Auction Date: March 17, 2026
Issue Date: March 19, 2026
Maturity Date: May 7, 2026
CUSIP: 912795JL9
| Item | Value |
|---|---|
| Amount Offered | $30,000 million |
| Amount Accepted | $30,006 million |
| Discount Rate | 3.635% |
| Investment Rate | 3.680% |
| Price | 99.3730 |
| Bid-to-Cover Ratio | 2.78 |
| Bidder Category | Allotments ($ millions) | Percentage |
|---|---|---|
| Noncompetitive Bids | $2,845 | 9.48% |
| Competitive Bids | $27,161 | 90.52% |
| Description | Rate/Yield |
|---|---|
| High Discount Rate | 3.635% |
| Low Discount Rate | 3.610% |
| Median Discount Rate | 3.632% |
The Treasury Department conducted an auction of 6-week bills on March 17, 2026. The 6-week bill is a short-term Treasury security issued and settled on the same business day the security is auctioned.
The discount rate of 3.635% represents the yield at which the bills were issued. This rate is calculated based on the difference between the par value and the purchase price, annualized and expressed as a percentage of par.
Noncompetitive Bids: Noncompetitive bids are accepted in full at the average rate of accepted competitive bids, up to a limit of $10 million per bidder for bills.
Competitive Bids: Competitive bids specify both the quantity desired and the discount rate offered. Bids are accepted in order of highest discount rate to lowest (best price to worst price) until the full amount offered is allocated.
Settlement Date: March 19, 2026 (Issue Date)
Payment Required: Payments for accepted bids must be received by 1:00 p.m. ET on the settlement date.
Delivery: Securities will be delivered on the issue date in book-entry form through the Federal Reserve's commercial book-entry system.
The discount rate is calculated using the following formula:
Discount Rate = (Par - Price) / Par × (360 / Days to Maturity) × 100
For this auction:
Discount Rate = (100 - 99.3730) / 100 × (360 / 49) × 100 = 3.635%
The investment rate (bond-equivalent yield) is calculated as:
Investment Rate = (Par - Price) / Price × (365 / Days to Maturity) × 100 = 3.680%
The previous 6-week bill auction was held on March 10, 2026, with a discount rate of 3.645%. The current auction shows a 10 basis point decline in the discount rate compared to the previous auction.
The 6-week bill auction represents the continuing demand for short-term Treasury securities as a safe store of value and liquidity management tool for investors. The bid-to-cover ratio of 2.78 indicates strong demand, with total bids exceeding the amount offered by nearly three times.
The slight decrease in the discount rate from the previous auction reflects current money market conditions and expectations regarding the Federal Reserve's monetary policy stance.
Published: March 17, 2026
Source: U.S. Department of the Treasury, Bureau of the Fiscal Service
Additional Information: For more information on Treasury auctions, visit TreasuryDirect.gov or contact the Treasury Auction Information Line at 1-800-829-1040.