T-Bills are commonly issued with maturity dates of 28 days (about a month), 91 days ( about 3 months), 182 days (about 6 months), and 364 days (about 1 year). Treasury bills are sold by single-price auctions held weekly. Offering amounts for 13-week and 26-week bills are announced each Thursday for auction, on the following Monday and settlement, or issuance, on Thursday. Offering amounts for 4-week bills are announced on Monday for auction the next day, Tuesday and issuance on Thursday. Offering amounts for 52-week bills are announced every fourth Thursday for auction the next Tuesday and issuance on Thursday.
Purchase orders at TreasuryDirect must be entered before 11:00 on the Monday of the auction and the minimum purchase price is $100. Mature T-bills are also redeemed each Thursday. Banks and financial institutions, especially primary dealers, are the largest purchasers of T-bills.
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