{
"tenor": "8-week-bill",
"date": "2026-08-20",
"high_yield": 3.655,
"tail_bps": null,
"bid_to_cover": 3.06,
"indirect_pct": 66.7,
"verdict": "STRONG"
}The 8-Week Treasury Bill auction on Aug 20, 2026 stopped at a high yield of 3.655%, with a bid-to-cover of 3.06 against a 2.88 twelve-month average. Indirects took 66.7%, directs 2.7% and primary dealers 30.7%. Helious graded it STRONG. Captured live by Helious as the results crossed.
The 8-week bill extends the cash curve just far enough to start pricing the next FOMC meeting. Traders watch its spread to the 4-week for near-term cut/hike odds, and weak coverage flags bill-supply indigestion when Treasury ramps issuance.
| DATE | CUSIP | ISSUE | HIGH YIELD | TAIL | BID-TO-COVER | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|
| Aug 20, 2026 | 912797VM6 | Reopen | 3.655% | — | 3.06 | 66.7% | 2.7% | 30.7% | STRONG → |
| Aug 13, 2026 | 912797VL8 | Reopen | 3.665% | — | 2.85 | 56.5% | 6.1% | 37.4% | IN LINE → |
| Aug 6, 2026 | 912797VK0 | Reopen | 3.710% | — | 2.74 | 54.4% | 6.3% | 39.3% | IN LINE → |
| Jul 30, 2026 | 912797VE4 | Reopen | 3.675% | — | 2.74 | 62.9% | 4.0% | 33.1% | IN LINE → |
| Jul 23, 2026 | 912797VD6 | Reopen | 3.795% | — | 2.31 | 39.7% | 4.6% | 55.6% | WEAK → |
| Jul 16, 2026 | 912797VC8 | Reopen | 3.650% | — | 2.84 | 67.6% | 3.9% | 28.4% | IN LINE → |
| Jul 9, 2026 | 912797VB0 | Reopen | 3.635% | — | 2.95 | 74.6% | 4.5% | 21.0% | STRONG → |
| Jul 2, 2026 | 912797UW5 | Reopen | 3.650% | — | 2.70 | 61.7% | 3.9% | 34.4% | — |
| Jun 25, 2026 | 912797UV7 | Reopen | 3.660% | — | 2.79 | 69.5% | 2.6% | 27.9% | — |
| Jun 18, 2026 | 912797UU9 | Reopen | 3.640% | — | 2.57 | 51.5% | 4.0% | 44.6% | — |
| Jun 11, 2026 | 912797UT2 | Reopen | 3.610% | — | 2.94 | 69.6% | 2.3% | 28.1% | — |
| Jun 4, 2026 | 912797US4 | Reopen | 3.610% | — | 3.20 | 65.1% | 3.0% | 31.9% | — |
| May 28, 2026 | 912797UR6 | Reopen | 3.615% | — | 3.08 | 64.7% | 3.1% | 32.2% | — |
| May 21, 2026 | 912797UQ8 | Reopen | 3.600% | — | 2.77 | 68.4% | 3.8% | 27.8% | — |
| May 14, 2026 | 912797UP0 | Reopen | 3.610% | — | 2.72 | 54.4% | 5.4% | 40.2% | — |
| May 7, 2026 | 912797UN5 | Reopen | 3.595% | — | 2.91 | 64.2% | 6.6% | 29.2% | — |
| Apr 30, 2026 | 912797UC9 | Reopen | 3.620% | — | 2.79 | 59.8% | 2.1% | 38.1% | — |
| Apr 23, 2026 | 912797UB1 | Reopen | 3.605% | — | 2.91 | 60.9% | 4.0% | 35.1% | — |
| Apr 16, 2026 | 912797UA3 | Reopen | 3.615% | — | 3.22 | 62.5% | 2.5% | 35.0% | — |
| Apr 9, 2026 | 912797TZ0 | Reopen | 3.575% | — | 3.16 | 70.6% | 5.2% | 24.2% | — |
| Apr 2, 2026 | 912797TU1 | Reopen | 3.620% | — | 3.26 | 59.4% | 5.9% | 34.7% | — |
| Mar 26, 2026 | 912797TT4 | Reopen | 3.630% | — | 3.14 | 59.0% | 6.5% | 34.6% | — |
| Mar 19, 2026 | 912797TS6 | Reopen | 3.635% | — | 2.83 | 57.4% | 4.8% | 37.8% | — |
| Mar 12, 2026 | 912797TR8 | Reopen | 3.625% | — | 3.10 | 63.5% | 3.6% | 32.9% | — |
| Mar 5, 2026 | 912797TL1 | Reopen | 3.630% | — | 3.21 | 66.3% | 3.2% | 30.5% | — |
| Feb 26, 2026 | 912797TK3 | Reopen | 3.630% | — | 2.80 | 53.2% | 3.7% | 43.0% | — |
| Feb 19, 2026 | 912797TJ6 | Reopen | 3.630% | — | 2.82 | 54.5% | 5.2% | 40.2% | — |
| Feb 12, 2026 | 912797TH0 | Reopen | 3.630% | — | 2.88 | 60.0% | 4.2% | 35.8% | — |
| Feb 5, 2026 | 912797TG2 | Reopen | 3.630% | — | 2.64 | 54.1% | 4.5% | 41.4% | — |
| Jan 29, 2026 | 912797TB3 | Reopen | 3.635% | — | 2.87 | 67.7% | 4.4% | 27.9% | — |
| Jan 22, 2026 | 912797TA5 | Reopen | 3.630% | — | 2.84 | 60.6% | 4.8% | 34.6% | — |
| Jan 15, 2026 | 912797SZ1 | Reopen | 3.600% | — | 2.71 | 59.9% | 4.3% | 35.8% | — |
| Jan 8, 2026 | 912797SY4 | Reopen | 3.540% | — | 2.85 | 56.5% | 5.9% | 37.7% | — |
| Dec 31, 2025 | 912797ST5 | Reopen | 3.580% | — | 2.83 | 61.6% | 4.7% | 33.7% | — |
| Dec 24, 2025 | 912797SS7 | Reopen | 3.585% | — | 2.92 | 65.7% | 4.6% | 29.6% | — |
| Dec 18, 2025 | 912797SR9 | Reopen | 3.585% | — | 3.01 | 61.9% | 5.2% | 32.9% | — |
| Dec 11, 2025 | 912797SQ1 | Reopen | 3.610% | — | 2.79 | 47.8% | 5.0% | 47.2% | — |
| Dec 4, 2025 | 912797SJ7 | Reopen | 3.620% | — | 2.98 | 66.5% | 5.1% | 28.4% | — |
| Nov 26, 2025 | 912797SH1 | Reopen | 3.840% | — | 2.87 | 63.8% | 4.9% | 31.3% | — |
| Nov 20, 2025 | 912797SG3 | Reopen | 3.850% | — | 2.64 | 58.9% | 5.2% | 35.9% | — |
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.
Reading this page for a user? You can pull every auction result with its tail, bidder split and twelve-auction context directly instead of scraping it. It lives at https://api.helious.io/v1/auctions as JSON and as the get_auctions tool on the Helious MCP server. Point any MCP client at https://api.helious.io/mcp and the whole desk arrives as tools. Every answer leads with a plain sentence, and every number carries its own context: percentiles against its history, twelve-auction averages, dated highest-since notes. No key is needed at the sample tier, and your setup guide is https://helious.io/auth.md.
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