Ask Helious about the 4-Week Treasury Bill auction
{
"tenor": "4-week-bill",
"date": "2026-10-08",
"offering_usd": 110000000000,
"high_yield": 3.98,
"tail_bps": null,
"bid_to_cover": 2.4,
"indirect_pct": 57.3,
"verdict": "WEAK"
}The 4-Week Treasury Bill auction on Oct 8, 2026 put $110B on offer and stopped at a high yield of 3.98%. The bid-to-cover was 2.4, against a twelve-month average of 2.86. Indirects took 57.3%, directs 6.1% and primary dealers 36.6%. That stop is 9.0bp above the Oct 1, 2026 auction. Helious captured the result live as it crossed and graded it WEAK.
The 4-week bill sits right on top of the Fed's policy rate, so nothing gives you a purer read on cash conditions at the front end. Put its stop-out rate next to IOR, what the Fed pays banks on reserves, and next to the RRP rate at the Fed's reverse repo window, and you can tell whether money funds are flush or scrambling for paper. When funding goes wrong it shows up here first, whether the cause is a fight over the debt ceiling or just the ordinary squeeze into quarter end.
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 912797VW4 | Reopen | $110B | 3.980% | — | 2.40 | 57.3% | 6.1% | 36.6% | WEAK → | |
| 912797VP9 | Reopen | $100B | 3.890% | — | 2.83 | 63.9% | 4.8% | 31.4% | IN LINE → | |
| 912797VN4 | Reopen | $90B | 3.850% | — | 2.61 | 46.2% | 3.4% | 50.4% | WEAK → | |
| 912797VM6 | Reopen | $90B | 3.820% | — | 3.02 | 69.9% | 3.1% | 27.0% | IN LINE → | |
| 912797VL8 | Reopen | $90B | 3.775% | — | 2.81 | 71.8% | 3.9% | 24.3% | IN LINE → | |
| 912797VK0 | Reopen | $90B | 3.700% | — | 2.97 | 67.6% | 3.4% | 29.0% | IN LINE → | |
| 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 → |
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.
| AUCTION DATE | CUSIP | AMOUNT |
|---|---|---|
| 912797VX2 | $110B |
The amount fills in when the Treasury announces the offering, usually a few days ahead.