{
"tenor": "13-week-bill",
"date": "2026-08-17",
"high_yield": 3.715,
"tail_bps": null,
"bid_to_cover": 2.86,
"indirect_pct": 53.8,
"verdict": "IN LINE"
}The 13-Week Treasury Bill auction on Aug 17, 2026 stopped at a high yield of 3.715%, with a bid-to-cover of 2.86 against a 2.82 twelve-month average. Indirects took 53.8%, directs 6.8% and primary dealers 39.4%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 13-week (3-month) bill is the global short-rate benchmark: it anchors the 3M point that feeds the 3M/10Y curve, a classic recession signal. Its auction rate effectively marks where markets see the funds rate averaging over the next quarter.
| DATE | CUSIP | ISSUE | HIGH YIELD | TAIL | BID-TO-COVER | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|
| Aug 17, 2026 | 912797UZ8 | Reopen | 3.715% | — | 2.86 | 53.8% | 6.8% | 39.4% | IN LINE → |
| Aug 10, 2026 | 912797UY1 | Reopen | 3.735% | — | 2.88 | 57.2% | 6.8% | 36.0% | IN LINE → |
| Aug 3, 2026 | 912797UM7 | Reopen | 3.750% | — | 2.61 | 54.1% | 6.3% | 39.5% | IN LINE → |
| Jul 27, 2026 | 912797SK4 | Reopen | 3.815% | — | 3.06 | 66.9% | 5.9% | 27.2% | STRONG → |
| Jul 20, 2026 | 912797UL9 | Reopen | 3.730% | — | 3.00 | 55.8% | 6.8% | 37.4% | STRONG → |
| Jul 13, 2026 | 912797UK1 | Reopen | 3.760% | — | 2.84 | 56.8% | 8.2% | 35.0% | STRONG → |
| Jul 6, 2026 | 912797UJ4 | Reopen | 3.735% | — | 2.58 | 48.5% | 7.7% | 43.8% | IN LINE → |
| Jun 29, 2026 | 912797SA6 | Reopen | 3.740% | — | 2.32 | 41.0% | 7.1% | 51.9% | — |
| Jun 22, 2026 | 912797UH8 | Reopen | 3.695% | — | 2.68 | 59.8% | 4.9% | 35.4% | — |
| Jun 15, 2026 | 912797UG0 | Reopen | 3.640% | — | 2.47 | 49.8% | 4.8% | 45.4% | — |
| Jun 8, 2026 | 912797UF2 | Reopen | 3.640% | — | 2.79 | 56.2% | 5.9% | 37.9% | — |
| Jun 1, 2026 | 912797RS8 | Reopen | 3.630% | — | 2.69 | 51.0% | 7.0% | 42.0% | — |
| May 26, 2026 | 912797TY3 | Reopen | 3.595% | — | 3.08 | 60.3% | 7.0% | 32.8% | — |
| May 18, 2026 | 912797TX5 | Reopen | 3.600% | — | 3.17 | 63.2% | 6.4% | 30.4% | — |
| May 11, 2026 | 912797TW7 | Reopen | 3.610% | — | 2.86 | 58.8% | 7.0% | 34.2% | — |
| May 4, 2026 | 912797RG4 | Reopen | 3.610% | — | 2.76 | 49.3% | 8.0% | 42.8% | — |
| Apr 27, 2026 | 912797TQ0 | Reopen | 3.590% | — | 3.09 | 65.2% | 6.7% | 28.1% | — |
| Apr 20, 2026 | 912797TP2 | Reopen | 3.610% | — | 2.94 | 58.5% | 7.0% | 34.6% | — |
| Apr 13, 2026 | 912797TN7 | Reopen | 3.620% | — | 2.77 | 56.7% | 7.7% | 35.6% | — |
| Apr 6, 2026 | 912797RF6 | Reopen | 3.635% | — | 2.58 | 46.8% | 7.6% | 45.5% | — |
| Mar 30, 2026 | 912797TF4 | Reopen | 3.620% | — | 2.66 | 47.2% | 8.8% | 44.0% | — |
| Mar 23, 2026 | 912797TE7 | Reopen | 3.635% | — | 2.84 | 59.8% | 5.5% | 34.8% | — |
| Mar 16, 2026 | 912797TD9 | Reopen | 3.610% | — | 2.94 | 56.8% | 4.6% | 38.6% | — |
| Mar 9, 2026 | 912797QX8 | Reopen | 3.605% | — | 2.92 | 55.2% | 7.5% | 37.3% | — |
| Mar 2, 2026 | 912797SX6 | Reopen | 3.610% | — | 3.16 | 60.5% | 6.2% | 33.3% | — |
| Feb 23, 2026 | 912797SW8 | Reopen | 3.590% | — | 3.30 | 68.1% | 6.6% | 25.3% | — |
| Feb 17, 2026 | 912797SV0 | Reopen | 3.600% | — | 2.71 | 57.9% | 6.6% | 35.5% | — |
| Feb 9, 2026 | 912797QN0 | Reopen | 3.600% | — | 2.76 | 60.5% | 6.2% | 33.3% | — |
| Feb 2, 2026 | 912797SP3 | Reopen | 3.600% | — | 2.81 | 57.0% | 7.0% | 36.0% | — |
| Jan 26, 2026 | 912797SN8 | Reopen | 3.580% | — | 2.90 | 61.8% | 6.4% | 31.9% | — |
| Jan 20, 2026 | 912797SM0 | Reopen | 3.590% | — | 2.70 | 57.4% | 6.4% | 36.2% | — |
| Jan 12, 2026 | 912797QD2 | Reopen | 3.570% | — | 2.79 | 49.3% | 8.9% | 41.8% | — |
| Jan 5, 2026 | 912797SL2 | Reopen | 3.540% | — | 2.84 | 52.6% | 7.9% | 39.5% | — |
| Dec 29, 2025 | 912797SD0 | Reopen | 3.570% | — | 2.66 | 56.8% | 6.5% | 36.7% | — |
| Dec 22, 2025 | 912797SC2 | Reopen | 3.560% | — | 2.86 | 59.8% | 7.9% | 32.2% | — |
| Dec 15, 2025 | 912797PV3 | Reopen | 3.560% | — | 2.68 | 54.3% | 6.5% | 39.2% | — |
| Dec 8, 2025 | 912797SB4 | Reopen | 3.650% | — | 2.73 | 52.0% | 8.1% | 39.9% | — |
| Dec 1, 2025 | 912797RV1 | Reopen | 3.725% | — | 2.82 | 63.1% | 6.8% | 30.1% | — |
| Nov 24, 2025 | 912797RU3 | Reopen | 3.745% | — | 2.85 | 63.5% | 6.7% | 29.8% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 are TreasuryDirect's own records, which do not publish a when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Source: desk-captured results enriched with TreasuryDirect auction records · download the history (CSV). Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.
| AUCTION DATE | CUSIP |
|---|---|
| Aug 24, 2026 | 912797SU2 |
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