# Treasury gross issuance mix | PIER20 benchmarks

Is the Treasury raising more through bills or coupons each quarter?

Treasury gross issuance mix tracks accepted bill and coupon auctions summed over a trailing 91-calendar-day window (one quarterly funding cycle). A rise in the bill line means short-term funding is a larger share of that window's gross issuance. The pattern around debt-ceiling deadlines. The net (bills minus coupons) is the bill-financing tilt. 

As of **11 August 2026**, the latest readings are Bill issuance (13-week sum) at **7217.68 $bn** and Coupon issuance (13-week sum) at **1160.50 $bn**. The Bill issuance (13-week sum) line is up 20.0% over the past year and above its long-run median of 952.78 $bn.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Bill issuance (13-week sum) | 0.00 | 7217.68 | 0.00 | 7293.34 |
| Coupon issuance (13-week sum) | 2.40 | 1160.50 | 2.40 | 1491.75 |

## Last 24 readings

| Date | Bill issuance (13-week sum) | Coupon issuance (13-week sum) |
|---|---|---|
| 1 Jul 2026 | 6638.72 | 1251.85 |
| 2 Jul 2026 | 6745.73 | 1251.85 |
| 6 Jul 2026 | 6769.99 | 1251.85 |
| 7 Jul 2026 | 6741.41 | 1315.88 |
| 8 Jul 2026 | 6742.76 | 1290.65 |
| 9 Jul 2026 | 6880.05 | 1269.02 |
| 13 Jul 2026 | 6901.26 | 1243.12 |
| 14 Jul 2026 | 6827.55 | 1243.12 |
| 15 Jul 2026 | 6779.03 | 1243.12 |
| 16 Jul 2026 | 6931.85 | 1243.12 |
| 20 Jul 2026 | 6957.14 | 1243.12 |
| 21 Jul 2026 | 6879.99 | 1243.12 |
| 22 Jul 2026 | 6881.27 | 1256.12 |
| 23 Jul 2026 | 7033.94 | 1264.81 |
| 27 Jul 2026 | 7059.89 | 1389.90 |
| 28 Jul 2026 | 6984.05 | 1282.27 |
| 29 Jul 2026 | 6985.13 | 1232.28 |
| 30 Jul 2026 | 7135.63 | 1232.28 |
| 3 Aug 2026 | 7160.75 | 1232.28 |
| 4 Aug 2026 | 7142.88 | 1232.28 |
| 5 Aug 2026 | 7138.48 | 1232.28 |
| 6 Aug 2026 | 7288.62 | 1232.28 |
| 10 Aug 2026 | 7293.34 | 1232.28 |
| 11 Aug 2026 | 7217.68 | 1160.50 |

## How to read this benchmark

**What a rising bill share means.** A bill-financing tilt means the Treasury is substituting short-term borrowing for long-term. The signature of a debt-ceiling approach. The tilt reverses when the ceiling is suspended. 

**Why the 91-day window.** The Treasury funds on a quarterly cycle. A 91-calendar-day sum captures roughly one full quarterly funding cycle. it is not the last 13 auction dates (which span only a few weeks of dense bill auctions). 

**Limitations.** The totals are accepted amounts, not tendered. Reopenings count as separate auctions. Treat the chart as context for Treasury funding strategy, not investment advice. 

## How this benchmark is used

**The pre-ceiling bill tilt.** The bill-to-coupon ratio spikes before every debt-ceiling deadline. The ratio normalization post-suspension is the coupon-refunding wave. 

## Frequently asked questions

**What is the current treasury gross issuance mix?**

As of 11 August 2026, the latest readings are Bill issuance (13-week sum) at 7217.68 $bn and Coupon issuance (13-week sum) at 1160.50 $bn. The Bill issuance (13-week sum) line is up 20.0% over the past year and above its long-run median of 952.78 $bn.

**How often is this benchmark updated?**

This benchmark is built on weekly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.

**What data sources does this chart use?**

The chart is built from Bill issuance (13-week sum) and Coupon issuance (13-week sum), sourced from the U.S. Department of the Treasury, Fiscal Data.

**Why exclude CMBs?**

Cash Management Bills are irregular, ad-hoc instruments that do not follow the standard auction calendar. 

## Methodology

- Formula: billIssuance = sum of accepted bill amounts over trailing 91 days; couponIssuance = same for notes/bonds
- Frequency: Weekly
- Sources: Bill issuance (13-week sum) (issuance-bills) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/; Coupon issuance (13-week sum) (issuance-coupons) https://fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data/. Data via the U.S. Department of the Treasury, Fiscal Data.
- Data through: 11 August 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/treasury-gross-issuance-mix
Disclaimer: research software output, not investment advice.