rebellovw wrote: ↑Fri Sep 16, 2022 5:25 pm
Thanks Kevin - I did review that - and I clearly know the difference between both screens - you can see from my screenshot above - I was in the Auctions screen and not the Secondary Auctions Screen - that is where I bought it (and it is still there to buy.) And the CUSIP matches.
I didn't go anywhere near the secondary auction screen - I blame FIDO for this - it shouldn't have happened. And the old TIPS is still there under TIPS Auctions.
The CUSIP is the same, 91282CEZ0, whether you buy on secondary or at auction (for a reopening). Treasury is re-auctioning the exact same TIPS, so same CUSIP. If you look at the Treasury announcement, it shows this as a 9-year 10-month term, whereas when it was auctioned on 7/21/22, it was shown as 10-year term.
I don't know what you mean by "old TIPS".
Do you remember seeing a preview screen like this, which is what it looks like for an auction purchase?
Note that there is no price shown, above it says "
Expected Yield", and the settlement date is 9/30/2022. If you bought on secondary (which you did), it would have shown price, yield (not expected), and the settlement date would have been 9/19/2022.
I can't show the preview screen for secondary now, because market is closed, but when I first click Buy from secondary search screen, I see this:
Note that CUSIP is the same as for auction, but it shows price, yield, and nothing about "expected".
If what you say is true, I'm trying to figure out how you could possibly get from the auction purchase screen to a secondary market purchase. Since the market is closed, I'm not sure I can try all options.
At any rate, your experience and these replies, may help others avoid whatever it was that happened to you, so thanks for sharing.
Finally, there is nothing wrong with buying on secondary. Yes, there are some trading costs, but typically they are minimal, and you might even have gotten a higher yield than what people will get at auction. I bought the 4/15/27 (5-year) TIPS on secondary on 6/17/2022 (settlement) at 0.49%, and then at auction on 6/24/2022 (settlement) at 0.34%. Of course the yield is higher now, at 1.12% when I pulled quotes from Fidelity earlier today. If I were buying the 10-year, I probably would do the same--buy half now and half at auction, if for no other reason than to see what happens.
Kevin
If I make a calculation error, #Cruncher probably will let me know.