---
source: U.S. Department of the Treasury
url: https://www.treasury.gov/auctions/
document_type: html
date_retrieved: 2026-03-17
period: March 17, 2026
parent_publication: Treasury Security Auction Results
indicators_covered: [6-Week Bill Auction Results, Discount Rate, Bid-to-Cover Ratio]
---

# U.S. Department of the Treasury — Bureau of the Fiscal Service

## TREASURY SECURITY AUCTION RESULTS

### 6-Week Bill Auction

**Auction Date:** March 17, 2026  
**Issue Date:** March 19, 2026  
**Maturity Date:** May 7, 2026  
**CUSIP:** 912795JL9

## AUCTION INFORMATION

| 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 |

## BIDDING RESULTS

| Bidder Category | Allotments ($ millions) | Percentage |
|-----------------|------------------------|------------|
| Noncompetitive Bids | $2,845 | 9.48% |
| Competitive Bids | $27,161 | 90.52% |

## COMPETITIVE BIDDING RESULTS

| Description | Rate/Yield |
|-------------|-----------|
| High Discount Rate | 3.635% |
| Low Discount Rate | 3.610% |
| Median Discount Rate | 3.632% |

## AUCTION DETAILS

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 INFORMATION

**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.

## DISCOUNT AND YIELD CALCULATION

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%
```

## PREVIOUS AUCTION INFORMATION

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.

## MARKET CONTEXT

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.

## PUBLICATION DETAILS

**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](https://www.treasurydirect.gov) or contact the Treasury Auction Information Line at 1-800-829-1040.