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when issued trading

How Treasury Auctions Work: Bid-to-Cover, Direct, Indirect

September 12, 2026August 27, 2026 by Bruno M.
How Treasury Auctions Work: Bid-to-Cover, Direct, Indirect

US Treasury auctions explained: single-price format, primary dealers, direct and indirect bidders, when-issued trading, bid-to-cover, and the tail.

Categories Market Education Tags bid to cover, investing basics, primary dealers, treasury auction, treasury bonds, when issued trading

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