Too Late For TBill Auction

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BBBob
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Too Late For TBill Auction

Post by BBBob »

I just logged into VG to submit a bid for the 6/1 T-Bill auction, and found a notice that the deadline was yesterday afternoon.

A VG rep told me a few moments ago that it was a last minute decision based on the state of the debt limit situation, resultant uncertainty and risk as to what will be paid out, when it would be received, and whether the auction would go forward as scheduled, as well as the the additional operational complications arising from the holiday weekend.

I assume I was not the only one unaware.
Bminor
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Re: Too Late For TBill Auction

Post by Bminor »

Same experience for me ... Thursday after work. Hopped over to Fidelity and I could not find the usual new-issue Treasury auction availability there either, so I suspect Vanguard was not the only entity that shut the door early this week. Did not check Schwab, as I had no funds that I wanted to deploy in that account. I, too, was completely unaware (not that I would have chosen to access my account while at work before the 5PM Thursday deadline anyway ...) :annoyed
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JAZZISCOOL
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Re: Too Late For TBill Auction

Post by JAZZISCOOL »

FWIW, I was able to place a t-bill order for the 5/30 auction at Schwab yesterday.
Grt2bOutdoors
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Re: Too Late For TBill Auction

Post by Grt2bOutdoors »

You could use Treasury Direct to place the order.
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MishkaWorries
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Re: Too Late For TBill Auction

Post by MishkaWorries »

Interesting. I hold autoroll Treasury bills at Fidelity with a rollover scheduled for 6/1. I wonder if my autoroll will roll?
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RetiredAL
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Re: Too Late For TBill Auction

Post by RetiredAL »

Last night I looked, and Fidelity was listing 6mo TBills for auction next week, which I have interest in. I had not thought about it at the time, but I realize now there was no 4week offering.
exigent
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Re: Too Late For TBill Auction

Post by exigent »

No issues at Fidelity yesterday. Must have beat them to the punch.
exigent
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Re: Too Late For TBill Auction

Post by exigent »

RetiredAL wrote: Fri May 26, 2023 9:41 pm Last night I looked, and Fidelity was listing 6mo TBills for auction next week, which I have interest in. I had not thought about it at the time, but I realize now there was no 4week offering.
The 4 and 8 wk offerings would have already closed by then. They are announced on Tuesdays with a Thursday auction date. The relevant issue yesterday would have been the 13 wk, which was announced at 2:30pm eastern.
Ferdinand2014
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Re: Too Late For TBill Auction

Post by Ferdinand2014 »

“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
rich126
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Re: Too Late For TBill Auction

Post by rich126 »

I'm sure I'm probably missing something but I don't know why people need auctions to buy tbills. I buy all of my treasuries on the secondary market and that is easy via Fidelity, Schwab and TD Ameritrade.
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Bminor
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Re: Too Late For TBill Auction

Post by Bminor »

3 and 6 month TBills appear to be available again for the upcoming week's auction on the Vanguard site ....
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runner26
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Re: Too Late For TBill Auction

Post by runner26 »

Bminor wrote: Sun May 28, 2023 4:02 pm 3 and 6 month TBills appear to be available again for the upcoming week's auction on the Vanguard site ....
Yes now available, I was able to put in an order for the Tuesday 6 month auction. :sharebeer
KRP
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Re: Too Late For TBill Auction

Post by KRP »

rich126 wrote: Sat May 27, 2023 7:20 am I'm sure I'm probably missing something but I don't know why people need auctions to buy tbills. I buy all of my treasuries on the secondary market and that is easy via Fidelity, Schwab and TD Ameritrade.
Secondary market purchases can have accrued interest to account for and capital gains/losses to report at tax time, whereas purchases at auction have neither. Not a big deal, but there's the difference...hope it helps.
exodusing
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Re: Too Late For TBill Auction

Post by exodusing »

KRP wrote: Mon May 29, 2023 12:54 am
rich126 wrote: Sat May 27, 2023 7:20 am I'm sure I'm probably missing something but I don't know why people need auctions to buy tbills. I buy all of my treasuries on the secondary market and that is easy via Fidelity, Schwab and TD Ameritrade.
Secondary market purchases can have accrued interest to account for and capital gains/losses to report at tax time, whereas purchases at auction have neither. Not a big deal, but there's the difference...hope it helps.
Tbills don't have accrued interest. They are zero coupon bonds sold at a discount to par which pay par at maturity. Other Treasury securities might have accrued interest.
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BBBob
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Re: Too Late For TBill Auction

Post by BBBob »

Bminor wrote: Sun May 28, 2023 4:02 pm 3 and 6 month TBills appear to be available again for the upcoming week's auction on the Vanguard site ....
Success! Thanks for the heads-up. I never would have expected them to change at the last minute once again.
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