WASHINGTON, April 5 (Reuters) - The Treasury Department said on Wednesday it would conduct a live small-value contingency auction operation on April 7 as part of its efforts to regularly test its contingency auction infrastructure.
Treasury said the operation will be a cash management bill auction.
Bids need to be submitted by telephone to the Treasury’s fiscal agent at the Federal Reserve Bank of New York. Only primary dealers may submit bids.
Each primary dealer can submit up to five competitive bids, each at a separate discount rate.
Customer and noncompetitive bids will not be accepted.
Further details of the auction can be found at the following URL:
here (Reporting by Andrea Ricci; Editing by Chizu Nomiyama)