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Coupon Auctions, What's the Hurry?

US TSYS/SUPPLY

Why are Treasury coupon auctions sometimes doubled up as is the case of today's 3Y and 10Y notes (followed by the 30Y on Tuesday)?

  • Tsy keeps at least one day between the auction date and settlement (April 15 for the 3Y, 10Y and 30Y Bond), while keeping the smallest WI period.
  • Case in point: 2s and 5s will both be auctioned on Monday, April 26, followed by the 2Y FRN and 7Y note auctions on April 27, ahead of the April 30 settlement date.

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