Bond Intermediation
It is not entirely fair to say that cash trading is as easy as buying from one client and selling the exact same product to another. While the treasury market is considered one of the most liquid financial markets in the world, not all treasuries are the same. The US government regularly issues specific maturities which as soon as they are issued are called “on-the-runs.” Typically, they issue according to the schedule outlined in Table 10.2.
Table 10.2 US Treasury Issuance Calendar
| Maturity | Issuance calendar |
| T-bills (4-week, 13-week, 26-week, 52-week) | These are treasury bonds with a maturity of less than 1 year. There are new issues every week |
| 2-year, 3-year, 5-year, 7-year, 10-year notes and 30-year treasury bonds ... |
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