Rates & Fed · August 25, 2026 · 2 min read

Treasury’s August 20 Bill Auctions Set 3.701% and 3.727% Investment Rates

Published August 25, 2026 • Updated August 25, 2026

Treasury’s August 20 auction records show high investment rates of 3.701% for a $110 billion four-week bill offering and 3.727% for a $100 billion eight-week offering.

CONFIRMED FACTS U.S. Treasury auction records for August 20, 2026 show a $110.0 billion offering of four-week Treasury bills (CUSIP 912797VD6). The record reports a high discount rate of 3.640%, a high investment rate of 3.701%, a price of 99.716889 per $100 of face value, and a 2.84 bid-to-cover ratio. It reports $304.819 billion in competitive tenders and $102.516 billion in competitive awards. The bills are scheduled to issue on August 25, 2026 and mature on September 22, 2026. The same auction-date query reports a $100.0 billion offering of eight-week Treasury bills (CUSIP 912797VM6). The record reports a high discount rate of 3.655%, a high investment rate of 3.727%, a price of 99.431444 per $100 of face value, and a 3.06 bid-to-cover ratio. It reports $302.519 billion in competitive tenders and $96.880 billion in competitive awards. The bills are scheduled to issue on August 25, 2026 and mature on October 20, 2026. Both records identify the auction format as single-price. Treasury’s individual result PDFs identify the August 20 results for the eight-week bill as R_20260820_1 and for the four-week bill as R_20260820_2. ANALYSIS The reported high investment rate was 0.026 percentage point higher on the eight-week bill than on the four-week bill in these two auctions. The eight-week bill also had the higher reported bid-to-cover ratio, by 0.22. These are direct comparisons of two specific auction results, not a forecast for Federal Reserve policy or a measure of the return available in every investor transaction. The two bill offerings have different maturity dates and terms. Their auction-specific rates and bid-to-cover ratios provide a snapshot of submitted competitive tenders relative to the offerings, but they do not, by themselves, identify why demand differed across the securities. UNKNOWNS AND LIMITS These results apply to specific Treasury bill offerings and should not be treated as Treasury constant-maturity yields, bank-deposit rates, mortgage rates, or consumer borrowing rates. The records do not establish the motivations of bidders, the distribution of bidding across all investor types, or future market and policy outcomes. Treasury reports both discount and investment rates; they are different measures and are therefore stated separately here. The offering amounts are the announced offering sizes, while the competitive-tender and award figures are components of the auction results. The reported bid-to-cover ratios are auction measures, not measures of broad market liquidity or investor sentiment.

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Sources

U.S. Treasury Fiscal Data API — Treasury securities auction results, August 20, 2026 — Primary Treasury auction records for the August 20 four-week and eight-week bill offerings, rates, prices, tenders, awards, bid-to-cover ratios, and scheduled issue and maturity dates.
TreasuryDirect — August 20, 2026 eight-week bill auction result — Primary Treasury result PDF identified by the eight-week bill auction record.
TreasuryDirect — August 20, 2026 four-week bill auction result — Primary Treasury result PDF identified by the four-week bill auction record.

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