---
title: "26-Week Treasury Bill Auction Results: Sep 28, 2026"
description: "26-Week Treasury Bill, Sep 28, 2026: 4.285% high yield, 2.64x cover, indirects 60.3%. Next auction Oct 5, 2026. Full bidder split and 12-month averages."
source: Helious
canonical: "https://helious.io/auctions/26-week-bill"
---

# 26-Week Treasury Bill Auction: Results, Schedule & History



    High yield
    4.285%
    Sep 28, 2026

    Tail
    —
    no when-issued

    Bid to cover
    2.64
    12m avg 2.92

    Indirects
    60.3%
    12m avg 60.5%


    [Ask Helious about the 26-Week Treasury Bill auction](https://helious.io/?ask=How%20did%20the%20last%2026-Week%20Treasury%20Bill%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/26-week-bill)



      High yield, last 12 auctions



    4.285%4.032%3.780%



  2026-07-132026-09-28



    Human
    Agent

      Last result · Sep 28, 2026
      4.285%


        b/c 2.64
         · indirects 60.3%
        IN LINE

  {
  "tenor": "26-week-bill",
  "date": "2026-09-28",
  "offering_usd": 82000000000,
  "high_yield": 4.285,
  "tail_bps": null,
  "bid_to_cover": 2.64,
  "indirect_pct": 60.3,
  "verdict": "IN LINE"
}


    The 26-Week Treasury Bill auction on Sep 28, 2026 put $82B on offer and stopped at a high yield of 4.285%. The bid-to-cover was 2.64, against a twelve-month average of 2.92. Indirects took 60.3%, directs 9.5% and primary dealers 30.2%. Helious captured the result live as it crossed and graded it IN LINE.

    The 26-week bill, the 6-month, covers the next three to four FOMC meetings, which makes its auction rate about as clean a read on policy expectations as you will find outside futures. Read it against the 13-week. A stop-out well below that says the market is leaning into cuts, and a stop-out above it says hikes, or at least a Fed that sits higher for longer.



      NEXT AUCTION
      Oct 5, 2026
           Results cross ~11:30 ET. The desk posts its recap and verdict within seconds.



      LATEST RESULT: SEP 28, 2026

        4.285%high yield
        $82Bon offer
        2.64bid-to-cover-0.28 vs avg
        60.3%indirects-0.21 vs avg
        9.5%directs+0.49 vs avg
        30.2%dealer take-0.29 vs avg
        IN LINEdesk verdict

      [Full desk recap →](https://helious.io/news/auc-912797WM5-2026-09-28/26-week-6-month-bill-auction-in-line)



      12-MONTH AVERAGES · 38 AUCTIONS

        2.92bid-to-cover
        60.51%indirects
        9.01%directs
        30.49%dealer take


        Read a new result against these numbers. When cover, indirects and directs come in above the
        average, that is solid investor demand. An above-average [dealer take](https://helious.io/learn/primary-dealers) means the street absorbed the balance.
        The shares are percentages of *competitive* accepted, so indirects, directs and dealers add up to 100.





## Recent auction results


      DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP


      Sep 28, 2026Sep 28 ’26
      912797WM5
      New
      $82B
      4.285%
      —
      2.64
      60.3%
      9.5%
      30.2%
      [IN LINE →](https://helious.io/news/auc-912797WM5-2026-09-28/26-week-6-month-bill-auction-in-line)



      Sep 21, 2026Sep 21 ’26
      912797WL7
      New
      $79B
      4.155%
      —
      2.62
      54.9%
      11.7%
      33.4%
      [IN LINE →](https://helious.io/news/auc-912797WL7-2026-09-21/26-week-6-month-bill-auction-in-line)



      Sep 14, 2026Sep 14 ’26
      912797UD7
      Reopen
      $79B
      4.060%
      —
      2.74
      60.8%
      6.2%
      33.1%
      [IN LINE →](https://helious.io/news/auc-912797UD7-2026-09-14/26-week-6-month-bill-auction-in-line)



      Sep 8, 2026Sep 8 ’26
      912797WK9
      New
      $79B
      3.890%
      —
      2.88
      64.4%
      8.5%
      27.1%
      [IN LINE →](https://helious.io/news/auc-912797WK9-2026-09-08/26-week-6-month-bill-auction-in-line)



      Aug 31, 2026Aug 31 ’26
      912797WD5
      New
      $79B
      3.885%
      —
      2.63
      47.3%
      9.3%
      43.4%
      [WEAK →](https://helious.io/news/auc-912797WD5-2026-08-31/26-week-6-month-bill-auction-weak)



      Aug 24, 2026Aug 24 ’26
      912797WC7
      New
      $79B
      3.790%
      —
      3.05
      60.2%
      11.2%
      28.6%
      [IN LINE →](https://helious.io/news/auc-912797WC7-2026-08-24/26-week-6-month-bill-auction-in-line)



      Aug 17, 2026Aug 17 ’26
      912797TV9
      Reopen
      $79B
      3.780%
      —
      2.97
      64.9%
      10.5%
      24.6%
      [IN LINE →](https://helious.io/news/auc-912797TV9-2026-08-17/26-week-6-month-bill-auction-in-line)



      Aug 10, 2026Aug 10 ’26
      912797WB9
      New
      $79B
      3.830%
      —
      2.85
      54.5%
      8.9%
      36.7%
      [IN LINE →](https://helious.io/news/auc-912797WB9-2026-08-10/26-week-6-month-bill-auction-in-line)



      Aug 3, 2026Aug 3 ’26
      912797VV6
      New
      $79B
      3.855%
      —
      2.98
      57.0%
      10.3%
      32.7%
      [IN LINE →](https://helious.io/news/auc-912797VV6-2026-08-03/26-week-6-month-bill-auction-in-line)



      Jul 27, 2026Jul 27 ’26
      912797VU8
      New
      $79B
      3.945%
      —
      3.12
      59.7%
      10.6%
      29.6%
      [IN LINE →](https://helious.io/news/auc-912797VU8-2026-07-27/26-week-6-month-bill-auction-in-line)



      Jul 20, 2026Jul 20 ’26
      912797TM9
      Reopen
      $79B
      3.835%
      —
      2.94
      58.4%
      11.0%
      30.6%
      [IN LINE →](https://helious.io/news/auc-912797TM9-2026-07-20/26-week-6-month-bill-auction-in-line)



      Jul 13, 2026Jul 13 ’26
      912797VT1
      New
      $79B
      3.860%
      —
      3.11
      66.5%
      8.1%
      25.4%
      [STRONG →](https://helious.io/news/auc-912797VT1-2026-07-13/26-week-6-month-bill-auction-strong)



      The **issue** column says which kind of auction it was. A
      [reopening](https://helious.io/learn/when-issued-yield) re-auctions a security that
      already exists, under the same CUSIP, and that is the norm for coupons outside refunding months.
      "New" sets a fresh coupon. **Offered** is the amount the Treasury
      announced for sale at that auction. The **tail** is the high yield
      minus the [when-issued](https://helious.io/learn/when-issued-yield) yield at the bid
      deadline, in basis points. A positive number means the auction had to concede yield to clear, and a
      negative one means it stopped through. A dash in that column means no tail exists, or none was
      captured. Bills never have one, because they price off a discount rate and have no when-issued
      market. Rows before desk coverage began in July 2026 predate tail capture, and the official records
      publish no when-issued yield at all. The last column, the
      **desk recap**, is the desk's live verdict, posted the moment
      results cross.

    The desk captures each result and
    backfills the rest from the full auction record ·
    [download a sample (CSV, recent auctions)](https://helious.io/auctions/26-week-bill.csv).
    The full history comes through the [Helious API](https://helious.io/developers/) and
    MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan.
    Read [what a tail means](https://helious.io/learn/auction-tail) ·
    [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) ·
    [who indirect bidders are](https://helious.io/learn/indirect-bidders) ·
    [who direct bidders are](https://helious.io/learn/direct-bidders).






## Auctions already on the schedule


      AUCTION DATECUSIPAMOUNT
      Oct 5, 2026912797WU7$82B

    The amount fills in when the Treasury announces the offering, usually a few days ahead.




    [Watch the next auction live →](https://helious.io/)