The Treasury Department will conduct a live small-value contingency cash management bill auction on April 7.
![treasury.jpg](https://arizent.brightspotcdn.com/dims4/default/83faac7/2147483647/strip/true/crop/149x112+0+0/resize/740x556!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F4c%2F0b%2F5c5ff24242ed8b8603b6b1341a7b%2Ftreasury.jpg)
Treasury set the following conditions for this live auction:
- Bids shall be submitted by telephone to Treasury's fiscal agent the Federal Reserve Bank of New York (FRBNY)
- Only primary dealers, as designated by FRBNY, may submit bids.
- Each primary dealer can submit up to 5 competitive bids.
- The net long position (NLP) reporting will be required.
- Each competitive bid must be at a separate discount rate.
- Customer bids will not be accepted.
- Noncompetitive tenders, including FIMA tenders, will not be accepted.
- SOMA will be accepted.
An announcement of the size will be made Friday morning at 9:30 a.m., Eastern Time.