I recently had an experience with a maturing T-Bill at Fidelity that differs from what was described in the opening post.
According to the opening post: “He says with bonds on the secondary market he can't even place an order with a bond's proceeds until at least a full day after it's matured.” In my experience, the maturity proceeds became available for a buy on the maturity date. I did not submit an order because I did not want to buy another T-Bill at that time.
On a Friday, I submitted a buy order for $15,000 of a T-Bill to be auctioned the following Tuesday and to be issued on Thursday. On the same Thursday, a $10,000 T-Bill matured. Here is a table of what the dollar amounts were each day, as of about 3PM Eastern time each day.
According to the opening post: “He says with bonds on the secondary market he can't even place an order with a bond's proceeds until at least a full day after it's matured.” In my experience, the maturity proceeds became available for a buy on the maturity date. I did not submit an order because I did not want to buy another T-Bill at that time.
On a Friday, I submitted a buy order for $15,000 of a T-Bill to be auctioned the following Tuesday and to be issued on Thursday. On the same Thursday, a $10,000 T-Bill matured. Here is a table of what the dollar amounts were each day, as of about 3PM Eastern time each day.
Code:
Available Settlement Pending Par Amount Par AmountDay Cash Balance Activity of Old Bill of New BillFRI $15,865 $15,865 $10,000MON $865 $15,865 $10,000TUE $1,608 $15,865 -$14,257 $10,000 $15,000WED $1,608 $15,865 -$14,257 $10,000 $15,000THU $11,608 $11,608 $15,000Statistics: Posted by FactualFran — Thu May 16, 2024 7:21 pm