Announcement

U.S.A.: Treasury Bill Auction Roll-Over Service/Primary Auction

Custody | USA

Reference

Code
A25040
Service level
6-series account | CBL
Last Updated
27.06.2025

Clearstream Banking1  informs clients that Citibank N.A., acting as Clearstream’s custodian in the U.S.A., will discontinue the Treasury Bill Auction Roll-Over Service effective

July 2025

In order to align to the primary market model currently used for Treasury Bill Auction with the standard model used for Treasury Notes and Treasury Bonds, the Treasury Bill Auction Roll-Over Service will be discontinued.

As per the standard model in the U.S.A. during primary market distribution, trade order to roll-over Treasury Bill as well as trade order execution responsibilities reside with a licensed broker dealer not with a custodian.

Please note that this does not impact the mandatory corporate action redemption events for all Treasuries, including Bills, Notes and Bonds. This will continue to be a normal service.

Impact on clients

Discontinuation of announcement and processing of Corporate Action events (OTHR) related to Treasury Bill Auction Roll-Over. 

  • CBL will process inflight events that are announced up to Monday, 30 June 2025.
  • The events Clearstream Banking  announces throughout June, will include securities that are maturing up until 24 July 2025. 
  • The FED auction is typically 3 days prior to maturity date.
  • Clearstream Banking will process client’s instructions for these events, covering the service leading until 24 July 24 2025.

Clients must leverage their existing brokers to execute trade orders during the auction to purchase Treasury Bills as per the standard model in the U.S.A.  using licensed members (broker dealers) of the Federal Treasury Desk. 

For U.S. Treasury Auction details, including upcoming auctions and results, please refer to https://www.treasurydirect.gov/auctions/

Further information

For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.