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REVISION: 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.
  • 2s and 5s will also 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.But the condensed auction schedule is due to the FOMC policy announcement falling on April 28.

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