---
source: U.S. Department of the Treasury
url: https://treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260401_1.pdf
document_type: pdf
date_retrieved: 2026-04-08
period: Auction Date: April 1, 2026; Issue Date: April 7, 2026; Maturity: August 4, 2026
parent_publication: Treasury Auction Results
indicators_covered: ["119-Day Bill High Rate", "Investment Rate", "Bid-to-Cover Ratio"]
---

**For Immediate Release**
April 01, 2026

**Contact:** Treasury Auctions
202-504-3550

# TREASURY AUCTION RESULTS

**Term and Type:** 119-Day Bill (CUSIP: 912797US4)

## Key Results

| Metric | Value |
|--------|-------|
| High Rate | 3.615% |
| Allotted at High | 22.85% |
| Price | 98.805042 |
| Investment Rate (coupon-equivalent yield) | 3.710% |
| Median Rate | 3.590% |
| Low Rate | 3.400% |

## Tenders and Allotments

| Category | Tendered | Accepted |
|----------|----------|----------|
| Competitive | $202,346,510,000 | $67,573,922,500 |
| Noncompetitive | $526,247,900 | $526,247,900 |
| FIMA (Noncompetitive) | $900,000,000 | $900,000,000 |
| Subtotal (Public) | $203,772,757,900 | $69,000,170,400 |
| SOMA (Fed add-on) | $366,971,900 | $366,971,900 |
| **Total** | **$204,139,729,800** | **$69,367,142,300** |

## Bidder Breakdown (Competitive)

| Bidder Type | Tendered | Accepted |
|--------------|----------|----------|
| Primary Dealers | $144,590,000,000 | $30,202,525,000 |
| Direct Bidders | $6,817,000,000 | $5,259,137,500 |
| Indirect Bidders | $50,939,510,000 | $32,112,260,000 |
| **Total Competitive** | **$202,346,510,000** | **$67,573,922,500** |

**Bid-to-Cover Ratio:** 2.95  
**Treasury Retail Awards:** $383,777,300  

*All tenders at lower rates were accepted in full. 50% of accepted competitive tenders was tendered at or below the median rate; 5% at or below the low rate.*

**Note:** For descriptions of auction terms, see the TreasuryDirect Auction FAQs.

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*Source: U.S. Treasury, TreasuryDirect. Auction results for 119-Day Bill (CUSIP 912797US4), auction dated April 1, 2026.*