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.

France Dernières Nouvelles, France Actualités

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