4-Week Treasury Bill Auction: Results, Schedule & History
{
"tenor": "4-week-bill",
"date": "2026-08-27",
"offering_usd": 100000000000,
"high_yield": 3.65,
"tail_bps": null,
"bid_to_cover": 2.73,
"indirect_pct": 66,
"verdict": "IN LINE"
}The 4-Week Treasury Bill auction on Aug 27, 2026 put $100B on offer and stopped at a high yield of 3.65%, with a bid-to-cover of 2.73 against a 2.89 twelve-month average. Indirects took 66%, directs 2.5% and primary dealers 31.5%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 4-week bill is the purest read on front-end cash conditions and sits right on top of the Fed's policy rate. Its stop-out rate versus IOR/RRP shows whether money funds are flush or starved, and dislocations here are the first tell on debt-ceiling stress or quarter-end funding squeezes.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 912797VE4 | Reopen | $100B | 3.650% | — | 2.73 | 66.0% | 2.5% | 31.5% | IN LINE → | |
| 912797VD6 | Reopen | $110B | 3.640% | — | 2.84 | 65.5% | 3.3% | 31.3% | IN LINE → | |
| 912797VC8 | Reopen | $110B | 3.625% | — | 2.77 | 57.1% | 7.9% | 35.0% | IN LINE → | |
| 912797VB0 | Reopen | $110B | 3.640% | — | 2.68 | 55.8% | 4.0% | 40.1% | IN LINE → | |
| 912797UW5 | Reopen | $110B | 3.630% | — | 2.80 | 65.0% | 4.0% | 31.0% | IN LINE → | |
| 912797UV7 | Reopen | $110B | 3.730% | — | 2.79 | 65.5% | 4.7% | 29.8% | IN LINE → | |
| 912797UU9 | Reopen | $110B | 3.660% | — | 2.57 | 53.7% | 5.5% | 40.8% | WEAK → | |
| 912797UT2 | Reopen | $100B | 3.630% | — | 2.64 | 56.6% | 4.6% | 38.8% | WEAK → | |
| 912797US4 | Reopen | $85B | 3.605% | — | 2.72 | 67.0% | 3.8% | 29.2% | — | |
| 912797UR6 | Reopen | $70B | 3.610% | — | 2.74 | 65.1% | 3.6% | 31.2% | — | |
| 912797UQ8 | Reopen | $70B | 3.580% | — | 2.99 | 72.3% | 3.2% | 24.5% | — | |
| 912797UP0 | Reopen | $70B | 3.595% | — | 3.13 | 70.6% | 2.0% | 27.4% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. 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 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · 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.