Learn More About The Auction Process
TreasuryDirect offers you the opportunity to purchase Marketable Securities through your secure, online account. TreasuryDirect accepts only noncompetitive bids for these securities. A noncompetitive bid simply means you’re willing to accept the rate, yield, or spread set at auction by the competitive bidding. It guarantees you’ll get the full amount of the security you want at the rate, yield, or spread determined at the auction. Treasury Inflation-Protected Security (TIPS) or Floating Rate Note (FRN) auctions can have negative yields or spreads. If you were to participate in one of these auctions and this occurred, you’d owe an amount larger than you’d receive back when the security matures.
To participate in a noncompetitive auction, go to BuyDirect® and enter your purchase information. You may choose the security you wish to purchase from the list of available securities.
Bids for purchases must be submitted prior to the auction day noncompetitive cut-off time. Just check that you have placed your bid for the appropriate auction by verifying your Purchase Review and/or Purchase Confirmation. Securities are generally issued to your account within one week of the auction date.
You may go to Announcements, Data and Results to see a Tentative Auction Schedule of U.S. Treasury Securities.