Example of US Treasury Bill Auction

Auction of $90 billion 180 day T-Bills to both Competitive and Noncompetitive Bidders

Lowest Yield

Highest Yield

Discount
Rate Bid

Bid Price
per $100

0.1731%
0.1741%
0.1751%
0.1760%
0.1770%
0.1780%
0.1790%

99.91345
99.91295
99.91245
99.91200
99.91150
99.91100
99.91050

Competitive Bids Non-competitive bids

($ billions)
($ billions)
10
15
20
12
10
5
10

15
15
15
15
15
15
15

competitive Bidders
Total cumulative bids
($ billions)
25
40
60
72
82
87
97