Live auction results

Treasury bill ladder

Name: Pacific Structured Assets, Inc.
Address: 2626 Foothill Blvd, Ste 200, La Crescenta, CA, 91214, US
Telephone: (800) 928-7680

A T-bill ladder holds several Treasury bills at staggered maturities, so cash comes back at regular intervals instead of all at once. Treasury sells seven tenors, from four weeks to fifty-two, and at their most recent auctions they were awarded from 3.69% on the 4-week bill to 4.05% on the 52-week. Every rate below is a rate someone was actually awarded, not an interpolated curve point.

U.S. Treasury auction results · newest auction August 13, 2026

Reviewed by Evan Chait, Esq., Senior Vice President, OperationsUpdated August 16, 2026

Price your own ladder Compare against CD rates

By tenor

Every bill tenor, at its most recent auction

These are the seven bills Treasury currently sells. The rate column is the high investment rate — the coupon-equivalent yield on the price actually paid — which is what a buyer receives and the only figure here comparable to a CD's APY. The days column is the real count from issue to maturity, which is not the tenor label times seven.

Swipe sideways for the full table →

Every U.S. Treasury bill tenor — 4, 6, 8, 13, 17, 26 and 52 weeks — with the high investment rate awarded at its most recent auction, the real number of days it runs, and its maturity date. Newest auction August 13, 2026.
Bill	Investment rate	Days	Auctioned	Matures	Interest on $10,000
4-Week (reopening)	3.69%	28	August 13, 2026	September 15, 2026	$28.28
6-Week (reopening)	3.74%	42	August 11, 2026	September 24, 2026	$43.00
8-Week (reopening)	3.74%	56	August 13, 2026	October 13, 2026	$57.33
13-Week (reopening)	3.82%	91	August 10, 2026	November 12, 2026	$95.31
17-Week	3.85%	119	August 12, 2026	December 15, 2026	$125.68
26-Week	3.96%	182	August 10, 2026	February 11, 2027	$197.46
52-Week	4.05%	364	August 4, 2026	August 5, 2027	$404.29

U.S. Treasury auction results · high investment rate, single-price auction · newest August 13, 2026

The interest column holds each bill to maturity over its own term, so it is not comparable across rows — a 52-week bill earns more than a 4-week one because it runs thirteen times as long. The rate column is what compares. Rows marked as a reopening are an existing security sold again, so the buyer holds it for less time than its original tenor suggests.

A worked ladder

What a full ladder of these pays

Split $50,000 evenly across all 7 tenors — $7,143 per rung — and hold each to maturity at the rate its last auction printed. One pass through the ladder returns $679.54 of interest, with the first rung back in 28 days and the last in 364.

That total is not an annual rate and should not be read as one. The rungs run for different lengths, so a single pass through the ladder is not a single year — the shortest rung will have been reinvested a dozen times before the longest matures once. What compares across rungs is the rate column above; what the total tells you is the shape of the cash coming back.

The practical version of this ladder is a rolling one. As each bill matures you buy the longest tenor again, so after one full cycle you hold a 52-week bill bought at each of the last several auctions and something matures every few weeks. That is the whole mechanism: you stop holding one vintage of the rate and start holding several.

To build a different shape, or to price Treasury notes rather than bills, the ladder builder prices rungs off the daily par yield curve and lets you type over any rung with a rate you have actually been quoted. The published deposit alternative is on CD ladder rates, and everything on one page — bills, notes, CDs, corporates and our own inventory — is in the rate report.

Where the numbers come from

Auction results, not a curve

Most rate pages quote the daily par yield curve. It is a good instrument and we use it elsewhere on this site, but it is an interpolated construct at round tenors: 1 month, 3 months, 6 months, 1 year. Three of the seven bills Treasury sells — the 6-week, the 8-week and the 17-week — have no place on it at all, and the ones that do are rounded. A 13-week bill is not “3 months”; it is ninety-one or ninety-eight real days, and which one it is decides when your money comes back.

So this page reads Treasury's own auction results instead. Every row is a specific auction of a specific security, with the rate awarded, the settlement date, the maturity date and the real day count. Because every Treasury auction since 1998 has been single-price, the rate shown is the rate every successful bidder received — including a non-competitive buyer at TreasuryDirect, who agrees in advance to accept whatever the auction sets.

One detail worth carrying away, because Treasury's own results page leads with the other number. A bill is quoted two ways: the discount rate, which annualises the discount against face value on a 360-day year, and the investment rate, which expresses the same cash flows as a return on the price actually paid, on a 365-day year. The investment rate is the higher of the two and the one a buyer actually earns. It is what this page quotes, and it is the only one comparable to a CD's APY.

A different structure

The rate this page cannot show you

A bill ladder is short money by construction. The longest rung on this page runs a year, which means the number a ladder investor would most like to know — what the 52-week bill will print at the next auction — is not here, because it does not exist yet. Every rung matures into a rate nobody knows, and laddering spreads that decision out without answering it.

Pacific Structured Assets works at the other end of that trade. We place court-approved secondary-market payment streams: the right to receive a fixed, already scheduled set of payments, bought at a discount, so the estimated yield is set once at purchase for the whole life of the schedule. Estimated yields run roughly 4 to 7 percent effective, and nothing has to be rolled.

The trade-offs run against us as much as for us, and they are not cosmetic. A Treasury bill is a direct obligation of the U.S. government, sells in a deep market on any business day, and its interest is exempt from state and local income tax. A payment stream is not a deposit, not FDIC-insured, and is not an annuity, an insurance product, or a registered security; it rests on a single insurer's obligation. Its liquidity is limited — no public market, no daily price, and while resale or reassignment may be possible with our assistance, neither the sale nor the price is guaranteed. If what you need is government-backed money available on a known near date, a bill ladder is the right instrument and this page is an honest starting point. The side-by-side is on payment streams versus a bond ladder.

What these assets are, and what they are not

Guaranteed and life-contingent structured settlement payment rights, and lottery payment rights, represent the right to receive factored payments that Pacific Structured Assets purchases and assigns to investors through a court-approved process. They are purchased at a discount to their total scheduled payments.

These payment rights are NOT annuities, NOT insurance products, and NOT securities registered with the U.S. Securities and Exchange Commission. They are not bank deposits, are not FDIC-insured, and are not protected by any state insurance guaranty association. The industry term “secondary market annuity” refers to these payment rights and does not mean you are purchasing an insurance annuity contract.

You acquire the right to receive the payments, not the underlying annuity. The annuity itself does not change hands. Unlike the original structured settlement annuity, which may be shielded from creditors under applicable law, the assigned payment rights you purchase generally do not carry that creditor or bankruptcy protection.

Assigned annuities, offered as a separate product line, are existing insurance annuity contracts reassigned to a new owner through a change of ownership or an irrevocable change of payee.

These are long-term holdings with limited liquidity, and may not be suitable for every investor. There is no public trading market and no daily price. Resale or reassignment of a payment stream to another buyer may be possible, and Pacific Structured Assets can assist, but a resale is not guaranteed and the price it would bring is not guaranteed. Because the payments are fixed, that resale value moves with prevailing interest rates: an investor could realize a gain if rates have fallen since purchase, or a loss if rates have risen. These holdings are best suited to capital an investor can commit for the long term. Nothing on this website is tax, legal, financial, or investment advice. Consult your own advisors before investing.

Treasury bill questions

What is a Treasury bill ladder?

A T-bill ladder is a set of Treasury bills bought at staggered maturities so one matures, and its cash becomes available, at regular intervals. Treasury sells bills at seven tenors — 4, 6, 8, 13, 17, 26 and 52 weeks — and a ladder holds several of them at once. Bills pay no coupon: each is bought at a discount to its face value and pays the full face at maturity, so the return arrives as a single payment on a known date rather than as periodic interest.

What rate does a T-bill ladder pay right now?

A ladder does not have one rate; it has a rate per rung, set at the auction each bill was bought in. The table on this page shows the investment rate awarded at the most recent auction of every bill tenor, dated to that auction. Because Treasury bill auctions are single-price, the rate shown is the rate every successful bidder received, including non-competitive buyers at TreasuryDirect.

Why does this page use auction results instead of the yield curve?

The daily par yield curve is an interpolated construct at round tenors — 1 month, 3 months, 6 months, 1 year. A 17-week bill has no place on it at all, and a 13-week bill issued on a given Thursday runs 91 real days, not a rounded three months. Auction results report what buyers were actually awarded, at the tenors Treasury actually sells, with the real issue and maturity dates a ladder schedule needs. For pricing an arbitrary term between tenors, the par curve is the right tool and we use it elsewhere on the site.

Is the investment rate the same as the discount rate?

No, and the difference is real money. Treasury publishes both. The discount rate annualises the discount against the bill's face value on a 360-day year. The investment rate — the one quoted on this page — expresses the same cash flows as a return on the price actually paid, on a 365-day year. The investment rate is higher, and it is the only one of the two comparable to a CD's APY or a note's yield.

How often do Treasury bill rates change?

Every auction. The 4, 8, 13, 17 and 26-week bills are auctioned weekly, the 6-week bill weekly, and the 52-week bill every four weeks, so most tenors reprice once a week. This page shows the date of each tenor's most recent auction and flags any rate that has aged past its own auction cadence rather than presenting an old print as current.

Are Treasury bills better than a CD ladder?

They answer slightly different questions. Bills are direct obligations of the U.S. government with no dollar cap on the backing, and the interest is exempt from state and local income tax, which matters most in a high-tax state. An insured CD is covered by the FDIC to 250,000 dollars per depositor, per insured bank, per ownership category, and a well-shopped CD can pay more than the national average. Bills are also easier to sell before maturity. The published CD curve is on our CD ladder rates page for a side-by-side.

What happens when a rung matures?

You receive the face value, and you decide again. That is reinvestment risk: the rate on the replacement rung is whatever the auction prints on the day, which nobody knows in advance. A ladder spreads that decision across several dates instead of concentrating it on one, which softens the effect without removing it. It is the structural difference between a ladder and a fixed schedule bought once.

Pacific Structured Assets, Inc. does not provide tax, legal, financial or accounting advice. The material on this website has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, financial or accounting advice. You should consult your own tax, legal, financial or accounting advisors before engaging in any transaction, including the acquisition of factored structured settlement payments. Pacific Structured Assets is not registered with the Securities and Exchange Commission and is not licensed to sell insurance in any state.

Pacific Structured Assets

See what a fixed schedule pays instead of a rolling one.

Every listing shows the carrier, the price, the full payment schedule and the estimated yield, set once at purchase. Our team will walk through any of it with you, at your pace.

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