Treasury Auction Schedule: Bills, Notes, Bonds, TIPS and FRNs

“Four times a year, the Department of the Treasury holds a press conference to discusses Treasury marketable security auctions. This usually happens on the first Wednesday in February, May, August, and November. At each of these press conferences, Treasury usually gives the tentative auction schedule for the next six months.”

“Various situations, such as Treasury’s needs, policy decisions, and Congressional action on the debt limit may change these patterns. Holidays and special circumstances may also disrupt the schedule. If the day the securities should be issued is a weekend or federal holiday, we issue the securities on the next business day.”

“At the auction, Treasury first accepts all the non-competitive bids that comply with the auction rules. Then, we accept competitive bids based on their rate, yield, or discount margin (from lowest to highest) until the entire amount of the offering has been awarded. All successful bidders get the same rate, yield, or discount margin as the highest accepted bid.”

“The auction date and the issue date are often a few days or even a few weeks apart.”

“Maximum: $10 million per auction. You agree to accept the rate, yield, or discount margin determined at the auction. If you are using your TreasuryDirect account, you must bid non-competitively.”

“Maximum: 35% of the offering amount. You specify the rate, yield, or discount margin that you will accept. To bid competitively, you must use a bank, broker, or dealer.”

“To buy Treasury marketable securities, you must bid when we auction the type of security you want.”

“All auctions are open to the public.”

“Other investors may bid either through a TreasuryDirect account or through a bank, broker, or dealer. (Exception: Bids for Cash Management Bills must be through a bank, broker, or dealer.)”

“All Treasury marketable securities require a minimum bid of $100. You may bid in increments of $100 up to a maximum of $10 million for a non-competitive bid.”

“When you buy through TreasuryDirect, you must hold new Treasury marketable securities for at least 45 calendar days before transferring or selling them. This holding period does not apply when your new security is bought with proceeds from a reinvestment of a maturing security.”

“With a bank, broker, or dealer, you may bid for Treasury marketable securities non-competitively or competitively, but not both, for the same auction.”

“Cash Management Bills are only available through a bank, broker, or dealer. We do not sell them in TreasuryDirect.”

“Bills are sold at a discount or at par (face value). When the bill matures, you are paid its face value.”

“Fixed at auction. For bills, "interest" is the difference between what you paid and the face value you get when the bill matures.”

“Notes pay a fixed rate of interest every six months until they mature.”

“Bonds pay a fixed rate of interest every six months until they mature.”

“Interest payments on an FRN rise and fall based on the discount rates for 13-week Treasury bills. FRNs are only issued for a term of two years and pay interest quarterly (every three months).”

“TIPS are Treasury marketable securities whose principal is adjusted by changes in the Consumer Price Index. TIPS pay interest every six months and are issued in terms of 5, 10, and 30 years.”

“This page is updated on a real-time basis as soon as auction results are made available.”

“If you bid through your TreasuryDirect account, you can see the results of your bid after 5 PM Eastern time on auction day.”