As Treasury yields give stocks a run for their money, more people are buying bills directly from the government

The U.S. government’s website that lets individuals buy Treasury debt directly at auctions has been attracting a lot more interest than a year ago as bond yields climb, according to Barclays.

Almost 10% of bids for short, 4-week Treasury TMUBMUSD01M bills auctioned in May came in a “noncompetitive” format, up from 4.3% in January and 2.9% in 2022, according to Barclays researchers. “We can get a rough sense for demand from retail investors by looking at the share of noncompetitive awards in Treasury bill auctions,” a Barclays team led by Joseph Abate wrote, in a Tuesday client note.

“While this is quick and easy, it still requires a few more steps than redeeming money fund shares. As a result, our sense is that much of the retail interest in bills is concentrated at relatively short maturities where investors have better cash flow forecasts,” Abate said.

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