INTRODUCTION: Public Debt Operations - Treasury



INTRODUCTION: Bureau of the Fiscal Service Operations

Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities.

The Bureau of the Fiscal Service is a new bureau within the Treasury Department, formed on October 7, 2012, from the consolidation of the Financial Management Service and the Bureau of the Public Debt. Our mission is to promote the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services. As one bureau, the organization is better positioned to help transform financial management and the delivery of shared services in the federal government. The bureau will be a valued partner for agencies as they work to strengthen their own financial management or as they look for a quality service provider who can allow them to focus on their missions.

Table PDO-1 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. High rates on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive basis.

To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million in each auction of securities.

Table PDO-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of cash management bills also are presented.

Note: On July 31, 2013, Treasury published amendments to its marketable securities auction rules to accommodate the auction and issuance of Floating Rate Notes (FRNs). An FRN is a security that has an interest payment that can change over time. Treasury FRNs will be indexed to the most recent 13-week Treasury bill auction High Rate, which is the highest accepted discount rate in a Treasury bill auction. FRNs will pay interest quarterly.

TREASURY FINANCING: OCTOBER-DECEMBER

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

OCTOBER

Auction of 42-Day Cash Management Bills

On September 24, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued October 1 and matured November 12. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on September 29. Tenders totaled $102,490 million; Treasury accepted $30,000 million, including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.

Auction of 119-Day Cash Management Bills

On September 24, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued October 1 and will mature January 28, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on September 29. Tenders totaled $125,581 million; Treasury accepted $30,001 million, including $6 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 105-Day Cash Management Bills

On September 29, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued October 6 and will mature January 19, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on September 30. Tenders totaled $90,377 million; Treasury accepted $25,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 154-Day Cash Management Bills

On September 29, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued October 6 and will mature March 9, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on September 30. Tenders totaled $105,830 million; Treasury accepted $30,001 million, including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.

Auction of 42-Day Cash Management Bills

On October 1, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued October 8 and matured November 19. The issue was to raise new cash of approximately $199,000 million. Treasury auctioned the bills on October 6. Tenders totaled $99,147 million; Treasury accepted $30,001 million, including $28 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 119-Day Cash Management Bills

On October 1, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued October 8 and will mature February 4, 2021. The issue was to raise new cash of approximately $199,000 million. Treasury auctioned the bills on October 6. Tenders totaled $93,821 million; Treasury accepted $30,000 million, including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.

Auction of 52-Week Bills

On October 1, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued October 8 and will mature October 7, 2021. The issue was to refund $185,553 million of all maturing bills and to raise new cash of approximately $13,447 million. Treasury auctioned the bills on October 6. Tenders totaled $107,174 million; Treasury accepted $34,001 million, including $221 million of noncompetitive tenders from the public. The high bank discount rate was 0.140 percent.

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,165 million from FRBs for their own accounts.

Auction of 3-Year Notes

On October 1, 2020, Treasury announced it would auction $52,000 million of 3-year notes. The issue was to refund $20,919 million of securities maturing October 15 and to raise new cash of approximately $89,081 million.

The 3-year notes of Series AS-2023 were dated and issued October 15. They are due October 15, 2023, with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 6. Tenders totaled $126,734 million; Treasury accepted $52,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.193 percent with an equivalent price of $99.796687. Treasury accepted in full all competitive tenders at yields lower than 0.193 percent. Tenders at the high yield were allotted 24.58 percent. The median yield was 0.165 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors totaled $51,976 million.

In addition to the $52,000 million of tenders accepted in the auction process, Treasury accepted $1,455 million from FRBs for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AS-2023 is $100.

Auction of 9-Year 10-Month 0-5/8 Percent Notes

On October 1, 2020, Treasury announced it would auction $35,000 million of 9-year 10-month 0-5/8 percent notes. The issue was to refund $20,919 million of securities maturing October 15 and to raise new cash of approximately $89,081 million.

The 9-year 10-month 0-5/8 percent notes of Series E-2030 were dated August 15 and issued October 15. They are due August 15, 2030, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 7. Tenders totaled $86,615 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.765 percent with an equivalent price of $98.675865. Treasury accepted in full all competitive tenders at yields lower than 0.765 percent. Tenders at the high yield were allotted 75.60 percent. The median yield was 0.716 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $34,989 million. Accrued interest of $1.03601 per $1,000 must be paid for the period from August 15 to October 15.

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $979 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2030 is $100.

Auction of 29-Year 10-Month 1-3/8 Percent Bonds

On October 1, 2020, Treasury announced it would auction $23,000 million of 29-year 10-month 1-3/8 percent bonds. The issue was to refund $20,919 million of securities maturing October 15 and to raise new cash of approximately $89,081 million.

The 29-year 10-month 1-3/8 percent bonds of August 2050 were dated August 15 and issued October 15. They are due August 15, 2050, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 8. Tenders totaled $52,619 million; Treasury accepted $23,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.578 percent with an equivalent price of $95.183187. Treasury accepted in full all competitive tenders at yields lower than 1.578 percent. Tenders at the high yield were allotted 18.34 percent. The median yield was 1.513 percent, and the low yield was 1.450 percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors totaled $22,996 million. Accrued interest of $2.27921 per $1,000 must be paid for the period from August 15 to October 15.

In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $643 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2050 is $100.

Auction of 105-Day Cash Management Bills

On October 6, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued October 13 and will mature January 26, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on October 7. Tenders totaled $86,227 million; Treasury accepted $25,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.

Auction of 154-Day Cash Management Bills

On October 6, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued October 13 and will mature March 16, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on October 7. Tenders totaled $95,232 million; Treasury accepted $30,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent.

Auction of 43-Day Cash Management Bills

On October 8, 2020, Treasury announced it would auction $30,000 million of 43-day bills. They were issued October 15 and matured November 27. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on October 13. Tenders totaled $102,950 million; Treasury accepted $30,000 million, including $32 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 119-Day Cash Management Bills

On October 8, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued October 15 and will mature February 11, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on October 13. Tenders totaled $100,800 million; Treasury accepted $30,000 million, including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent.

Auction of 105-Day Cash Management Bills

On October 13, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued October 20 and will mature February 2, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on October 14. Tenders totaled $88,043 million; Treasury accepted $25,001 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.

Auction of 154-Day Cash Management Bills

On October 13, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued October 20 and will mature March 23, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on October 14. Tenders totaled $97,353 million; Treasury accepted $30,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.120 percent.

Auction of 42-Day Cash Management Bills

On October 15, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued October 22 and matured December 3. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on October 20. Tenders totaled $109,995 million; Treasury accepted $30,000 million, including $15 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 119-Day Cash Management Bills

On October 15, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued October 22 and will mature February 18, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on October 20. Tenders totaled $106,215 million; Treasury accepted $30,000 million, including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.

Auction of 5-Year Treasury Inflation Protected Security (TIPS)

On October 15, 2020, Treasury announced it would auction $17,000 million of 5-year TIPS. The issue was to raise new cash of approximately $17,000 million.

The 5-year TIPS of Series AE-2025 were dated October 15 and issued October 30. They are due October 15, 2025, with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 22. Tenders totaled $45,151 million; Treasury accepted $17,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.320 percent with an equivalent adjusted price of $107.593657. Treasury accepted in full all competitive tenders at yields lower than -1.320 percent. Tenders at the high yield were allotted 87.46 percent. The median yield was -1.361 percent, and the low yield was -1.500 percent. Noncompetitive tenders totaled $47 million. Competitive tenders accepted from private investors totaled $16,953 million. Adjusted accrued interest of $0.05159 per $1,000 must be paid for the period from October 15 to October 30. Both the unadjusted price of $107.430363 and the unadjusted accrued interest of $0.05151 were adjusted by an index ratio of 1.00152, for the period from October 15 to October 30. The minimum par amount required for STRIPS of TIPS of Series AE-2025 is $100.

Auction of 105-Day Cash Management Bills

On October 20, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued October 27 and will mature February 9, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on October 21. Tenders totaled $95,944 million; Treasury accepted $25,001 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.

Auction of 154-Day Cash Management Bills

On October 20, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued October 27 and will mature March 30, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on October 21. Tenders totaled $108,439 million; Treasury accepted $30,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.115 percent.

Auction of 42-Day Cash Management Bills

On October 22, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued October 29 and matured December 10. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on October 27. Tenders totaled $103,340 million; Treasury accepted $30,001 million, including $21 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent.

Auction of 119-Day Cash Management Bills

On October 22, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued October 29 and will mature February 25, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on October 27. Tenders totaled $97,933 million; Treasury accepted $30,001 million, including $19 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.

NOVEMBER

Auction of 19-Year 10-Month 1-1/8 Percent Bonds

On October 15, 2020, Treasury announced it would auction $22,000 million of 19-year 10-month 1-1/8 percent bonds. The issue was to refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.

The 19-year 10-month 1-1/8 percent bonds of August 2040 were dated August 15 and issued November 2. They are due August 15, 2040, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 21. Tenders totaled $53,433 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.370 percent with an equivalent price of $95.765607. Treasury accepted in full all competitive tenders at yields lower than 1.370 percent. Tenders at the high yield were allotted 96.29 percent. The median yield was 1.325 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled $21,998 million. Accrued interest of $2.41508 per $1,000 must be paid for the period from August 15 to November 2.

In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $2,334 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2040 is $100.

Auction of 2-Year Notes

On October 22, 2020, Treasury announced it would auction $54,000 million of 2-year notes. The issue was to refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.

The 2-year notes of Series BH-2022 were dated October 31 and issued November 2. They are due October 31, 2022, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 27. Tenders totaled $130,003 million; Treasury accepted $54,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.151 percent with an equivalent price of $99.948240. Treasury accepted in full all competitive tenders at yields lower than 0.151 percent. Tenders at the high yield were allotted 76.17 percent. The median yield was 0.120 percent, and the low yield was 0.050 percent. Noncompetitive tenders totaled $141 million. Competitive tenders accepted from private investors totaled $53,854 million. Accrued interest of $0.00691 per $1,000 must be paid for the period from October 31 to November 2.

In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $5,729 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BH-2022 is $100.

Auction of 2-Year Floating Rate Notes (FRNs)

On October 22, 2020, Treasury announced it would auction $26,000 million of 2-year FRNs. The issue was to refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.

The 2-year FRNs of Series BJ-2022 were dated October 31 and issued November 2. They are due October 31, 2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity. Treasury set a spread of 0.055 percent after determining which tenders were accepted on a discount margin basis.

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 28. Tenders totaled $83,696 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.055 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower than 0.055 percent. Tenders at the high discount margin were allotted 1.01 percent. The median discount margin was 0.045 percent, and the low discount margin was 0.030 percent. Noncompetitive tenders totaled $42 million. Competitive tenders accepted from private investors totaled $25,959 million. Accrued interest of $0.000861252 per $100 must be paid for the period from October 31 to November 2.

In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $2,758 million from FRBs for their own accounts.

Auction of 5-Year Notes

On October 22, 2020, Treasury announced it would auction $55,000 million of 5-year notes. The issue was to refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.

The 5-year notes of Series AF-2025 were dated October 31 and issued November 2. They are due October 31, 2025, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-1/4 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 28. Tenders totaled $130,795 million; Treasury accepted $55,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.330 percent with an equivalent price of $99.604038. Treasury accepted in full all competitive tenders at yields lower than 0.330 percent. Tenders at the high yield were allotted 39.15 percent. The median yield was 0.289 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled $54,975 million. Accrued interest of $0.01381 per $1,000 must be paid for the period from October 31 to November 2.

In addition to the $55,000 million of tenders accepted in the auction process, Treasury accepted $5,835 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AF-2025 is $100.

Auction of 7-Year Notes

On October 22, 2020, Treasury announced it would auction $53,000 million of 7-year notes. The issue was to refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.

The 7-year notes of Series R-2027 were dated October 31 and issued November 2. They are due October 31, 2027, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-1/2 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 29. Tenders totaled $118,518 million; Treasury accepted $53,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.600 percent with an equivalent price of $99.316022. Treasury accepted in full all competitive tenders at yields lower than 0.600 percent. Tenders at the high yield were allotted 34.59 percent. The median yield was 0.545 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $52,997 million. Accrued interest of $0.02762 per $1,000 must be paid for the period from October 31 to November 2.

In addition to the $53,000 million of tenders accepted in the auction process, Treasury accepted $5,623 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2027 is $100.

Auction of 105-Day Cash Management Bills

On October 27, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued November 3 and will mature February 16, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on October 28. Tenders totaled $101,915 million; Treasury accepted $25,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 154-Day Cash Management Bills

On October 27, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued November 3 and will mature April 6, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on October 28. Tenders totaled $96,773 million; Treasury accepted $30,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.

Auction of 42-Day Cash Management Bills

On October 29, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued November 5 and matured December 17. The issue was to raise new cash of approximately $199,000 million. Treasury auctioned the bills on November 3. Tenders totaled $96,223 million; Treasury accepted $30,000 million, including $32 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.

Auction of 119-Day Cash Management Bills

On October 29, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued November 5 and will mature March 4, 2021. The issue was to raise new cash of approximately $199,000 million. Treasury auctioned the bills on November 3. Tenders totaled $95,995 million; Treasury accepted $30,000 million, including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.

Auction of 52-Week Bills

On October 29, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued November 5 and will mature November 4, 2021. The issue was to refund $186,706 million of all maturing bills and to raise new cash of approximately $12,294 million. Treasury auctioned the bills on November 3. Tenders totaled $120,275 million; Treasury accepted $34,001 million, including $248 million of noncompetitive tenders from the public. The high bank discount rate was 0.135 percent.

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,377 million from FRBs for their own accounts.

Auction of 105-Day Cash Management Bills

On November 3, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued November 10 and will mature February 23, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on November 4. Tenders totaled $83,949 million; Treasury accepted $25,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.

Auction of 154-Day Cash Management Bills

On November 3, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued November 10 and will mature April 13, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on November 4. Tenders totaled $106,544 million; Treasury accepted $30,000 million, including $3 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.

November Quarterly Financing

On Nov 4, 2020, Treasury announced it would auction $54,000 million of 3-year notes, $41,000 million of 10-year notes, and $27,000 million of 30-year bonds to refund $60,875 million of securities maturing November 15, 2020 and to raise new cash of approximately $61,125 million.

The 3-year notes of Series AT-2023 were dated November 15 and issued November 16. They are due November 15, 2023, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 0-1/4 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 9. Tenders totaled $129,665 million; Treasury accepted $54,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.250 percent with an equivalent price of $99.999999. Treasury accepted in full all competitive tenders at yields lower than 0.250 percent. Tenders at the high yield were allotted 39.82 percent. The median yield was 0.230 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private investors totaled $53,865 million. Accrued interest of $0.00691 per $1,000 must be paid for the period from November 15 to November 16.

In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $14,807 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AT-2023 is $100.

The 10-year notes of Series F-2030 were dated November 15 and issued November 16. They are due November 15, 2030, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 10. Tenders totaled $95,243 million; Treasury accepted $41,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.960 percent with an equivalent price of $99.191574. Treasury accepted in full all competitive tenders at yields lower than 0.960 percent. Tenders at the high yield were allotted 41.37 percent. The median yield was 0.912 percent, and the low yield was 0.750 percent. Noncompetitive tenders totaled $26 million. Competitive tenders accepted from private investors totaled $40,974 million. Accrued interest of $0.02417 per $1,000 must be paid for the period from November 15 to November 16.

In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $11,242 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2030 is $100.

The 30-year bonds of November 2050 were dated November 15 and issued November 16. They are due November 15, 2050, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 1-5/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 12. Tenders totaled $61,876 million; Treasury accepted $27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.680 percent with an equivalent price of $98.708151. Treasury accepted in full all competitive tenders at yields lower than 1.680 percent. Tenders at the high yield were allotted 62.77 percent. The median yield was 1.620 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled $26,987 million. Accrued interest of $0.04489 per $1,000 must be paid for the period from November 15 to November 16.

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $7,403 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2050 is $100.

Auction of 42-Day Cash Management Bills

On November 5, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued November 12 and matured December 24. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on November 9. Tenders totaled $99,352 million; Treasury accepted $30,001 million, including $13 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 119-Day Cash Management Bills

On November 5, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued November 12 and will mature March 11, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on November 9. Tenders totaled $113,033 million; Treasury accepted $30,000 million, including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.

Auction of 105-Day Cash Management Bills

On November 10, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued November 17 and will mature March 2, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on November 12. Tenders totaled $94,613 million; Treasury accepted $25,001 million, including $13 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 154-Day Cash Management Bills

On November 10, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued November 17 and will mature April 20, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on November 12. Tenders totaled $101,350 million; Treasury accepted $30,001 million, including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.

Auction of 42-Day Cash Management Bills

On November 12, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued November 19 and will mature December 31. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on November 17. Tenders totaled $112,707 million; Treasury accepted $30,000 million, including $40 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 119-Day Cash Management Bills

On November 12, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued November 19 and will mature March 18, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on November 17. Tenders totaled $114,645 million; Treasury accepted $30,003 million, including $28 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 20-Year Bonds

On November 12, 2020, Treasury announced it would auction $27,000 million of 20-year bonds. The issue was to refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.

The 20-year bonds of November 2040 were dated November 15 and issued November 30. They are due November 15, 2040, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 1-3/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 18. Tenders totaled $61,311 million; Treasury accepted $27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.422 percent with an equivalent price of $99.185441. Treasury accepted in full all competitive tenders at yields lower than 1.422 percent. Tenders at the high yield were allotted 60.67 percent. The median yield was 1.362 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled $26,999 million. Accrued interest of $0.56975 per $1,000 must be paid for the period from November 15 to November 30.

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $3,746 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2040 is $100.

Auction of 9-Year 8-Month 0-1/8 Percent TIPS

On November 12, 2020, Treasury announced it would auction $12,000 million of 9-year 8-month 0-1/8 percent TIPS. The issue was to refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.

The 9-year 8-month 0-1/8 percent TIPS of Series D-2030 were dated July 15 and issued November 30. They are due July 15, 2030, with interest payable on January 15 and July 15 until maturity.

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 19. Tenders totaled $32,496 million; Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.867 percent with an equivalent adjusted price of $111.642995. Treasury accepted in full all competitive tenders at yields lower than -0.867 percent. Tenders at the high yield were allotted 72.22 percent. The median yield was -0.915 percent, and the low yield was -1.080 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $11,989 million. Adjusted accrued interest of $0.47584 per $1,000 must be paid for the period from July 15 to November 30. Both the unadjusted price of $109.980096 and the unadjusted accrued interest of $0.46875 were adjusted by an index ratio of 1.01512, for the period from July 15 to November 30.

In addition to the $12,000 million of tenders accepted in the auction process, Treasury accepted $1,665 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2030 is $100.

Auction of 105-Day Cash Management Bills

On November 17, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued November 24 and will mature March 9, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on November 18. Tenders totaled $97,521 million; Treasury accepted $25,001 million, including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 154-Day Cash Management Bills

On November 17, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued November 24 and will mature April 27, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on November 18. Tenders totaled $103,960 million; Treasury accepted $30,001 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 41-Day Cash Management Bills

On November 19, 2020, Treasury announced it would auction $30,000 million of 41-day bills. They were issued November 27 and will mature January 7, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on November 24. Tenders totaled $94,470 million; Treasury accepted $30,001 million, including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent.

Auction of 118-Day Cash Management Bills

On November 19, 2020, Treasury announced it would auction $30,000 million of 118-day bills. They were issued November 27 and will mature March 25, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on November 24. Tenders totaled $104,326 million; Treasury accepted $30,000 million, including $20 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 1-Year 11-Month 0.055 Percent FRNs

On November 19, 2020, Treasury announced it would auction $24,000 million of 1-year 11-month 0.055 percent FRNs. The issue was to raise new cash of approximately $24,000 million.

The 1-year 11-month 0.055 percent FRNs of Series BJ-2022 were dated October 31 and issued November 27. They are due October 31, 2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity.

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 24. Tenders totaled $69,643 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.053 percent with an equivalent price of $100.003897. Treasury accepted in full all competitive tenders at discount margins lower than 0.053 percent. Tenders at the high discount margin were allotted 44.54 percent. The median discount margin was 0.045 percent, and the low discount margin was 0.020 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $23,986 million. Accrued interest of $0.011251720 per $100 must be paid for the period from October 31 to November 27.

Auction of 2-Year Notes

On November 19, 2020, Treasury announced it would auction $56,000 million of 2-year notes. The issue was to refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.

The 2-year notes of Series BK-2022 were dated and issued November 30. They are due November 30, 2022, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on November 23. Tenders totaled $151,885 million; Treasury accepted $56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.165 percent with an equivalent price of $99.920165. Treasury accepted in full all competitive tenders at yields lower than 0.165 percent. Tenders at the high yield were allotted 97.49 percent. The median yield was 0.140 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $123 million. Competitive tenders accepted from private investors totaled $55,877 million.

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,769 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BK-2022 is $100.

Auction of 5-Year Notes

On November 19, 2020, Treasury announced it would auction $57,000 million of 5-year notes. The issue was to refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.

The 5-year notes of Series AG-2025 were dated and issued November 30. They are due November 30, 2025, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 23. Tenders totaled $135,812 million; Treasury accepted $57,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.397 percent with an equivalent price of $99.891191. Treasury accepted in full all competitive tenders at yields lower than 0.397 percent. Tenders at the high yield were allotted 42.65 percent. The median yield was 0.349 percent, and the low yield was 0.250 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $56,986 million.

In addition to the $57,000 million of tenders accepted in the auction process, Treasury accepted $7,908 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AG-2025 is $100.

Auction of 7-Year Notes

On November 19, 2020, Treasury announced it would auction $56,000 million of 7-year notes. The issue was to refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.

The 7-year notes of Series S-2027 were dated and issued November 30. They are due November 30, 2027, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-5/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 24. Tenders totaled $132,923 million; Treasury accepted $56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.653 percent with an equivalent price of $99.808717. Treasury accepted in full all competitive tenders at yields lower than 0.653 percent. Tenders at the high yield were allotted 70.41 percent. The median yield was 0.600 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $55,997 million.

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,769 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2027 is $100.

DECEMBER

Auction of 105-Day Cash Management Bills

On November 24, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued December 1 and will mature March 16, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on November 25. Tenders totaled $108,678 million; Treasury accepted $25,001 million, including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.

Auction of 154-Day Cash Management Bills

On November 24, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued December 1 and will mature May 4, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on November 25. Tenders totaled $109,369 million; Treasury accepted $30,002 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 42-Day Cash Management Bills

On November 25, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued December 3 and will mature January 14, 2021. The issue was to raise new cash of approximately $199,000 million. Treasury auctioned the bills on December 1. Tenders totaled $100,102 million; Treasury accepted $30,001 million, including $24 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent.

Auction of 119-Day Cash Management Bills

On November 25, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued December 3 and will mature April 1, 2021. The issue was to raise new cash of approximately $199,000 million. Treasury auctioned the bills on December 1. Tenders totaled $107,181 million; Treasury accepted $30,001 million, including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 52-Week Bills

On November 25, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued December 3 and will mature December 2, 2021. The issue was to refund $184,857 million of all maturing bills and to raise new cash of approximately $14,143 million. Treasury auctioned the bills on December 1. Tenders totaled $126,784 million; Treasury accepted $34,001 million, including $276 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent.

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $4,986 million from FRBs for their own accounts.

Auction of 105-Day Cash Management Bills

On December 1, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued December 8 and will mature March 23, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on December 2. Tenders totaled $98,603 million; Treasury accepted $25,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.

Auction of 154-Day Cash Management Bills

On December 1, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued December 8 and will mature May 11, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on December 2. Tenders totaled $115,081 million; Treasury accepted $30,000 million, including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 42-Day Cash Management Bills

On December 3, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued December 10 and will mature January 21, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on December 8. Tenders totaled $114,310 million; Treasury accepted $30,000 million, including $10 million of noncompetitive tenders from the public. The high bank discount rate was 0.070 percent.

Auction of 119-Day Cash Management Bills

On December 3, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued December 10 and will mature April 8, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on December 8. Tenders totaled $107,552 million; Treasury accepted $30,001 million, including $12 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent.

Auction of 3-Year Notes

On December 3, 2020, Treasury announced it would auction $56,000 million of 3-year notes. The issue was to refund $18,974 million of securities maturing December 15 and to raise new cash of approximately $99,026 million.

The 3-year notes of Series AU-2023 were dated and issued December 15. They are due December 15, 2023, with interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 8. Tenders totaled $127,411 million; Treasury accepted $56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.211 percent with an equivalent price of $99.742950. Treasury accepted in full all competitive tenders at yields lower than 0.211 percent. Tenders at the high yield were allotted 45.86 percent. The median yield was 0.187 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors totaled $55,949 million.

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $2,385 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AU-2023 is $100.

Auction of 9-Year 11-Month 0-7/8 Percent Notes

On December 3, 2020, Treasury announced it would auction $38,000 million of 9-year 11-month 0-7/8 percent notes. The issue was to refund $18,974 million of securities maturing December 15 and to raise new cash of approximately $99,026 million.

The 9-year 11-month 0-7/8 percent notes of Series F-2030 were dated November 15 and issued December 15. They are due November 15, 2030, with interest payable on May 15 and November 15 until maturity.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 9. Tenders totaled $88,500 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.951 percent with an equivalent price of $99.282076. Treasury accepted in full all competitive tenders at yields lower than 0.951 percent. Tenders at the high yield were allotted 88.79 percent. The median yield was 0.904 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $37,994 million. Accrued interest of $0.72514 per $1,000 must be paid for the period from November 15 to December 15.

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $1,619 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2030 is $100.

Auction of 29-Year 11-Month 1-5/8 Percent Bonds

On December 3, 2020, Treasury announced it would auction $24,000 million of 29-year 11-month 1-5/8 percent bonds. The issue was to refund $18,974 million of securities maturing December 15 and to raise new cash of approximately $99,026 million.

The 29-year 11-month 1-5/8 percent bonds of November 2050 were dated November 15 and issued December 15. They are due November 15, 2050, with interest payable on May 15 and November 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 10. Tenders totaled $59,542 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.665 percent with an equivalent price of $99.059547. Treasury accepted in full all competitive tenders at yields lower than 1.665 percent. Tenders at the high yield were allotted 85.21 percent. The median yield was 1.626 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $23,997 million. Accrued interest of $1.34669 per $1,000 must be paid for the period from November 15 to December 15.

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,022 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2050 is $100.

Auction of 105-Day Cash Management Bills

On December 8, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued December 15 and will mature March 30, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on December 9. Tenders totaled $92,559 million; Treasury accepted $25,000 million, including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.

Auction of 154-Day Cash Management Bills

On December 8, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued December 15 and will mature May 18, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on December 9. Tenders totaled $105,373 million; Treasury accepted $30,001 million, including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 42-Day Cash Management Bills

On December 10, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued December 17 and will mature January 28, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on December 15. Tenders totaled $96,318 million; Treasury accepted $30,001 million, including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent.

Auction of 119-Day Cash Management Bills

On December 10, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued December 17 and will mature April 15, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on December 15. Tenders totaled $103,982 million; Treasury accepted $30,001 million, including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.

Auction of 105-Day Cash Management Bills

On December 15, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued December 22 and will mature April 6, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on December 16. Tenders totaled $95,382 million; Treasury accepted $25,000 million, including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.

Auction of 154-Day Cash Management Bills

On December 15, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued December 22 and will mature May 25, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on December 16. Tenders totaled $98,270 million; Treasury accepted $30,001 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 8-Day Cash Management Bills

On December 17, 2020, Treasury announced it would auction $25 million of 8-day bills. They were issued December 21 and matured December 29. The issue was to raise new cash of approximately $25 million. Treasury auctioned the bills on December 17. Tenders totaled $163 million; Treasury accepted $25 million. The high bank discount rate was 0.060 percent.

Auction of 19-Year 11-Month 1-3/8 Percent Bonds

On December 17, 2020, Treasury announced it would auction $24,000 million of 19-year 11-month 1-3/8 percent bonds. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million.

The 19-year 11-month 1-3/8 percent bonds of November 2040 were dated November 15 and issued December 31. They are due November 15, 2040, with interest payable on May 15 and November 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 21. Tenders totaled $57,474 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.470 percent with an equivalent price of $98.367014. Treasury accepted in full all competitive tenders at yields lower than 1.470 percent. Tenders at the high yield were allotted 14.51 percent. The median yield was 1.411 percent, and the low yield was 0.870 percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled $23,999 million. Accrued interest of $1.74724 per $1,000 must be paid for the period from November 15 to December 31.

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,651 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2040 is $100.

Auction of 42-Day Cash Management Bills

On December 17, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued December 24 and will mature February 4, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on December 22. Tenders totaled $101,499 million; Treasury accepted $30,001 million, including $43 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent.

Auction of 119-Day Cash Management Bills

On December 17, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued December 24 and will mature April 22, 2021. The issue was to raise new cash of approximately $165,000 million. Treasury auctioned the bills on December 22. Tenders totaled $102,457 million; Treasury accepted $30,000 million, including $27 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 4-Year 10-Month 0-1/8 Percent TIPS

On December 17, 2020, Treasury announced it would auction $15,000 million of 4-year 10-month 0-1/8 percent TIPS. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million.

The 4-year 10-month 0-1/8 percent TIPS of Series AE-2025 were dated October 15 and issued December 31. They are due October 15, 2025, with interest payable on April 15 and October 15 until maturity.

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 22. Tenders totaled $42,941 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.575 percent with an equivalent adjusted price of $108.871082. Treasury accepted in full all competitive tenders at yields lower than -1.575 percent. Tenders at the high yield were allotted 29.03 percent. The median yield was -1.620 percent, and the low yield was -2.000 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors totaled $14,981 million. Adjusted accrued interest of $0.26535 per $1,000 must be paid for the period from October 15 to December 31. Both the unadjusted price of $108.489200 and the unadjusted accrued interest of $0.26442 were adjusted by an index ratio of 1.00352, for the period from October 15 to December 31.

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $2,282 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series AE-2025 is $100.

Auction of 1-Year 10-Month 0.055 Percent FRNs

On December 17, 2020, Treasury announced it would auction $24,000 million of 1-year 10-month 0.055 percent FRNs. The issue was to raise new cash of approximately $24,000 million.

The 1-year 10-month 0.055 percent FRNs of Series BJ-2022 were dated October 31 and issued December 28. They are due October 31, 2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity.

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 23. Tenders totaled $67,886 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.060 percent with an equivalent price of $99.990678. Treasury accepted in full all competitive tenders at discount margins lower than 0.060 percent. Tenders at the high discount margin were allotted 87.46 percent. The median discount margin was 0.054 percent, and the low discount margin was 0.020 percent. Noncompetitive tenders totaled $16 million. Competitive tenders accepted from private investors totaled $23,984 million. Accrued interest of $0.023114334 per $100 must be paid for the period from October 31 to December 28.

Auction of 105-Day Cash Management Bills

On December 22, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued December 29 and will mature April 13, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on December 23. Tenders totaled $90,521 million; Treasury accepted $25,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 154-Day Cash Management Bills

On December 22, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued December 29 and will mature June 1, 2021. The issue was to raise new cash of approximately $120,000 million. Treasury auctioned the bills on December 23. Tenders totaled $104,316 million; Treasury accepted $30,000 million, including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 42-Day Cash Management Bills

On December 24, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued December 31 and will mature February 11, 2021. The issue was to raise new cash of approximately $199,000 million. Treasury auctioned the bills on December 29. Tenders totaled $109,876 million; Treasury accepted $30,001 million, including $37 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.

Auction of 119-Day Cash Management Bills

On December 24, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued December 31 and will mature April 29, 2021. The issue was to raise new cash of approximately $199,000 million. Treasury auctioned the bills on December 29. Tenders totaled $112,051 million; Treasury accepted $30,001 million, including $26 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

Auction of 52-Week Bills

On December 24, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued December 31 and will mature December 30, 2021. The issue was to refund $178,642 million of all maturing bills and to raise new cash of approximately $20,358 million. Treasury auctioned the bills on December 29. Tenders totaled $108,974 million; Treasury accepted $34,001 million, including $202 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent.

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,731 million from FRBs for their own accounts.

Auction of 2-Year Notes

On December 24, 2020, Treasury announced it would auction $58,000 million of 2-year notes. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million.

The 2-year notes of Series BL-2022 were dated and issued December 31. They are due December 31, 2022, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on December 28. Tenders totaled $142,281 million; Treasury accepted $58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.137 percent with an equivalent price of $99.976041. Treasury accepted in full all competitive tenders at yields lower than 0.137 percent. Tenders at the high yield were allotted 69.37 percent. The median yield was 0.110 percent, and the low yield was 0.050 percent. Noncompetitive tenders totaled $124 million. Competitive tenders accepted from private investors totaled $57,876 million.

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $8,824 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BL-2022 is $100.

Auction of 5-Year Notes

On December 24, 2020, Treasury announced it would auction $59,000 million of 5-year notes. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million.

The 5-year notes of Series AH-2025 were dated and issued December 31. They are due December 31, 2025, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 28. Tenders totaled $141,051 million; Treasury accepted $59,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.394 percent with an equivalent price of $99.906021. Treasury accepted in full all competitive tenders at yields lower than 0.394 percent. Tenders at the high yield were allotted 61.36 percent. The median yield was 0.350 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $58,981 million.

In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $8,977 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AH-2025 is $100.

Auction of 7-Year Notes

On December 24, 2020, Treasury announced it would auction $59,000 million of 7-year notes. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million.

The 7-year notes of Series T-2027 were dated and issued December 31. They are due December 31, 2027, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-5/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 29. Tenders totaled $136,576 million; Treasury accepted $59,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.662 percent with an equivalent price of $99.747318. Treasury accepted in full all competitive tenders at yields lower than 0.662 percent. Tenders at the high yield were allotted 16.82 percent. The median yield was 0.608 percent, and the low yield was 0.550 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $58,994 million.

In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $8,977 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series T-2027 is $100.

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