T-bills
Highest and lowest T-bill yields
The top and bottom 20 cutoff yields across 330 auctions since 25 May 1987. Yields below reflect the auction cutoff — what non-competitive bidders received.
Top 20 highest — 6-month
- 1 BY88100Z 19 Sept 1988 4.73%
- 2 BS22124H 08 Dec 2022 4.40%
- 3 BS22125T 21 Dec 2022 4.28%
- 4 BS23100Z 05 Jan 2023 4.20%
- 5 BS22121F 27 Oct 2022 4.19%
- 6 BS23119H 28 Sept 2023 4.07%
- 7 BS87104S 19 Oct 1987 4.02%
- 8 BS23101S 18 Jan 2023 4.00%
- 9 BS22122Z 10 Nov 2022 4.00%
- 10 BS89101V 17 Jul 1989 4.00%
- 11 BS23113V 06 Jul 2023 3.99%
- 12 BS23104X 02 Mar 2023 3.98%
- 13 BS23121E 26 Oct 2023 3.95%
- 14 BS23103T 16 Feb 2023 3.93%
- 15 BS22123S 24 Nov 2022 3.90%
- 16 BS23112N 22 Jun 2023 3.89%
- 17 BS23102H 02 Feb 2023 3.88%
- 18 BS89100N 13 Feb 1989 3.88%
- 19 BS23120A 12 Oct 2023 3.87%
- 20 BS23114A 20 Jul 2023 3.85%
20 lowest — 6-month
- 1 BS12101Z 23 Jul 2012 0.19%
- 2 BS20109S 14 May 2020 0.20%
- 3 BS20110V 28 May 2020 0.23%
- 4 BS12100F 09 Jul 2012 0.23%
- 5 BS20115S 05 Aug 2020 0.24%
- 6 BS20111A 11 Jun 2020 0.24%
- 7 BS13108N 29 Apr 2013 0.24%
- 8 BS13106X 01 Apr 2013 0.24%
- 9 BS20120Z 15 Oct 2020 0.25%
- 10 BS20118X 17 Sept 2020 0.25%
- 11 BS20119W 01 Oct 2020 0.26%
- 12 BS20117T 03 Sept 2020 0.26%
- 13 BS20113F 09 Jul 2020 0.26%
- 14 BS13107W 15 Apr 2013 0.26%
- 15 BS13105T 18 Mar 2013 0.26%
- 16 BS13101F 21 Jan 2013 0.26%
- 17 BS20116H 20 Aug 2020 0.27%
- 18 BS20114Z 23 Jul 2020 0.27%
- 19 BS13109V 13 May 2013 0.27%
- 20 BS12109A 12 Nov 2012 0.27%
Top 20 highest — 1-year
- 1 BY91101F 27 Aug 1991 4.80%
- 2 BY89100F 22 May 1989 4.50%
- 3 BY88102H 21 Nov 1988 4.48%
- 4 BY90100F 19 Nov 1990 4.45%
- 5 BY89101Z 16 Oct 1989 4.38%
- 6 BY88101S 18 Jul 1988 4.22%
- 7 BY87102T 23 Nov 1987 3.88%
- 8 BY23100X 26 Jan 2023 3.87%
- 9 BY87101H 21 Sept 1987 3.80%
- 10 BY23102N 27 Jul 2023 3.74%
- 11 BY22103A 13 Oct 2022 3.72%
- 12 BY23103V 19 Oct 2023 3.70%
- 13 BY91100E 25 Feb 1991 3.60%
- 14 BY24101X 18 Apr 2024 3.58%
- 15 BY23101W 20 Apr 2023 3.58%
- 16 BY97101X 24 Nov 1997 3.55%
- 17 BY24100T 25 Jan 2024 3.45%
- 18 BY98100H 18 May 1998 3.43%
- 19 BY91102Z 18 Nov 1991 3.42%
- 20 BY24102W 25 Jul 2024 3.38%
20 lowest — 1-year
- 1 BY12100T 26 Apr 2012 0.24%
- 2 BY13100H 26 Apr 2013 0.25%
- 3 BY20103F 27 Oct 2020 0.28%
- 4 BY13101T 29 Oct 2013 0.28%
- 5 BY12101X 29 Oct 2012 0.29%
- 6 BY11101W 27 Oct 2011 0.30%
- 7 BY20102E 27 Jul 2020 0.31%
- 8 BY09100W 28 Apr 2009 0.31%
- 9 BY21102A 22 Jul 2021 0.35%
- 10 BY21100N 21 Jan 2021 0.38%
- 11 BY14100S 28 Apr 2014 0.38%
- 12 BY14101H 29 Oct 2014 0.39%
- 13 BY10101N 27 Oct 2010 0.39%
- 14 BY21101V 15 Apr 2021 0.43%
- 15 BY11100X 27 Apr 2011 0.44%
- 16 BY20101A 27 Apr 2020 0.45%
- 17 BY10100W 28 Apr 2010 0.50%
- 18 BY21103E 14 Oct 2021 0.60%
- 19 BY09101N 28 Oct 2009 0.60%
- 20 BY03100Z 29 Apr 2003 0.67%
How to read this: cutoff yield is the highest yield MAS accepted at auction. Non-competitive bidders (the typical retail buyer) always receive this rate. Older auctions include now-discontinued 3-month bills, which are excluded. For the full list sorted by date, see the T-bill tracker.