Investments glossary

Bill Auction

A bill auction is a public auction, held weekly by the U.S. Treasury, of federal debt obligations—specifically, Treasury bills (T-bills), whose maturies range from one month to one year. As of February 2020, there are 24 authorized primary dealers who are required to participate in the auction, and bid directly upon each issue. A bill auction is the official manner in which all U.S. Treasury bills are issued.

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