-Day, reopening	13.598	13.900	–	6.000	6.004	–	–	–
4 Mar 1981	38-Day, reopening	14.552	14.980	–	3.000	3.000	–	–	–
18 Feb 1981	114-Day, reopening	14.605	15.530	–	4.000	4.002	–	–	–
30 Dec 1980	16-Day, reopening	16.290	16.640	–	2.500	2.500	–	–	–
23 Dec 1980	120-Day, reopening	14.745	15.720	–	4.000	4.000	–	–	–
2 Dec 1980	141-Day, reopening	15.120	16.290	–	3.000	3.000	–	–	–
12 Nov 1980	44-Day	13.745	14.170	–	4.000	4.002	–	–	–
29 Jul 1980	43-Day	8.447	8.650	–	3.000	3.004	–	–	–
2 Jun 1980	2-Day, reopening	10.080	10.230	–	2.000	2.002	–	–	–
30 May 1980	13-Day, reopening	9.471	9.640	–	2.000	2.001	–	–	–
27 May 1980	19-Day	7.768	7.910	–	2.700	2.702	–	–	–
1 Apr 1980	80-Day, reopening	15.647	16.440	–	4.000	4.026	–	–	–
27 Mar 1980	77-Day, reopening	16.602	17.450	–	5.000	5.041	–	–	–
20 Mar 1980	37-Day, reopening	15.723	16.200	–	6.000	6.904	–	–	–
4 Mar 1980	43-Day, reopening	15.195	15.690	–	4.000	4.002	–	–	–

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.