52-Week Treasury Bill Auction: Results, Schedule & History
Ask Helious about the 52-Week Treasury Bill auction
{
"tenor": "52-week-bill",
"date": "2026-09-29",
"offering_usd": 54000000000,
"high_yield": 4.4,
"tail_bps": null,
"bid_to_cover": 3.07,
"indirect_pct": 70.9,
"verdict": "IN LINE"
}The 52-Week Treasury Bill auction on Sep 29, 2026 put $54B on offer and stopped at a high yield of 4.4%. The bid-to-cover was 3.07, against a twelve-month average of 3.35. Indirects took 70.9%, directs 4.6% and primary dealers 24.6%. Helious captured the result live as it crossed and graded it IN LINE.
A bill pays no coupon, so the 52-week is a single rate covering a whole year of expected Fed policy with nothing paid in between. That makes it the longest zero-coupon point on the curve. It only comes round every four weeks, and that gap is what makes each result worth trading, because you get a fresh read on where one-year rate expectations have moved. Demand here also previews appetite for the 2-year note.
Recent auction results
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 912797WJ2 | New | $54B | 4.400% | — | 3.07 | 70.9% | 4.6% | 24.6% | IN LINE → | |
| 912797WA1 | New | $52B | 3.980% | — | 3.61 | 75.2% | 3.3% | 21.4% | STRONG → | |
| 912797VR5 | New | $52B | 3.880% | — | 3.62 | 70.8% | 2.3% | 27.0% | STRONG → | |
| 912797VQ7 | New | $52B | 3.860% | — | 3.14 | 60.1% | 4.6% | 35.3% | IN LINE → | |
| 912797VF1 | New | $50B | 3.750% | — | 3.34 | 68.2% | 2.2% | 29.6% | — | |
| 912797UX3 | New | $50B | 3.650% | — | 3.41 | 69.1% | 3.5% | 27.5% | — | |
| 912797UE5 | New | $50B | 3.560% | — | 3.21 | 55.8% | 5.2% | 39.0% | — | |
| 912797UD7 | New | $50B | 3.485% | — | 3.43 | 64.9% | 3.5% | 31.6% | — | |
| 912797TV9 | New | $50B | 3.345% | — | 2.96 | 67.8% | 3.1% | 29.1% | — | |
| 912797TM9 | New | $50B | 3.390% | — | 3.42 | 72.3% | 2.3% | 25.4% | — | |
| 912797TC1 | New | $50B | 3.380% | — | 3.74 | 64.1% | 3.0% | 32.8% | — | |
| 912797SU2 | New | $50B | 3.460% | — | 3.08 | 68.8% | 3.5% | 27.7% | — |
The issue column says which kind of auction it was. A reopening 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 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). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.